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”
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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:
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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