The global eClinical solutions market size is expected to reach USD 13.73 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to progress at a CAGR of 13.7% 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 process are poised to boost the eClinical solutions market over the forecast period.
Moreover, digital transformation in the field of clinical trials and preference for data centric approach are providing a tremendous push to the market. Demand for integrated clinical IT solutions is increasing due to massive volume of data generated during clinical development processes. eClinical solutions offer single source of information that helps optimize the cost by eliminating redundant data entry and by 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 offer enormous potential in clinical development processes. These solutions can facilitate decision making in each stage of development. It also helps reduce cost and time between development phase 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) solution for core administration and digital engagement to healthcare payers.
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Key Takeways Of The Report :
- CTMS led the product segment in 2018 owing to benefits of the product 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
- On-premise are most commonly preferred eClinical solutions, mainly due to the ability to get complete access to information and full control within the premise
- Key players operating in the eClinical solutions market are 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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Grand View Research has segmented the global eClinical solutions market on the basis of product, delivery mode, development phase, end use, and region:
eClinical Solutions Product Outlook (Revenue, USD Million, 2014 – 2026)
- Electronic Clinical Outcome Assessment (ECOA)
- Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
- Clinical Analytics Platforms
- Clinical Data Integration Platforms
- Safety Solutions
- Clinical Trial Management Systems (CTMS)
- Randomization and Trial Supply Management (RTSM)
- Electronic Trial Master File (eTMF)
eClinical Solutions Delivery Mode Outlook (Revenue, USD Million, 2014 – 2026)
- Web-hosted (On-demand)
- Licensed Enterprise (On-premise)
eClinical Solutions Development Phase Outlook (Revenue, USD Million, 2014 – 2026)
- Phase I
- Phase II
- Phase III
- Phase IV
eClinical Solutions End Use Outlook (Revenue, USD Million, 2014 – 2026)
- Hospitals/Healthcare providers
- Contract Research Organizations (CROs)
- Academic Institutes
- Pharma & Biotech Organizations
- Medical Device Manufacturers
eClinical Solutions Regional Outlook (Revenue, USD Million, 2014 – 2026)
- North America
- Asia Pacific
- New Zealand
- Hong Kong
- Central & South America
- South Africa
- Saudi Arabia
- United Arab Emirates
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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