eClinical Solutions Market Growth & Trends
The global eClinical solutions market size is expected to reach USD 17.7 billion by 2028, registering a CAGR of 12.7% during the forecast period, according to a new report by Grand View Research, Inc. 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 a huge influx of specimens on a daily basis.
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 a data-centric approach is 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.
Increasing adoption of eClinical workflows in trials offers enormous potential in clinical development processes. These solutions can facilitate decision-making in each stage of development. It also helps reduce cost and time between the development phase 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 2020, Oracle entered into collaboration with FHI Clinical Inc. for improving clinical trial efficiency and to get therapies to market faster.
eClinical Solutions Market Report Highlights
- CTMS led the product segment in 2020 and accounted for a revenue share of around 20.9% owing to benefits of the product 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
- The cloud-based systems segment is anticipated to exhibit an exponential CAGR of 14.3% 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
- The CROs segment held the largest revenue share in the market in 2020. The segment is projected to rise at a remarkable CAGR of 13.0% during the forecast period owing to the growing inclination of pharmaceutical companies to reduce overall expenditure
- These associated advantages are anticipated to bolster the demand for cloud-based systems
- Key companies engage in various business strategies such as mergers and acquisitions and new product development to gain greater market share