The eClinical solutions market is expected to grow from US$ 8,380.63 million in 2021 to US$ 20,476.11 million by 2028; it is expected to grow at a CAGR of 13.6% from 2022 to 2028.
eClinical solutions include software, platforms, and services that are essentially employed for the efficient management of clinical trials and clinical research development. The software of eClinical solutions assists in managing, maintaining, and recording data and tracking deadlines of various drug evolutions, among other features. It is useful in the treatment of various diseases and conditions, such as rare diseases, COVID-19, infectious diseases, cardiovascular diseases, and diabetes.
MARKET DYNAMICS
The small and large companies operating in the eClinical solutions market are adopting various strategies, including regional expansion and technological advancements, to increase their market share. The rising number of government grants coupled with a growing number of rare diseases has supported the growth of the eClinical solutions market in recent years; furthermore, it is expected to continue a similar trend during the forecast period. Moreover, the rising adoption of cloud based platforms by biopharmaceutical companies is anticipated to create lucrative opportunities for the market growth in the coming years.
MARKET SCOPE
The "Global eClinical Solutions Market Forecast to 2028" report aims to provide an overview of the market with detailed market segmentation on the basis of offerings, therapeutic areas, clinical trial phase, and end user. The report provides key statistics based on the financial performances of the leading market players. It also offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global eClinical solutions market is segmented on the basis of offerings, delivery mode, therapeutic areas, clinical trial phase, and end user. Based on offerings, the market is bifurcated into software solutions and services. The software solutions segment is further segmented into randomization & trial supply management (RTSM), clinical data management system (CDMS), clinical trial management system (CLMS), electronic clinical outcome assessment (eCOA), electronic trial master file (eTMF), electronic data capture, and others. Based on delivery mode, the market is segmented into on-premise, cloud based, and web based. Based on therapeutic areas, the eClinical solutions market is categorized into cardiovascular, diabetes, metabolic diseases, gastroenterology, rare diseases, COVID-19, precision medicine, and others. Based on clinical trial phase, the market is segmented into phase I, phase II, phase III, and phase IV. Based on end user, the market is categorized into contract research organizations, medical device companies, pharma/biotech companies, hospitals & clinics, and others
REGIONAL FRAMEWORK
The global eClinical solutions market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in all abovementioned regions.
North America dominates the eClinical solutions market. The North America eClinical solutions market is further segmented into the US, Canada, and Mexico. The US held the largest share of the market in 2021 and is expected to continue a similar trend during the forecast period. The rising cases of rare diseases in the region supported the growth of the eClinical solutions market. According to the FDA, in 2020, more than 30 million people were affected by 7,000 rare diseases affected in the US. As a result, biopharmaceutical and pharmaceutical companies in the region are adopting seamless clinical trial management approaches to mitigate the spread of rare diseases in a short duration and develop drugs that are helpful in the treatment of such diseases.
Source: The Insight Partners Analysis
The report analyses factors, such as drivers, restraints, opportunities, and future trends, which impact the growth of the eClinical solutions market. The report also provides PEST analysis, highlighting the factors affecting the eClinical solutions market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has positively impacted the eClinical solutions market. In 2020 and 2021, the rising cases of COVID-19 cases in several developed and developing economies increased the adoption of eClinical solution options that assist the development of drugs in pharmaceutical companies. Numerous capital investments in the advancement of clinical assets are increasing the number of phase II and phase III clinical trials owing to the rising cases of COVID-19 in developing nations and its adverse impact on the overall economy.
MARKET PLAYERS
The report covers key developments in the eClinical solutions market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. In addition, the market is witnessing various inorganic growth strategies, including acquisitions, partnerships, and collaborations. These activities have encouraged the expansion of business and the customer base of market players. The players operating in the eClinical solutions market are anticipated to experience lucrative growth opportunities in the future, owing to the rising demand for eClinical solutions.
The report also includes the profiles of key companies operating in the eClinical solutions market, along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.
The list of a few companies engaged in the eClinical solutions market is mentioned below:
- Clario
- Merge Healthcare (IBM)
- ALTEN Group
- Signant Health
- Oracle Corporation
- Medidata Solutions
- Parexel International Corporation
- Bioclinica
- Datatrak International
- Revele
- Other Market Participants
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.