Dublin, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The "eClinical Solutions Market by Product (CDMS, eCOA, CTMS, RTSM, ETMF, Analytics, Safety), Delivery (Web-hosted, Licensed Enterprise, Cloud-based), End User (Pharma, Hospitals, CROs), Clinical Trial Phases (Phase I, II) & Region - Global Forecasts to 2027" report has been added to ResearchAndMarkets.com's offering.
The global eClinical Solutions market is projected to reach USD 17.9 billion in 2027 from USD 9.6 billion in 2022 at a CAGR of 13.3%. Rising operational costs and regulatory requirements pertaining to clinical research studies, favorable government support & funding for clinical trials, increasing R&D expenditure on drug development by pharma-biotech companies and growing adoption of novel software solutions in clinical research are some of the major driving factors for the global eClinical solutions market.
Web-hosted (on-demand) models segment held the largest market share in 2021
Based on delivery mode, the global eClinical solutions market is segmented into web-hosted (on-demand), licensed enterprise (on-premises), and cloud-based (SaaS) models. In 2021, the web-hosted segment accounted for the largest share (55.1%) of the global eClinical solutions market. Advantages such as easy user access, reductions in cost, and faster retrieval of data are factors driving the market growth for web-hosted eClinical solutions during the forecast period.
Phase III clinical trials is expected to register the highest growth during the forecast period
Based on clinical trial phase, the eClinical solutions market has been segmented into phase I, II, III, and IV. The phase III clinical trials segment accounted for the largest share of the eClinical solutions market in 2021 and is expected to register the highest growth during the forecast period. The significant demand for eClinical solutions in phase III clinical trials is mainly attributed to the involvement of a large patient sample population size, the globalization of clinical trials, and the rising need to increase the efficiency of clinical trials.
Pharmaceutical & biopharmaceutical companies to dominate the eClinical solutions end user segment in 2021
Based on end user, the global eClinical solutions market is segmented into pharmaceutical & biopharmaceutical companies, contract research organizations, consultancy service companies, medical device manufacturers, hospitals, and academic & research institutes. The pharmaceutical & biopharmaceutical companies segment accounted for the largest share of 38.5% of the global eClinical solutions market, by end user, in 2021. The large share of this segment can primarily be attributed to factors such as increasing applications of clinical data management and analytics software during clinical trials and the availability of R&D budgets for advanced healthcare IT software.
Asia Pacific to witness the highest growth between 2022 to 2027
In 2021, North America commanded the largest share of the eClinical solutions market, however, the Asia Pacific region is estimated to record the highest CAGR of 16.3% between 2022-2027. Increasing outsourcing of clinical trial studies by large pharmaceutical & biopharmaceutical companies, the presence of a large patient population, and low operating costs of conducting clinical trials are key factors driving the growth of the eClinical solutions market in the Asia Pacific region.
Market Dynamics
Drivers
- Rising Operational Costs and Regulatory Requirements Associated with Clinical Research Studies
- Growing Adoption of Novel Software Solutions in Clinical Research
- Favorable Government Support and Funding for Clinical Trials
- Rising Need for Improved Data Standardization
- Increasing R&D Expenditure on Drug Development by Pharma-Biotech Companies
Restraints
- High Implementation Costs Associated with eClinical Solutions
- Shortage of Skilled Professionals
- Limited Awareness Among Researchers
Opportunities
- Increasing Clinical Trials in Emerging Countries
- Growing Outsourcing of Clinical Trial Processes to Cros
- Gradual Shift from Manual Data Interpretation to Real-Time Data Analysis
Challenges
- Limited Adoption in Emerging Countries due to Budgetary Constraints
- Concerns Regarding Software Reliability
- Issues Associated with Patient Privacy
| Report Attribute | Details |
| No. of Pages | 293 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $9.6 Billion |
| Forecasted Market Value (USD) by 2027 | $17.9 Billion |
| Compound Annual Growth Rate | 13.3% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 eClinical Solutions Market, by Product
7 eClinical Solutions Market, by Delivery Mode
8 eClinical Solutions Market, by Clinical Trial Phase
9 eClinical Solutions Market, by End-user
10 eClinical Solutions Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
- 4G Clinical
- Advarra
- Anju Software (Portfolio Company of Abry Partners)
- Arisglobal
- Castor
- Clario
- Clinipace
- Dassault Systemes
- Datatrak Int.
- eClinical Solutions LLC.
- IBM Watson Health
- Maxisit Inc.
- Mednet
- Medrio, Inc.
- Openclinica, LLC.
- Oracle Corporation
- Parexel International Corporation
- Quretec Ltd.
- Realtime Software Solutions, LLC
- Researchmanager
- Saama Technologies
- Signant Health (Crf Health)
- Veeva Systems
- Vial
- Yprime LLC.
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