Eclinical Solutions Market: Cloud-Based Segment Is Anticipated To Exhibit An Exponential CAGR Of 15.1%
eClinical Solutions Industry Overview
The global eClinical solutions market size is expected to reach USD 21.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.6% from 2022 to 2030. Increasing R&D activities by biopharma and pharma companies, application of software solutions in clinical trials, and expanding customer base are anticipated to fuel market growth. During the COVID-19 pandemic, clinical laboratories experienced high demand for COVID-19 tests. eClinical solutions, such as the clinical data management systems assisted these laboratories to seamlessly manage the huge influx of specimens daily. Technological advancements such as electronic data capture and Wi-Fi connectivity are projected to drive the market in the forthcoming years.
As the demand for tracking and analyzing clinical data increases, the need for effective clinical solutions rises. Unmet needs to manage efficient clinical development processes are poised to boost market growth over the forecast period. Moreover, digital transformation in the field of clinical trials and preference for data-centric approaches are providing a tremendous push to the market. Demand for integrated clinical IT solutions is increasing due to the massive volume of data generated during clinical development processes. eClinical solutions offer a single source of information that helps optimize the cost by eliminating redundant data entry and by reducing on-site verification and source data verification. Rising awareness regarding these advantages is projected to propel the market.
eClinical Solutions Market Segmentation
Grand View Research has segmented the global eClinical solutions market on the basis of product, delivery mode, development phase, end-use, and region:
Based on the Printer Product Insights, the market is segmented into 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, and Electronic Trial Master File (eTMF).
- The CTMS segment dominated the market for eClinical solutions and accounted for the largest revenue share of over 21.0% in 2021. eCOA is estimated to be the fastest-growing segment during the forecast period owing to the rising significance of high-quality clinical data. eCOA facilitates the preservation of overall quality and is being increasingly incorporated in the measurement of patient-reported, clinician-reported, and observer-reported
- Soaring need for patient compliance is further pushing the usage of eCOA solutions, which can effectively meet challenges posed by paper-based records. Elimination of data variance risk streamlined information and lowering of site monitoring cost are key advantages associated with eCOA. These aforementioned benefits are expected to fuel its demand in the coming years.
Based on the Printer Delivery Mode Insights, the market is segmented into Web-hosted (On-Demand), Licensed Enterprise (On-premise), and Cloud-based.
- The web-hosted segment dominated the market for eClinical solutions and accounted for the largest revenue share of over 74.0% in 2021. The dominance of the segment can be attributed to associated benefits such as easy accessibility, usability, and lower investments required.
- The cloud-based segment is anticipated to exhibit an exponential CAGR of 15.1% during the forecast period owing to integrated features such as flexibility, high accessibility, negligible handling costs, and easy data backup. Real-time data is available through these systems, which enables users to take quick decisions and provide high-quality information for risk-based monitoring.
Based on the Printer Development Phase Insights, the market is segmented into Phase I, Phase II, Phase III, and Phase IV.
- The phase III segment dominated the eClinical solutions market and accounted for the largest revenue share of over 53.0% in 2021. Spiraling needs for incorporation of clinical data management software to curb overall cost and improve process efficiency is contributing to the growth of the segment.
- The phase I segment is estimated to be the most promising segment during the forecast period owing to the high significance of these systems to predict future outcomes and eliminate drug candidates possessing the least probability of success. Developments in biological modeling systems and personalized medicinetechnologies are leading to a boom in the development of newer drugs.
Based on the Printer End-use Insights, the market is segmented into Hospitals/Healthcare providers, CROs, Academic Institutes, Pharma & Biotech Organizations, and Medical Device Manufacturers.
- The CROs segment dominated the market for eClinical solutions and held the largest revenue share of over 36% in 2021. The segment is projected to rise at a remarkable CAGR during the forecast period owing to the growing inclination of pharmaceutical companies to reduce overall expenditure.
- The pharma and biotech organizations segment is expected to witness significant growth over the forecast period. This is attributed to the increasing adoption of eClinical solutions by researchers that provide improved clinical trials and streamlined research workload.
eClinical Solutions Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The key players are involved in various growth strategies such as new product development, mergers and acquisitions, and collaborations, which are helping them consolidate their position in the market. In January 2021, Parexel International Corporation collaborated with Signify Health for offering new solutions to their customers for enabling access to a more diverse and traditionally underrepresented population for their clinical trials. Furthermore, in December 2020, ERT and Bioclinica announced their merger. The merger is aimed at making ERT and Bioclinica leaders in clinical trial endpoint technology.
Some of the prominent players in the eClinical solutions market include:
- Datatrak International, Inc.
- Oracle
- Parexel International Corporation
- Dassault Systemes
- Bioclinica
- CRF Health
- ERT Clinical
- eClinicalWorks
- IBM Watson Health
- Anju Life Sciences Software
- eClinical Solutions
Order a free sample PDF of the eClinical Solutions Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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