Dublin, March 28, 2024 (GLOBE NEWSWIRE) -- The "Global eClinical Solutions Market Size, Share & Trends Analysis Report by Product (Clinical Trial Management, Clinical Analytics Platforms), Delivery Mode (Web & Cloud Based, On-premise), Development Phase, End-use, Region, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
Market Overview
As industries across the globe experience revolutionizing digital transformations, the eClinical solutions market is witnessing significant expansion. The market is anticipated to achieve a robust Compound Annual Growth Rate (CAGR) of 14.1% from 2024 to 2030. The current advancements in pharmaceutical and biopharmaceutical research and development activities are key contributors propelling the demand for efficient eClinical solutions.
Technological Advancements Fueling Growth
One of the remarkable growth facilitators in the eClinical solutions sector is the technological progression, including enhancements in data capture and Wi-Fi connectivity, which streamline clinical operations. In the midst of the COVID-19 pandemic, the indispensable role played by clinical data management systems was highlighted. They were pivotal in handling the surge in COVID-19 testing, demonstrating the scalability and efficiency of such eClinical systems.
The substantial amount of data generated during clinical trials has increased the need for integrated information platforms. High awareness of the benefits, including cost optimization and reduced data redundancy, is tipping the scales in favor of broader eClinical solution adoption.
Market Segment Performance
Among the various products, the Clinical Trial Management Systems (CTMS) claimed the leadership position in 2023, with a 20.2% share in market revenue. This segment benefits from its ability to enhance the efficiency of clinical trials through centralized management and reduction of manual intervention.
The preference for web and cloud-based systems is anticipated to surge, attributed to their innate benefits such as flexibility, ease of access, and low maintenance costs, factors that are particularly advantageous for real-time, risk-based monitoring in clinical trials.
In terms of development phases, the phase III segment dominated the market share in 2023. However, phase I is projected to witness the fastest growth rate in the forecast period. This is indicative of the escalating focus on the initial stages of clinical trial development.
End-use Insights
The Contract Research Organizations (CROs) segment recorded the highest market share in revenue in 2023. This dominance is attributed to an increasing tendency among pharmaceutical companies to streamline expenditures, as well as to leverage specialized knowledge offered by CROs. The projected CAGR of 14.4% during the forecast period for the CRO segment further confirms the upward trajectory in its market appeal.
Conclusion
The global eClinical solutions market is on a path of significant growth, with projections set to reshape the landscape by 2030. The ongoing investments in technological upgradation, coupled with the required efficiency in clinical trials, are set to maintain the market's vigorous pace in the years to come.
Companies Profiled
- Oracle
- PAREXEL International Corporation
- Medidata Solution, Inc.
- Bioclinica
- DATATRAK International, Inc.
- CRF Health
- ERT Clinical
- eClinicalWorks
- IBM Watson Health
- OmniComm Systems, Inc. (Anju Software Inc.)
- eClinical Solutions
- Veeva Systems
For more information about this report visit https://www.researchandmarkets.com/r/v3jsl4
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