New York, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Rising government funding for clinical trials, increased application of software solutions in clinical trials and clinical research, the growing customer base for e-Clinical solutions, are key factors contributing to the high CAGR of eClinical Solutions during the forecast period.
According to the current analysis of Reports and Data, the global eClinical Solutions market was valued at USD 4,267.6 Million in 2018 and is expected to reach USD 12,329.2 Million by the year 2026, at a CAGR of 13.9% from 2019-2026.
Clinical trials are the most time-consuming phase of drug development. The increasing demand for clinical trials by pharmaceutical giants and biotech companies propels the eClinical Solutions market growth. eClinical Solutions provide administrations to an enormous client base at a low working expense. Additionally, they help with tracking of information from different geographic areas, arranging, and execution of this information and drive the procedure of clinical advancement. E-clinical solutions are advantageous to reduce the time spent on assembling and analyzing data in clinical trials
Rise in appropriation of software solutions in eClinical research in trials offer various potential in clinical development processes. It can help in lowering the cost and reducing the time between development phase by identification of failing compounds. Moreover, it also offers data standardization and fast retrieval of data, which is beneficial in making quick decisions at every stage of development.
Key market players in the eClinical Solutions market are adopting strategies such as product development, partnerships, mergers, and acquisitions to maintain their position in the market. For instance, Oracle solutions offer eClinical software as a service platform solution for core administrations. In 2018, Medidata and eClinical Solutions LLC expanded their technology partnership to improve clinical trial processes.
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Further key findings from the report suggest
- CDMS led the product segment in 2018 with 27% eClinical solutions market share owing to various benefits provided by the product such as end-to-end management of various databases, clinical trial activities and real-time status tracking, which in total improves the general effectiveness of clinical trials.
- eClinical Solution system, especially, the Cloud-based delivery system is expected to grow at the CAGR of 14.8% owing to ease of integration and rapid deployment.
- Increasing clinical research in developing countries such as India, Bangladesh is expected to support the growth of eClinical Solutions market during the forecast years.
- Increasing Research and development by pharmaceuticals and biotechnology companies, resulting in the launch of new products are some of the factors that support the eClinical solutions market growth during forecast years. For Instance, in 2018, Oracle a new holistic, unified cloud-based eClinical solution, Clinical One Platform with the intention of launching new drugs in the market with a focus on quality and safety.
- Key participants in the eClinical solutions market include Oracle Corporation, Medidata Solutions, PAREXEL International Corporation, BioClinica, CRF Health, DATATRAK International, ERT, eClinical Solutions
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the eClinical solutions market on the basis of product, development phase, mode of delivery, end use, and region:
Product (Revenue, USD Million; 2016–2026)
- Electronic Clinical Outcome Assessment (ECOA)
- Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
- Clinical Analytics Platforms
- Clinical Data Integration Platforms
- Safety Solutions
- Clinical Trial Management Systems (CTMS)
- Randomization and Trial Supply Management (RTSM)
- Electronic Trial Master File (eTMF)
Development Phase (Revenue, USD Million; 2016–2026)
- Phase I
- Phase II
- Phase III
- Phase IV
Mode of Delivery (Revenue, USD Million; 2016–2026)
- Web Hosted
- Licensed Enterprise
- Cloud-based
End Use (Revenue, USD Million; 2016–2026)
- Hospitals
- Contract Research Organizations (CROs)
- Academic Institutes
- Pharmaceuticals & Biotech Organizations
- Medical Device Manufacturers
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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