Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "eClinical Solutions Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global eClinical solutions market size has grown rapidly in recent years. It will grow from $7.59 billion in 2023 to $8.47 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed in the historical period can be attributed to several key factors, including the expansion of healthcare digitalization, the widespread adoption of electronic health records (EHR), a rise in regulatory compliance requirements, an increased emphasis on efficiency and productivity in healthcare processes, and the growing integration of healthcare systems.
The eClinical solutions market is expected to see rapid growth in the next few years. It will grow to $13.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing emphasis on interoperability and data exchange in healthcare systems, the rise of telehealth and remote care services, the adoption of value-based care models, a growing demand for population health management solutions, and the increasing uptake of precision medicine practices. Major trends expected in the forecast period encompass the integration of artificial intelligence (AI) in healthcare processes, continuous technological advancements, the emergence of innovative solutions, strategic collaborations within the industry, and the implementation of healthcare integration solutions.
The growth of the eClinical solutions market is expected to be propelled by an increase in research and development (R&D) activities. R&D activities involve companies undertaking initiatives to innovate and introduce new clinical products and services. Electronic clinical outcome assessment solutions play a crucial role in supporting R&D activities by electronically capturing outcomes data in clinical trials. According to the Research and Development Survey 2021 conducted by Statistics NZ, R&D expenditure in the business sector reached $2.8 billion in 2021, reflecting a 5% increase from 2020 and an 18% increase from 2019. This upward trend in R&D activities is a significant driver for the eClinical solutions market during the forecast period.
The growth of the eClinical solutions market is further expected to be fueled by the increasing number of clinical trials. Clinical trials, which assess the safety, efficacy, and potential benefits of new medical treatments, interventions, or drugs, are on the rise. eClinical solutions, as computerized platforms designed to streamline and facilitate clinical trial management, play a pivotal role in supporting life sciences organizations worldwide. In May 2023, according to ClinicalTrials.gov, the number of registered clinical trials studies increased from 399,499 in 2022 to 437,533, encompassing all 50 states of the United States and 221 countries globally. The surge in clinical trials, with 53% recorded in non-U.S. locations, is poised to drive the growth of the eClinical solutions market during the forecast period.
Technological advancements represent a key trend in the eClinical solutions market, with major players leveraging advanced technologies to meet consumer demand. For instance, in July 2021, eClinical Solutions LLC, an India-based provider of cloud-based enterprise software and clinical data services, introduced the Elluminate Clinical Data Cloud. This solution, based on cloud computing and real-time data analysis technologies, enhances the automation of both clinical and operational data streams, facilitating faster decision-making in clinical operations. Technological advancements are anticipated to be a significant factor contributing to the growth of the eClinical solutions market.
Major players in the eClinical solutions market are strategically placing emphasis on introducing electronic clinical outcome assessment (eCOA) platforms to gain a competitive advantage. eCOA platforms are digital tools utilized in clinical trials to electronically capture outcomes data. In January 2021, YPrime LLC, a US-based cloud-based eClinical solutions provider, launched its 5th generation eCOA platform. This platform is intricately designed to deliver cleaner data, streamlining the clinical trial data collection and approval process. It boasts intelligent integration with other eClinical technologies, offering a customizable solution that seamlessly transitions between devices. The platform provides the necessary control and security, ensuring accurate data collection from specification to submission.
In a strategic move in March 2021, Advarra Inc., a US-based company offering integrated research compliance solutions, successfully acquired Bio-Optronics Inc. for an undisclosed amount. This acquisition bolsters Advarra's capabilities in providing comprehensive solutions for research institutions, sponsors, and Contract Research Organizations (CROs), thereby optimizing and streamlining the clinical research process. Bio-Optronics Inc., a US-based company specializing in eClinical systems, contributes to Advarra's enhanced offerings in the realm of clinical research solutions. This strategic focus on eCOA platforms is anticipated to play a pivotal role in shaping the competitive landscape of the eClinical solutions market.
North America was the largest region in the eClinical solutions market in 2023. The regions covered in the eClinical solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the eClinical solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Scope
Markets Covered:
1) By Product: Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS); Clinical Trial Management Systems (CTMS); Clinical Analytics Platforms; Randomization and Trial Supply Management (RTSM); Clinical Data Integration Platforms; Electronic Clinical Outcome Assessment (eCOA); Safety Solutions; Electronic Trial Master File (eTMF)
2) By Development Phase: Phase I; Phase II; Phase III; Phase IV
3) By Delivery Mode: Web-Based and Cloud-Based; Enterprise-based
4) By End User: Pharmaceutical and Biopharmaceutical Companies; Contract Research Organizations; Consulting Service Companies; Medical Device Manufacturers; Hospitals; Academic Research Institutions
Key Companies Mentioned: Anju Software Inc.; BioClinicia Inc.; Parexel International Corporation; CRF Health; Dassault Systemes SE
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Anju Software Inc.
- BioClinicia Inc.
- Parexel International Corporation
- CRF Health
- Dassault Systemes SE
- Datatrak International Inc.
- eClinical Solutions LLC
- ERT Clinical
- IBM Watson Health
- Medidata Solutions Inc.
- Omnicomm Systems Inc.
- Veeva Systems Inc.
- Mednet Solutions
- Cinven Ltd.
- Oracle Corporation
- Merge Healthcare Solutions Inc.
- ALTEN Group
- Saama Technologies Inc.
- Signant Health
- 4G Clinical
- MaxisIT Inc.
- Research Manager
- Slope.io Inc.
- StudyKIK Inc.
- 360Medlink Inc.
- Deep 6 AI Inc.
- Benchmark Research LLC
- Clinical Research Management Inc.
- Curebase Inc.
- Eclipse Clinical Research LLC
- LINEA System Inc.
- Acceliant Inc.
- Bio-Optronics Inc.
- Complion Inc.
For more information about this report visit https://www.researchandmarkets.com/r/u93hcc
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