The global eClinical solutions market size is expected to reach USD 15.7 billion by 2027, according to a new report by Grand View Research, Inc., progressing at a CAGR of 13.8% during the forecast period. Increasing R&D activities by biopharma and pharma companies, application of software solutions in clinical trials, and expanding customer base are anticipated to fuel the demand for eClinical solutions.
Technological advancements such as electronic data capture and Wi-Fi connectivity are projected to drive the market in the forthcoming years. As the demand for tracking and analyzing clinical data increases, the need for effective clinical solutions rises. Unmet needs to manage efficient clinical development processes are poised to boost the market over the forecast period.
Moreover, digital transformation in the field of clinical trials and preference for a data-centric approach is providing a tremendous push to the market. Demand for integrated clinical IT solutions is increasing due to the massive volume of data generated during clinical development processes. eClinical solutions offer a single source of information that helps optimize the cost by eliminating redundant data entry and reducing on-site verification and source data verification. Rising awareness regarding these advantages is projected to propel the market.
Adoption of eClinical workflows in trials offers enormous potential in clinical development processes. These solutions can facilitate decision making in every stage of the development process. They also help reduce cost and time between development phases by utilizing seamless designs and by identifying failing compounds. In addition, it offers rapid access to data and patient safety information, which is helpful in making quick decisions.
Market players engage in new product development and strategic alliances, including partnership agreements, promotional activities, and acquisitions, to keep market rivalry high. For instance, in October 2017, Oracle entered into a collaboration with Healthx Inc. to provide SaaS solutions to healthcare payers for core administration and digital engagement.
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EClinical Solutions Market Report Highlights
• CTMS led the eClinical solutions market by product in 2019 owing to benefits such as centralized end-to-end management of clinical trial activities, elimination of reliance on manual processes, real-time status tracking, and maintenance of multiple databases, which cumulatively improve the overall efficiency of clinical trials
• By delivery mode, cloud-based systems are anticipated to exhibit the highest CAGR during the forecast period owing to integrated features such as flexibility, high accessibility, negligible handling costs, and easy data backup. Real-time data is available through these systems, which enables users to take quick decisions and provide high-quality information for risk-based monitoring
• CROs held the largest share in the market in 2019 on the basis of end use. The segment is projected to expand at a remarkable pace during the forecast period owing to the growing inclination of pharmaceutical companies to reduce overall expenditure.
• Key players operating in the market include DATATRAK International, Inc.; IBM Watson Health; Medidata Solutions Inc.; Oracle Corporation; BioClinica; PAREXEL International Corporation; CRF Health; OmniComm Systems Inc.; and ERT. Most companies engage in various business strategies such as mergers and acquisitions and new product development to gain greater market share.
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EClinical Solutions Market Segmentation
Grand View Research has segmented the global eClinical solutions market report on the basis of product, delivery mode, development phase, end use, and region:
eClinical Solutions Product Outlook (Revenue, USD Million, 2016 – 2027)
• Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
• Clinical Trial Management Systems (CTMS)
• Clinical Analytics Platforms
• Randomization and Trial Supply Management (RTSM)
• Clinical Data Integration Platforms
• Electronic Clinical Outcome Assessment (eCOA)
• Safety Solutions
• Electronic Trial Master File (eTMF)
eClinical Solutions Delivery Mode Outlook (Revenue, USD Million, 2016 – 2027)
• Web-hosted (On-Demand)
• Licensed Enterprise (On-premise)
eClinical Solutions Development Phase Outlook (Revenue, USD Million, 2016 – 2027)
• Phase I
• Phase II
• Phase III
• Phase IV
eClinical Solutions End-use Outlook (Revenue, USD Million, 2016 – 2027)
• Academic Institutes
• Medical Device Manufactures
• Pharmaceutical & Biotechnology Companies
eClinical Solutions Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• New Zealand
• Hong Kong
• Central and South America
• Middle East & Africa
• Saudi Arabia
• South Africa
• United Arab Emirates
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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