eClinical solutions Market Will Secure Nearly USD 12.05 million With New Growth Opportunities

The global eClinical solutions market size is predicted to value at USD 12.05 million by 2025, during the forecast period. The market is subject to undergo a substantial growth due to the rise in the R&D activities by number of bio-pharma and healthcare organizations, growing use of automated solutions in medical trials, and rise in the customer-base. Various advanced technologies such as electronic data capture via Wi-Fi enabled devices in the field of clinical trials, has led to rapid development in eClinical solutions industry in recent years.

The constant need for tracing and diagnosis of clinical data is influencing the clinics and hospitals to adopt of efficient clinical solutions, thus escalating market growth over forecast period. Additionally, the crucial need for highly efficient clinical process is poised to influence the growth of the industry. Globally, the eClinical solutions industry is predicted to grow at CAGR of 13.6% in the forecast period, thus providing numerous opportunity for market players to invest for research and development in the eClinical solutions market.

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Latest trend associated with outsourcing of medical trials to the contract research organizations (CROs), growing number of these organizations, and environmental & life sciences are helping eClinical solutions industry to acquire immense traction in the upcoming years. Also, numerous research programs across the globe to implement low cost modules are responsible for stirring up the need for eClinical systems. Furthermore, digital revolution in the healthcare sector and ever-changing inclination towards the current data centric trends are expanding the reach of the market.

The constant need to embed clinical IT solutions is growing because of the large sets of data produced between clinical development procedures. eClinical systems provide a common source of data to allow cost optimization by removing undesired data entry and limiting need for online verification technique and data authentication rate. Growing awareness associated with the use of the eClinical solutions is advancing market growth during forecast period.

eClinical is commonly used to signify the automated electronic applications that are implemented in clinical research. The use of eClinical is significantly growing in the biopharmaceutical industry as well. Formerly, eClinical solutions is typically adopted for engineering application in the clinical trials similar to EDCs i.e. electronic data capture systems, electronic patient diaries, interactive voice response (IVR) systems, interactive web recognition (IWR) systems, e-PRO and other kinds automated systems that are commonly utilized in clinical trials. eClinical solutions are mostly web-based toolkits to capture real time data associated with the clinical trials to provide faster and superior execution of clinical processes. eClinical solutions are implemented with the help of software located on the server side, so it is not needed to install it on the desktop. There are various eClinical forums allowing users to share ideas via internet.

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The conventional methodologies such as clinical trials were influenced by some of the critical factors similar to the growing competition, rising prices of medicines and strict governmental laws to limit adverse effects on the environment. With advent of the eClinical solutions, such factors are significantly diminished due numerous advantages provided with the use of the eClinical technologies. Benefits associated with adoption of eClinical solutions are superior performance, successful trials, reliability and short timeframes for execution of clinical trial, and cost-effectiveness.

The eClinical solutions market is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise adoption of modern techniques in healthcare sector and presence of prominent industry players in the region. Asia-Pacific region is predicted to hold major market share in the eClinical solutions industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing need for medical infrastructure and increasing occurrence of chronic diseases like cancer and cardiovascular disorders. The key players in the eClinical solutions market are IBM Inc., Oracle Co., Medidata Solutions Incorporations, Bio Clinical Solutions, DATATRAK Incorporations, CRF Health Solutions, ERT Inc., and eClinical Solutions.

eClinical Solutions Market Trending Insights With Region Specific Analysis 2020

FEB 25, 2020: The global eClinical solutions market size is expected to reach USD 15.7 billion by 2027, according to a new report by Radiant Insights, Inc., progressing at a CAGR of 13.8% during the forecast period. Increasing R&D activities by biopharma and pharma companies, application of software solutions in clinical trials, and expanding customer base are anticipated to fuel the demand for eClinical solutions.

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 process are poised to boost the market over the forecast period.

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Moreover, digital transformation in the field of clinical trials and preference for data centric approach are providing a tremendous push to the market. Demand for integrated clinical IT solutions is increasing due to 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 reducing on-site verification and source data verification. Rising awareness regarding these advantages is projected to propel the market.

Adoption of eClinical workflows in trials offers enormous potential in clinical development processes. These solutions can facilitate decision making in every stage of the development process. They also help reduce cost and time between development phases by utilizing seamless designs and by identifying failing compounds. In addition, it offers rapid access to data and patient safety information, which is helpful in making quick decisions.

Market players engage in new product development and strategic alliances, including partnership agreements, promotional activities, and acquisitions, to keep market rivalry high. For instance, in October 2017, Oracle entered into a collaboration with Healthx Inc. to provide SaaS solutions to healthcare payers for core administration and digital engagement.

Further key findings from the study suggest:

• CTMS led the eClinical solutions market by product in 2019 owing to benefits such as centralized end-to-end management of clinical trial activities, elimination of reliance on manual processes, real-time status tracking, and maintenance of multiple databases, which cumulatively improve the overall efficiency of clinical trials

• By delivery mode, cloud-based systems are anticipated to exhibit the highest CAGR 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

• CROs held the largest share in the market in 2019 on the basis of end use. The segment is projected to expand at a remarkable pace during the forecast period owing to growing inclination of pharmaceutical companies to reduce overall expenditure

• Key players operating in the market include DATATRAK International, Inc.; IBM Watson Health; Medidata Solutions Inc.; Oracle Corporation; BioClinica; PAREXEL International Corporation; CRF Health; OmniComm Systems Inc.; and ERT. Most companies engage in various business strategies such as mergers and acquisitions and new product development to gain greater market share.

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Table of Contents

Chapter 1 Research Methodology

1.1 Market Segmentation & Scope

1.1.1 Regional Scope

1.1.2 Estimates & Forecast Timeline

1.2 Market Definitions

1.3 Research Methodology

1.4 Information Procurement

1.4.1 Purchased database

1.4.2 GVR’s internal database

1.4.3 List of Secondary Sources

1.4.4 Primary Research

1.4.4.1 Data for primary interviews, by sources

1.4.4.2 Data for primary interviews, by region

1.5 Information Analysis

1.5.1 Value chain-based sizing & forecasting

1.5.2 Regression and variable analysis

1.5.3 Total Addressable Market (TAM)

1.6 Report Objectives

Chapter 2 Executive Summary

2.1 Market Summary

Chapter 3 Industry Outlook

3.1 Penetration & Growth Prospect Mapping By Delivery Mode, 2019

3.2 Business Segment Trend Analysis

3.3 Pricing Analysis

3.3.1 By Product

3.3.1.1 eCOA

3.3.1.2 EDC & CDMS

3.3.1.3 Clinical Analytics Platforms

3.3.1.4 Clinical data integration platforms

Continued…….


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