(PharmaNewsWire.Com, August 12, 2022 ) The global eClinical Solutions Market is projected to reach USD 15.4 billion by 2026 from USD 8.3 billion in 2021 at a CAGR of 13.3%, according to a new report by MarketsandMarkets™. Growth in the eClinical Solutions market can primarily be attributed to factors such as increasing operational costs and regulatory requirements associated with clinical research studies, government grants to support clinical trials, and growing R&D expenditure on drug development by pharma-biotech companies.
Browse in-depth TOC on "eClinical Solutions Market”
228 – Tables
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The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World.
Coronavirus disease 2019 (COVID‐19) is an acute respiratory infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2). Largely unknown before the outbreak began in Wuhan, China, in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. The clinical trials market is shifting toward digital ways of working, and the COVID-19 outbreak is likely to both accelerate this trend and drive long-term changes to historically accepted trial management norms. If virtual and remote working modes prove to be sustainable methods of conducting a trial, it can be a great opportunity for all eClinical solutions providers.
Cloud-based (SaaS) segment is projected to record the highest CAGR
Based on delivery mode, the global eClinical solutions market is segmented into web-hosted (on-demand), licensed enterprise (on-premises), and cloud-based (SaaS) solutions. In 2020, the web-hosted (on-demand) segment commanded the largest share of the global eClinical solutions market. The increasing number of cloud-based clinical trial solutions in the market and the rising adoption of these solutions in clinical research studies (owing to advantages such as ease of integration, quicker deployment, and flexible scalability with a fixed monthly fee) are fueling the growth of the cloud-based eClinical solutions market.
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, phase II, phase III, and phase IV trials. The phase III clinical trials segment accounted for the largest share of the eClinical solutions market in 2020. The large share of this segment is attributed to the high demand for eClinical solutions for phase III trials due to the involvement of thousands of patients in this phase
CROs segment is estimated to record the highest CAGR in the forecast period.
Based on end user, the global eClinical solutions market is segmented into pharmaceutical and biopharmaceutical companies, contract research organizations, consulting service companies, medical device manufacturers, hospitals, and academic research institutions. The pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the eClinical solutions market in 2020. However, the CROs segment is estimated to record the highest CAGR (15.5%) in the next five years. The increasing number of CROs in developed as well as developing countries, and the rising instances of clinical trial outsourcing to specialized clinical research organizations are responsible for the high growth rate of this segment.
North America To Witness Significant Growth From 2021 To 2026
In 2020, North America commanded the largest share of the eClinical solutions market. Increasing government grants to support clinical trials, continuous product development and new product launches by eClinical solution vendors, and growth in the number of partnerships for new drug development are further stimulating the demand for eClinical solutions in this region.
Some of the prominent players in this market are Oracle Corporation (US), Medidata Solutions, Inc. (US), Parexel International Corporation (US), BioClinica, Inc. (US), Signant Health (US), Datatrak International, Inc. (US), ERT (US), eClinical Solutions, Inc. (US), MaxisIT Inc. (US), Bio-Optronics, Inc. (US), Merge Healthcare Incorporated (US), and OmniComm Systems, Inc. (US)
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