As per a recently issued market research report by Facts & Factors, the global e-clinical solutions market was about USD 6.37 Billion in 2020, with sales value projected to hit around USD 13.84 Billion by the end of 2026 and expected to register an excellent 13.8% CAGR during 2021 to 2026.
Researchers managing extensive clinical trials often facilitate a range of tools in order to avoid and to prevent advanced protocols, avoiding communicative errors, randomizing subjects, maintaining stable data, analyzing clusters of results, among others. Previously, clinical trials were conducted by heavy human communication for recruitment, absorption, delivery mode, and collection of data with the help of physical forms, and so on. However, with the advancements in technology, clinical trials have now transformed into a work of clear and precise science-based research.
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With the uptake of technological advancements such as IoT and further digitizing of the healthcare structure in a universal format, the enormous amounts of data to be processed and cataloged call for structured solutions. E-clinical solutions provide similar services under their domain which makes them highly vital for the management of such tasks. In essence, the World Economic Forum indicated that healthcare systems around the world produced 50 Petabytes of data per year since the advent of the internet.
Industry Major Market Players
- Oracle Corporation
- Paraxel International Corporation
- Datatrak International
- OmniComm Systems
- CRF Health
- Medidata Solutions
- ERT Clinical
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E-Clinical Solutions Market: Market Dynamics
Collaborative research and mergers in the sector of e-clinical solutions often led to huge advancements in the market. Medidata and SHYFT partnered together in terms of their healthcare data analytics branch by which Medidata was able to produce real-world evidence from EMR’s and health claims to their combined customer base. Another collaboration between Veeva System proposed a Vault CTMS routine that propels the firm in managing and reimbursing operational status towards their research website. The following strategy added the bonus of combining the existing service portfolio with the consumers from their clinical studies further strengthening their revenue streams and market foothold.
The product segment can be disintegrated between electronic data capture (EDC) and clinical data management systems (CDMS), clinical trial management systems (CTMS), clinical analytics platform and trial supply management (RTMS), clinical data integration platform, safety solutions, electronic clinical outcome assessment (eCOA), electronic trail master files (eTMF), and others. With emerging technologies in the following category, the EDC category is expected to occupy the largest market share due to its existing foothold in the sector.
The industry verticals can be broken down into pharmaceutical and biopharmaceutical companies, contract research organizations, consulting service companies & academic research institutions, medical device manufacturers, and hospitals & clinics. The CRO’s and pharmaceutical and biopharmaceutical firms are expected to occupy the larger market share in terms of revenue due to their main functionality and purpose.
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E-Clinical Solutions Market: Regional Analysis
North America Region Occupies the Largest Market Share
The early adaption of the technology coupled with years of R&D in the sector of pharmaceutical know-how propelled the North America region to gather a huge foothold in the regional outlook. Furthermore, incentive programs initiated by the government bodies along with huge investments from the private sector have propelled the market growth in the region.
The Asia-Pacific region will account for the highest growing CAGR within the forecast period. Lesser restrictions for clinical trials and added government funding coupled with major clinical studies being outsourced to the technologically rich countries have pushed the market in the region by a huge margin.
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The global E-Clinical Solutions market is segmented as follows:
Global E-Clinical Solutions Market: By Product Segment Analysis
- Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS)
- Clinical Trial Management Systems (CTMS)
- Clinical Analytics Platform and Trial Supply Management (RTMS
- Clinical Data Integration Platform
- Safety Solutions
- Electronic Clinical Outcome Assessment (eCOA)
- Electronic Trail Master Files (eTMF)
Global E-Clinical Solutions Market: By Delivery Mode Segment Analysis
- Web-Hosted Services
- On-Premises Solutions
- Cloud-based Services.
Global E-Clinical Solutions Market: By Clinical Trial Phase Segment Analysis
- Phase I
- Phase II
- Phase III
- Phase IV
Global E-Clinical Solutions Market: By Industry Vertical Segment Analysis
- Pharmaceutical and Biopharmaceutical Companies
- Contract Research Organizations
- Consulting Service Companies & Academic Research Institutions
- Medical Device Manufacturers
- Hospitals & clinics
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