The Global eClinical Solutions Market, by Deployment (Web-based, Cloud-based, and Licensed Enterprise), by Product Type (Electronic Data Capture, Electronic Clinical Outcome Assessment, Clinical Data Management System, Clinical Trial Management System, Clinical Analytics Platform, Randomization and Trial Supply Management, Electronic Trial Master File, and Others), by End User (Pharmaceutical and Biopharmaceutical Companies, Hospitals, Consulting Servicing Companies, Research Organizations, and Medical device Manufacturers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 3.5 billion in 2017 and is projected to exhibit a CAGR of 11.2% over the forecast period (2018 - 2026), as highlighted in a new report published by Coherent Market Insights. The eClinical solutions market is expected to gain significant traction, due to increasing R&D by biotechnology and pharmaceutical companies.
Increasing R&D by biotechnology and pharmaceutical companies is expected to drive growth of the market
Pharmaceutical and medical device companies face a number of challenges to commercialize existing and developing new products, such as patent expiry, competitive pricing pressure, and rising regulatory burden imposed due to increasing clinical trial complexity, development costs, and data volumes. The risks and costs associated with developing new treatments, mainly related to drug trials continue to increase. All these factors collectively increase the demand for eClinical solutions software. eClinical solutions software reduce drug development costs and improve efficiency by streamlining and automating the clinical trial process, and optimizing return on investment in new drug development. Electronic data capture (EDC) and clinical trial management systems (CTMS) are the most prominent eClinical solutions software. These software allow individuals to manage increasing data volumes while aiding the flexibility and speed required to execute emerging trial concepts that offer more effective commercialization. A CTMS can improve the management of the drug development process by providing a single, centralized system to manage operational and administrative activities and a real-time view of trial data that can be shared across the organization. However, high implementation cost of software, lack of skilled professional, data privacy issues, and low awareness about the software are the major factors hampering eClinical solutions market growth.
Browse 45 Market Data Tables and 30 Figures spread through 200 Pages and in-depth TOC on "eClinical Solutions Market, by Deployment (Web-based, Cloud-based, and Licensed Enterprise), by Product (Electronic Data Capture, Electronic Clinical Outcome Assessment, Clinical Data Management System, Clinical Trial Management System, Clinical Analytics Platform, Randomization and Trial Supply Management, Electronic Trial Master File, and Others), by End User (Pharmaceutical and Biopharmaceutical companies, Hospitals, Consulting Servicing Companies, Research Organizations, and Medical device Manufacturers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2026"
To know the latest trends and insights prevalent in the eClinical solutions market, click the link below:
https://www.coherentmarketinsights.com/market-insight/eclinical-solutions-market-782
Key industry players operating the eClinical solutions market include BioClinica Inc., CRF Health, DATATRAK International Inc., eClinical Solutions Inc., MaxisIT Inc., Medidata Solutions Inc., Merge Healthcare Inc., OmniComm Systems Inc., Oracle Co., and PAREXEL International Co. Major industry players are adopting strategies such as product enhancement, partnerships, and agreements for new product development strategies to sustain and progress in eClinical solutions market. For instance, in 2018, Medidata and eClinical Solutions LLC expanded their technology partnership to further enhance clinical trial processes and help life sciences researchers deliver new therapies to patients with the adoption of Rave Imaging. Companies such as Veeva Systems, Oracle, and Medidata Solutions are offering integrated and unified eClinical solution software to improve trial efficiency and compliance processes across the R&D value chain.
Key Takeaways of the eClinical Solutions Market:
The global eClinical solutions market is expected to exhibit a CAGR of 11.2% over the forecast period, owing to growing adoption of software solutions during clinical research and rising government funding to support clinical trials.
Among deployment types, the cloud-based segment is estimated to hold the dominant position, as it is ideal for complex and multisite clinical studies
Among product types, the clinical data management system (CDMS) is estimated to hold major share due to its high quality, reliable, and statistically sound data
Among end users, pharmaceutical and biopharmaceutical companies segment holds a dominant position in the eClinical solutions market, owing to increasing usage of software for drug development
Asia Pacific eClinical solutions market is expected to exhibit significant growth, owing to increasing number of clinical trials being performed.
Key players operating in the global eClinical Solutions software market include BioClinica Inc., CRF Health, DATATRAK International Inc., eClinical Solutions Inc., MaxisIT Inc., Medidata Solutions Inc., Merge Healthcare Inc., OmniComm Systems Inc., Oracle Co., and PAREXEL International Co.
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