New York, July 19, 2022 (GLOBE NEWSWIRE) -- According to the World Bank, individuals using the internet raised from 40% of global population in 2015, to 60% of global population in 2020 and is estimated to rise significantly over the forecast period. Moreover, as of 2019, hospitals produce around 50 petabytes of data per year, and in less than two years healthcare data is projected to surpass the current data storage limit of the world.
Kenneth Research has published a detailed market report on ‘Global E-Clinical Solutions Market’ which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
According to the World Health Organization, nearly 10 million people died of cancer across the globe in 2020. As a result, the rising cancer prevalence is estimated to drive the market growth. The global e-clinical solutions market is estimated to garner around USD 1.5 billion in revenue by 2031, by growing at a CAGR of ~13% over the forecast period i.e., 2022–2031. The growth of the market can be attributed to the upsurge in big data in the healthcare industry, rising number of clinical trials, rising prevalence of chronic diseases, such as cancer, cardiovascular conditions, and infectious diseases, and government emphasis on clinical research. Additionally, the market is expanding on the back of rising R&D spending by pharma-biotech businesses on drug development. For instance, a report by the World Bank stated that in 2020, 2.63% of global GDP was spent for research & development. The increasing demand to store this data in a secure way is driving the market significantly.
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Moreover, rising cases of data breaches in healthcare sector is fuelling the demand of e-clinical solutions. It was noticed that, from 2005 to 2019, the total number of individuals affected by healthcare data breaches was 249.09 million. Out of these, 157.40 million individuals were affected in the last five years alone and it is anticipated to increase more over the forecast period. Hence, this is estimated to be a prime factor to propel the growth of the global e-clinical solutions market. Further, rising cases of deaths due to chronic diseases is expected to be a prime factor to boost the market growth. It was noticed that approximately 17.9 million people died from CVDs in 2019, representing 32% of all global deaths.
Regionally, the global e-clinical solutions market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The North America region is estimated to witness significant growth over the forecast period on the back of rising government contributions to support clinical trials, continuous product development, and new product launches by e-clinical solution traders. In addition, growth in the number of partnerships for new drug development are further driving the demand for e-clinical solutions in the region. Further, the per capita disposable income among the major population over the region is increasing significantly and with that healthcare expenditure is rising as well. According to the data by The World Bank, in 2020, the disposable income per capita in North America region was USD 51,407. Hence, this is expected to fuel the market growth in the North America region significantly.
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On the other hand, the e-clinical solutions market in the Asia Pacific region is predicted to witness the fastest growth during the forecast period. This growth can be attributed to a big urban population and an increase in diagnostic services in the region are also anticipated to increase hospital admissions, which is anticipated to increase the amount of data collected online. It is observed that the number of hospital beds available per 1000 people in Asia Pacific region has been rising throughout the years. In 2017, 4.5 beds were available per 1000 people and it is anticipated to increase more along with increasing hospital admissions over the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global e-clinical solutions market is segmented on the basis of delivery, into web-based, on-premise, and cloud-based. Out of these segments, the web-based segment is estimated to hold the largest market share over the forecast period. The growth of this segment can be attributed to related benefits, such as easy accessibility, usability, and lower investments required. As web-hosted goods are highly flexible to configure, providers can easily change or modify the way information is presented for various user groups. Further, rapid digitalization of enterprises across the world is estimated to boost the growth of web-based segment significantly. It was observed that approximately 95% of all workload was processed by cloud data centres in 2021.
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Furthermore, the global e-clinical solutions market is segmented based on end-user into pharmaceutical/biopharma companies, contract research organizations (CROs), and hospitals. Out of these, the hospitals segment is expected to hold a substantial market share over the forecast period on the back of increasing awareness in healthcare, increasing diagnosis rate which results in increasing hospital admissions, and increasing health expenditure per capita among the global population. According to the World Bank statistics, health expenditure per capita reached USD 1121.81 in 2019 across the globe.
The global e-clinical solutions market is also segmented on the basis of product.
The Global Product Segment in Bullets
- CDMS
- EDC
- CTMS
- eCOA
- RTMS
- eTMF
- Analytics
- Safety
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Some of the prominent players and their company profiling mentioned in the report include Parexel International Corporation, eClinical Solutions LLC., Signant Health LLC, Datatrak Int., MaxisIT Inc, Advarra, Inc., FHI Clinical Inc., Clinical Ink, Inc., Oracle Corporation, eResearchTechnology, Inc. (Clario), and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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