PUBLISHER: The Business Research Company | PRODUCT CODE: 1391175
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391175
“eClinical Solutions Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on eclinical solutions market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for eclinical solutions? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The eclinical solutions market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
eClinical solutions encompass the utilization of computerized tools and associated processes to streamline clinical trial operations by automating tasks that were traditionally manual. This field has evolved to incorporate a diverse range of technologies aimed at supporting various phases of clinical trials, spanning from planning and execution to submissions and data analysis. These solutions play a vital role in the clinical development process by leveraging expertise in clinical technology.
Key types of eClinical solutions include Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS), Clinical Trial Management Systems (CTMS), Clinical Analytics Platforms, Randomization and Trial Supply Management (RTSM), Clinical Data Integration Platforms, Electronic Clinical Outcome Assessment (eCOA), Safety Solutions, and Electronic Trial Master File (eTMF). Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS) involve programs that facilitate the capture and collection of clinical documents. These solutions can be delivered through various modes, such as web-based, cloud-based, and enterprise-based, and are applicable across different development phases, including phase I, phase II, phase III, and phase IV. eClinical solutions find application in diverse sectors, including pharmaceutical and biopharmaceutical companies, contract research organizations, consulting service firms, medical device manufacturers, hospitals, and academic research institutions.
The eclinical solutions market research report is one of a series of new reports from The Business Research Company that provides eclinical solutions market statistics, including global market size, regional shares, competitors with a eclinical solutions market share, detailed eclinical solutions market segments, market trends and opportunities, and any further data you may need to thrive in the eclinical solutions industry. This eclinical solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The eclinical solutions market size has grown rapidly in recent years. It will grow from $7.59 billion in 2023 to $8.47 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed in the historical period can be attributed to several key factors, including the expansion of healthcare digitalization, the widespread adoption of electronic health records (EHR), a rise in regulatory compliance requirements, an increased emphasis on efficiency and productivity in healthcare processes, and the growing integration of healthcare systems.
The eclinical solutions market size is expected to see rapid growth in the next few years. It will grow to $13.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing emphasis on interoperability and data exchange in healthcare systems, the rise of telehealth and remote care services, the adoption of value-based care models, a growing demand for population health management solutions, and the increasing uptake of precision medicine practices. Major trends expected in the forecast period encompass the integration of artificial intelligence (AI) in healthcare processes, continuous technological advancements, the emergence of innovative solutions, strategic collaborations within the industry, and the implementation of healthcare integration solutions.
The growth of the eclinical solutions market is expected to be propelled by an increase in research and development (R&D) activities. R&D activities involve companies undertaking initiatives to innovate and introduce new clinical products and services. Electronic clinical outcome assessment solutions play a crucial role in supporting R&D activities by electronically capturing outcomes data in clinical trials. According to the Research and Development Survey 2021 conducted by Statistics NZ, R&D expenditure in the business sector reached $2.8 billion in 2021, reflecting a 5% increase from 2020 and an 18% increase from 2019. This upward trend in R&D activities is a significant driver for the eclinical solutions market during the forecast period.
The growth of the eclinical solutions market is further expected to be fueled by the increasing number of clinical trials. Clinical trials, which assess the safety, efficacy, and potential benefits of new medical treatments, interventions, or drugs, are on the rise. eClinical solutions, as computerized platforms designed to streamline and facilitate clinical trial management, play a pivotal role in supporting life sciences organizations worldwide. In May 2023, according to ClinicalTrials.gov, the number of registered clinical trials studies increased from 399,499 in 2022 to 437,533, encompassing all 50 states of the United States and 221 countries globally. The surge in clinical trials, with 53% recorded in non-U.S. locations, is poised to drive the growth of the eclinical solutions market during the forecast period.
Technological advancements represent a key trend in the eClinical solutions market, with major players leveraging advanced technologies to meet consumer demand. For instance, in July 2021, eClinical Solutions LLC, an India-based provider of cloud-based enterprise software and clinical data services, introduced the Elluminate Clinical Data Cloud. This solution, based on cloud computing and real-time data analysis technologies, enhances the automation of both clinical and operational data streams, facilitating faster decision-making in clinical operations. Technological advancements are anticipated to be a significant factor contributing to the growth of the eclinical solutions market.
Major players in the eClinical solutions market are strategically placing emphasis on introducing electronic clinical outcome assessment (eCOA) platforms to gain a competitive advantage. eCOA platforms are digital tools utilized in clinical trials to electronically capture outcomes data. In January 2021, YPrime LLC, a US-based cloud-based eClinical solutions provider, launched its 5th generation eCOA platform. This platform is intricately designed to deliver cleaner data, streamlining the clinical trial data collection and approval process. It boasts intelligent integration with other eClinical technologies, offering a customizable solution that seamlessly transitions between devices. The platform provides the necessary control and security, ensuring accurate data collection from specification to submission.
In a strategic move in March 2021, Advarra Inc., a US-based company offering integrated research compliance solutions, successfully acquired Bio-Optronics Inc. for an undisclosed amount. This acquisition bolsters Advarra's capabilities in providing comprehensive solutions for research institutions, sponsors, and Contract Research Organizations (CROs), thereby optimizing and streamlining the clinical research process. Bio-Optronics Inc., a US-based company specializing in eClinical systems, contributes to Advarra's enhanced offerings in the realm of clinical research solutions. This strategic focus on eCOA platforms is anticipated to play a pivotal role in shaping the competitive landscape of the eClinical solutions market.
Major companies operating in the eclinical solutions market include Anju Software Inc., BioClinicia Inc., Parexel International Corporation, CRF Health, Dassault Systemes SE, Datatrak International Inc., Eclinical Solutions LLC, ERT Clinical, IBM Watson Health, Medidata Solutions Inc., Omnicomm Systems Inc., Veeva Systems Inc., Mednet Solutions, Cinven Ltd., Oracle Corporation, Merge Healthcare Solutions Inc., ALTEN Group, Saama Technologies Inc., Signant Health, 4G Clinical, MaxisIT Inc., Research Manager, Slope.io Inc., StudyKIK Inc., 360Medlink Inc., Deep 6 AI Inc., Benchmark Research LLC, Clinical Research Management Inc., Curebase Inc., Eclipse Clinical Research LLC, LINEA System Inc., Acceliant Inc., Bio-Optronics Inc., Complion Inc.
North America was the largest region in the eclinical solutions market in 2023. The regions covered in the eclinical solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the eclinical solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The eClinical solutions market includes revenues earned by entities by eConsent, eTMF, eISF, and remote monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.