Selbyville, Delaware, Feb. 16, 2021 (GLOBE NEWSWIRE) --
According to latest report “eClinical Solutions Market by Solution (Randomization and Trial Supply Management (RTSM), Clinical Data Management System (CDMS), Clinical Trial Management System (CTMS), Electronic Clinical Outcome Assessment (eCOA), Electronic Trial Master Files (ETMF), Electronic Data Capture (EDC)), Delivery Mode (Licensed Enterprise (On-premise) solutions, Cloud-based (SAAS) solutions, Web-hosted (On-demand) solutions), Clinical Trial Phase (Phase I, Phase II, Phase III, Phase IV), End-use (Contract Research Organizations (CROs), Medical Device Companies, Pharma/Biotech Companies, Hospitals & Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of eClinical solutions will cross $14.5 billion by 2027.
The growing demand for outsourcing clinical trials due to the diversified expertise of CROs and adoption of advanced solutions in clinical trials is driving the market growth. The clinical trials that companies opt to outsource include extensive research and tasks that is from preclinical trials to late-stage development. Thus, use of digitization in clinical trials or research will pave the way for market expansion. However, implementation and maintenance cost coupled with low acceptance in developing countries will boost the market value.
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The clinical trial management system (CTMS) segment accounted for 15.4% of the eClinical solutions market share in 2020. Clinical trial management system (CTMS) capabilities include enabling oversight of related clinical trials per therapeutic area based on a set of specific clinical activities and provide tracking ability for site monitoring. Moreover, CTMS also provides dashboards to communicate trial performance against targets as well as other operational reports. Thus, these factors associated with CTMS will foster the segment growth.
eClinical solutions market for licensed enterprise (on-premises) solution segment is expected to showcase 10.8% growth rate till 2027. Licensed enterprise (on-premises) solution is the traditional mode of software implementation. The end-users purchase the software licensing based on their organizational needs and determine how it will be implemented and maintained. Also, in on-premises environment, resources are deployed in-house and within an enterprise’s infrastructure. Thus, the solution helps and is responsible to maintain all the data related to their specific premises only. This will increase the demand for on-premises enterprises and will spur the market revenue.
The phase II segment in the eClinical solutions market is anticipated to grow at a CAGR of 11.9% through 2027. Phase II trials assess safety and effectivity of drugs in larger patients as compared to Phase 1, thus need more accurate management tool that will increase the usage of eClinical software tools. Furthermore, abilities of advanced software to process larger database during Phase II trials will accelerate the segment revenue in the coming years.
Medical device companies were valued at USD 1.2 billion in 2020 and is predicted to expand at a CAGR of more than 11.2% during 2021 to 2027. Prevalence of various disease is fuelling the demand for medical devices, as they are required during advanced treatment as well as general surgical procedures. This will impel the R&D expenses and thus, drive the industry growth. Currently, there are numerous innovative devices in development process that will require efficient data management, hence propelling the adoption of eClinical solutions. Also, clinical trials play an important role during development medical device that will foster the acceptance of various eClinical solution.
Asia-Pacific eClinical solutions market is estimated to attain a CAGR of 12.9% till 2027. With need for effective clinical data and process management tools, the market will foresee immense growth opportunities in the APAC region. Huge patient population, emergence of severe diseases, increasing clinical trials and R&D are some of regional growth driving factors. In addition, in various Asia Pacific countries the government is funding for drug discovery and related research studies that will boost the usage of eClinical solutions and enhance the market growth.
A few notable companies operating in the eClinical solutions market include Oracle Corporation, PAREXEL International, Medidata, Bioclinica, Merge Healthcare (IBM), Datatrak Int, and ALTEN Group (Aixial) among others. Industry leaders are focusing on various strategies such as acquisitions, business expansion and novel service launches to consolidate their market presence.
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Table of Contents (ToC) of the report:
Chapter 3 eClinical Solutions Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By solution
3.4.2 By delivery mode
3.4.3 By clinical trial phases
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2019
3.8 PESTEL analysis
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https://www.gminsights.com/toc/detail/eclinical-solutions-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.