eClinical Solutions Market Emerging Technologies, Developments, Future Plans And Comprehensive Research Study
Given the debilitating impact of COVID-19 (Coronavirus) on eClinical Solutions Market, companies are on the lookout for starting production lines. Get an inside look at the market prospects and its future decisions in light of the pandemic and other such unforeseen circumstances.
eClinical Solutions Market Overview
eClinical solution is a combination of clinical technology and expertise which helps expedite the process of clinical development. The global eClinical solution market is projected to grow at a CAGR of approximately 11.10 % over the forecast period of 2018-2022, asserts Market Research Future (MRFR) in an exhaustive research report.
Clinical trials are increasingly growing complex, and there has been a massive increase in the amount of clinical data generated which calls for proper management. eClinical solutions are gaining momentum among pharmaceutical and biotechnology companies are progressively leveraging eClinical solutions to manage the huge volume of data.
The risks and costs associated with clinical trials continue to surge which puts enormous pressure on enterprises to optimize ROI in new drug development. eClinical solutions assist in automating and streamlining processes and thereby minimizes drug development costs.
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Clinical research organizations (CRO) pharmaceutical companies are the primary end users for eClinical solutions and growth in the number of CROs is stimulating the growth of the global eClinical solutions market.
Other driving factors include expansion of R&D budget by pharma-biotech companies and rapid adoption of cloud computing technologies. However, the lack of skilled professionals to operate eClinical solutions, lack of research professionals, and the high cost of implementation are likely to dampen the growth of the global eClinical solutions market. Other restraining factors include concerns over data security, budgetary constraints faced by biotech and pharmaceutical companies and lack of awareness among the research community.
eClinical Solutions Market Segmentation
The global eClinical solution market has been segmented based product, delivery mode, and end-users.
Product-wise segmentation of the global eClinical solution market includes clinical data management systems (CDMS), randomization & trial supply management systems (RTMS), clinical analytics platform, electronic clinical outcome assessment (ECOA), clinical trial management systems (CTMS), clinical data integration platforms, safety solutions and electronic trial master files (ETMF), and electronic data capture (EDC).
By delivery mode, the global eClinical solution market has been segmented into web-hosted (on demand), licensed enterprise (on-premise) and cloud-based (SaaS).
By end users, the global eClinical solution market has been segmented into academic research organizations, consulting service companies, medical device manufacturers, hospitals, contract research organizations, and pharmaceutical companies.
eClinical Solutions Market Regional Analysis
The eClinical solutions market is spanned across the regions of the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas is the largest market for eClinical solutions driven by a rise in a number of clinical trials in the region, increasing financial support from the government and presence of major players in the region.
Europe too is a significant market. High investment in R&D activities and the development of emerging economies which hold strong growth potential propel the growth of the eClinical solution market in Europe.
Asia Pacific market for eClinical solutions is expected to grow at the fastest rate over the forecast period. Increasing funding from the government to support clinical research and growth in a number of outsourcing of clinical trials in the developing economies of Asia Pacific boost the growth of the market. The Middle East & Africa market is expected to exhibit the least growth over the forecast period.
eClinical Solutions Market Competitive Landscape
eClinical Solutions Inc, Medidata Solutions Inc, Datatrak International, ERT Clinical, Omnicomm Systems Inc, Parexel International Corporation, Maxisit Inc,
Merge Healthcare Inc, Bioclinica Inc, Oracle Corporation, and CRF Health are some of the eminent players operating in the global eClinical solution market.
eClinical Solutions Industry Updates
In November 2018, Medidata, a leading provider of software as a service solution for clinical trials, announced a partnership with Hengrui Pharma, one of China’s largest biotech companies, to deliver innovative therapies and accelerate global drug research. Hengrui has adopted the Medidata cloud platform clinical trial management system which would support Hengrui to expand its drug therapies to patients around the world.
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In September 2018, Veeva Systems, a provider of cloud-based solutions for the global life sciences industry, announced the launch of an advanced cloud-based clinical data management application to streamline and accelerate clinical study execution. The application can single-handedly manage all trial data and also includes Vault CTMS, Vault eTMF, and Vault Study Startup which helps unify all operations.
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