Global eClinical Solutions Market
Dublin, Sept. 02, 2022 (GLOBE NEWSWIRE) -- The "eClinical Solutions Market Size, Share & Trends Analysis Report by Product (eCOA, CTMS, EDC & CDMS), by Delivery Mode (Web-hosted, Licensed Enterprise, Cloud-based), by Development Phase, by End Use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global eClinical solutions market size is expected to reach USD 21.8 billion by 2030. The market is expected to expand at a CAGR of 13.6% from 2022 to 2030. Increasing R&D activities by biopharma and pharma companies, application of software solutions in clinical trials, and expanding customer base are anticipated to fuel market growth.
During the COVID-19 pandemic, clinical laboratories experienced high demand for COVID-19 tests. eClinical solutions, such as the clinical data management systems assisted these laboratories to seamlessly manage the huge influx of specimens daily. 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 market growth over the forecast period. Moreover, digital transformation in the field of clinical trials and preference for data-centric approaches are 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 by reducing on-site verification and source data verification. Rising awareness regarding these advantages is projected to propel the market.
Increasing adoption of eClinical workflows in trials offers 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 the development phase by utilizing seamless designs and by identifying failing compounds.
In addition, it offers rapid access to data and patient safety information, which helps make 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 2020, Oracle entered into collaboration with FHI Clinical Inc. for improving clinical trial efficiency and to get therapies to market faster.
eClinical Solutions Market Report Highlights
CTMS led the product segment in 2021 and accounted for a revenue share of around 21% 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
The cloud-based systems segment is anticipated to exhibit an exponential CAGR of 15.1% 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
The CROs segment held the largest revenue share in the market in 2021. The segment is projected to rise at a remarkable CAGR of 13.9% during the forecast period owing to the growing inclination of pharmaceutical companies to reduce overall expenditure
Key companies engage in various business strategies such as mergers and acquisitions and new product development to gain greater market share
Increasing Externalization of Clinical Trial Studies by Large Pharmaceutical and Biopharmaceutical Companies
Advantages of Eclinical Solutions
Presence of Strong Range of Products in Pipeline
Scarcity of Skilled Research Professionals
Lack of Recognition
Key Topics Covered:
Chapter 1. Research Methodology & Scope
Chapter 2. Executive Summary
Chapter 3. eClinical Solution Market Variables Trends & Scope
Chapter 4. COVID-19 Impact Analysis
Chapter 5. eClinical Solutions Market: Competitive Analysis
Chapter 6. eClinical Solutions Market: Product Analysis
Chapter 7. eClinical Solutions Market : Delivery Mode Analysis
Chapter 8. eClinical Solutions Market : Development Phase Analysis
Chapter 9. eClinical Solutions Market: End-use Analysis
Chapter 10. eClinical Solutions Market: Regional Market Analysis, By Product, 2017 - 2030 (USD Million)
Chapter 11. Company Profiles
Chapter 12. Recommendations/Conclusion
PAREXEL International Corporation
Medidata Solution, Inc.
DATATRAK International, Inc.
IBM Watson Health
OmniComm Systems, Inc. (Anju Software Inc.)
For more information about this report visit https://www.researchandmarkets.com/r/oa530x
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