FEB 25, 2020: The global eClinical solutions market size is expected to reach USD 15.7 billion by 2027, according to a new report by Radiant Insights, 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 process are poised to boost the market over the forecast period.
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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 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.
Further key findings from the study suggest:
- 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 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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Table of Contents
Chapter 1 Research Methodology
1.1 Market Segmentation & Scope
1.1.1 Regional Scope
1.1.2 Estimates & Forecast Timeline
1.2 Market Definitions
1.3 Research Methodology
1.4 Information Procurement
1.4.1 Purchased database
1.4.2 GVR’s internal database
1.4.3 List of Secondary Sources
1.4.4 Primary Research
1.4.4.1 Data for primary interviews, by sources
1.4.4.2 Data for primary interviews, by region
1.5 Information Analysis
1.5.1 Value chain-based sizing & forecasting
1.5.2 Regression and variable analysis
1.5.3 Total Addressable Market (TAM)
1.6 Report Objectives
Chapter 2 Executive Summary
2.1 Market Summary
Chapter 3 Industry Outlook
3.1 Penetration & Growth Prospect Mapping By Delivery Mode, 2019
3.2 Business Segment Trend Analysis
3.3 Pricing Analysis
3.3.1 By Product
3.3.1.1 eCOA
3.3.1.2 EDC & CDMS
3.3.1.3 Clinical Analytics Platforms
3.3.1.4 Clinical data integration platforms
Continued…….
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The Global eClinical Solutions Market is estimated to be valued at USD 9434.57 million by 2023 and is expected to register a CAGR of 12.24% during the forecast period.The clinical data management system (CDMS) dominated the global eClinical solutions market, by type, and is projected to reach USD 2579 million by 2023 owing to the benefits offered by the product such as centralized end-to-end management of clinical trial activities, real-time status tracking, elimination of reliance on manual processes, and maintenance of multiple databases, which improve the overall efficiency of clinical trials.
However, the electronic clinical outcome assessment (eCOA) segment is projected to be the fastest-growing segment during the forecast period.Americas dominated the market, accounting for the largest share of the market in 2017, and the regional market is expected to register a CAGR of 12.41% during the review period.
The market is projected to reach USD 4568.70 million by the end of 2023, with the US being the leading market.
Segment AnalysisThe global eClinical solutions market has been segmented on the basis of type, delivery mode, clinical trial phase, and end user.On the basis of type, the market has been divided into the clinical data management system (CDMS), randomization and trial supply management (RTSM), electronic clinical outcome assessment (eCOA), clinical trial management system (CTMS), electronic trial master files (eTMF), and trial safety & regulatory.
The Clinical Data Management System (CDMS) segment held the majority market share in 2017.
However, the Electronic Clinical Outcome Assessment (eCOA) segment is anticipated to be the fastest growing, followed by the Clinical Data Management System (CDMS) segment.On the basis of Delivery Mode, the market has been divided into web-based, cloud-based, and enterprise-based.Based on Clinical Trial Phase, the market has been segmented into Phase I, Phase II, Phase III, Phase IV.
