The global eClinical solutions market size is expected to reach USD 17.7 billion by 2028, registering a CAGR of 12.7% during the forecast period, according to a new report by Grand View Research, Inc. 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 a huge influx of specimens on a daily basis.
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 a data-centric approach is 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 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 2020,
Oracle entered into collaboration with FHI Clinical Inc. for improving clinical
trial efficiency and to get therapies to market faster.
Related Press Release@ eClinical Solutions Market Report
eClinical Solutions Market Report
Highlights
- CTMS led the product segment in 2020 and accounted for a revenue
share of around 20.9% 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 14.3% 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
2020. The segment is projected to rise at a remarkable CAGR of 13.0% during
the forecast period owing to the growing inclination of pharmaceutical
companies to reduce overall expenditure
- These associated advantages are anticipated to bolster the demand
for cloud-based systems
- Key companies engage in various business strategies such as mergers
and acquisitions and new product development to gain greater market share
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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