New York, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “eClinical Solutions Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Offerings {Software Solutions [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] and Services}, Delivery Mode (On-Premise, Cloud Based, and Web Based), Therapeutic Area (Cardiovascular, Diabetes, Metabolic Diseases, Gastroenterology, COVID-19, Rare Disease, Precision Medicine, and Others), Clinical Trial Phase (Phase I, Phase II, Phase III, and Phase IV), and End User (Contract Research Organizations, Medical Device Companies, Pharma/Biotech Companies, Hospitals & Clinics, and Others)”, the global eClinical solutions market size to grow at a CAGR of 13.6% from 2022 to 2028, it is expected to grow from USD 8.38 billion in 2021 to USD 20.47 billion by 2028.
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Global eClinical Solutions Market – Report Scope:
| Market Size Value in | USD 8.38 Billion in 2021 |
| Market Size Value by | USD 20.47 Billion by 2028 |
| Growth rate | CAGR of 13.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 170 |
| Historical data available | Yes |
| Segments covered | Offerings, Delivery Mode, Therapeutic Area, Clinical Trial Phase, and End User |
Global eClinical Solutions Market: Competitive Landscape and Key Developments
A few of the key players involved in the eClinical solutions market are undertaking initiatives to expand their product portfolios and strengthen their market position. For instance, in October 2022, eClinical Solutions, one of the global providers of digital clinical software and services, bought together the life science leaders for its fourth annual client and partner conference—elluminate Engage 2022, at Convene in Boston, Massachusetts. The meeting mainly focused on empowering the elluminate Clinical Data Cloud model to create new user experiences for interacting with clinical data amidst the healthcare industry’s growing volume and variety of clinical trial data.
Clario, Merge Healthcare (IBM), ALTEN Group, Signant Health, Oracle Corporation, Medidata Solutions, Parexel International Corporation, Bioclinica, Datatrak International, and Revele are a few of the key players profiled during the study of the eClinical solutions market. Several other major companies were studied and analyzed during this research study to get a holistic view of the market and its ecosystem.
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Some of the recent developments that are being offered by market participants are as follows:
In March 2022, eClinical Solutions, one of the global providers of digital clinical software and services, announced key achievements from the year including the addition of 15 novel software and services clients and a 50% year over year (YoY) increase in elluminate (brand) revenue. The new customers serves the life sciences industry from clinical research organizations (CROs) like Translational Research in Oncology (TRIO) to leading pharmaceutical and biopharmaceutical companies.
Clinical trial grants for orphan products are an effective method of successfully fostering and encouraging the development of new medical products, including medications and devices, for the treatment of rare diseases and other related conditions. The FDA’s Office of Orphan Products Development (OOPD) awards new clinical trial grants on a yearly basis. A major portion of funds for a given fiscal year provides continued funding of ongoing awards. As per the Food and Drug Administration, there are typically 60-85 ongoing grant projects each year, and OOPD awards approximately 5-12 new grants each year. The rapid rise in the cost of clinical trials in the past few years led to an increase in the number of new grants.
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OOPD conducts ongoing grant evaluations to ensure extramural funded studies maintain grant agreement terms and minimize risk to people participating in the clinical research. As a result, the demand for clinical trial management solutions has grown in recent years; furthermore, it is expected to continue a similar trend during the forecast period. Thus, the rising demand for such solutions is supporting the growth of the eClinical solutions market.
Impact of COVID-19 Pandemic on Global eClinical Solutions Market Growth:
The COVID-19 pandemic has positively impacted the eClinical solutions market. The impact of the crisis on the biopharmaceutical industry has improved patient-centricity and increased the adoption of eClinical digital platforms to manage clinical trial development programs. Numerous capital investments and co-development of new products focused on the advancement of clinical assets are increasing the number of Phase II and Phase III clinical trials. The total number of open trials (recruiting and enrolling by invitations) in 2021 doubled compared to 2019. Cloud based electronic data capture (EDC), randomization and trial supply management (RTSM)/interactive response technology (IRT), and integrated platforms are providing biopharmaceutical sponsors a unified view/approach of the trial workflow while improving efficiency with a smooth workflow approach.
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Browse other research published by The Insight Partners:
Global Clinical Trial Management System (CTMS) Market Size Forecast to 2028 - Covid-19 Impact and Global Analysis - By Component (Software and Services), Product (Enterprise Based and Site Based), Delivery Mode (Web Based, Cloud Based and On Premise), End-user (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations [CROs], Medical Device Companies, and Other End Users), and Geography
Global Electronic Trial Master File (eTMF) Market Size to 2027 - Global Analysis and Forecasts By Component (Service, Software); Delivery Mode (Cloud-Based eTMF, On-Premise eTMF), End-User (Pharmaceutical and Biotechnology Companies, CROs, Others); and Geography
Global Electronic Clinical Outcome Assessment Solutions Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Web-Hosted, Licensed Enterprises, and Cloud-Based); End User (Hospitals, CRO's, Academic Institutes, Pharma and Biotech Companies, and Medical Device Manufacturers), and Geography
Global Electronic Data Capture Systems Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software, Services); Delivery Mode (Web-based, Cloud-based); Development Phase (Phase I, Phase II, Phase III, Phase IV); End-user (Hospitals, CROs, Pharma and Biotech Organizations, Medical Device Manufacturers) and Geography
Global Cardiovascular Devices Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis By Device [Electrocardiography (ECG), Pacemaker, Stent, Defibrillator, Cardiac Catheter, Guidewire, Heart Valve, Event Monitor, and Others]; Application (Coronary Heart Disease, Sudden Cardiac Arrest, Stroke, Cerebrovascular Heart Disease, and Others), and End User (Hospitals, Ambulatory Surgery Centers, and Cardiac Centers)
Global Diabetes Care Devices Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Glucose Monitoring Devices and Insulin Delivery Devices) and End User (Homecare and Hospitals & Clinics)
Global Metabolism Drugs Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis By Therapy Type (Enzyme Replacement Therapy, Substrate Reduction Therapy, Small Molecule Drugs, Others); Application (Glycogen Metabolism Disease, Lipid Metabolism Disease, Amino Acid Metabolism Disease, Others); Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) and Geography
Global Covid-19 Treatment Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Treatment Type, Severity Degree); Application (Children, Adult, Special Groups, Special groups refers to pregnants and others.)
Global Precision Medicine Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Drug Discovery, Companion Diagnostics, Gene Sequencing, Bio-Informatics, Big Data Analytics); Application (Oncology, Respiratory, CNS, Infectious Diseases, Immunology, Cardiology, Other Applications)
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