eClinical Solutions Market Size, Share, Growth, Trends 2021-2027
The demand for eClinical Solutions is witnessing an uptick on account of increasing prevalence of chronic diseases and demand for healthcare in remote locations, etc. The eClinical Solutions market is expected to grow with a significant CAGR in the coming years. Clinical Trials are becoming increasingly complex with a growing pressure to build and execute studies as quickly as possible. Research Organizations need comprehensive, intuitive and flexible eClinical solutions to address new demands and evolving needs to achieve success. Clinical trials are becoming increasingly complex with a growing pressure to build and execute studies as quickly as possible. A recent study shows that about 85% of clinical trials of new drugs and medical devices will experience delays, and over 90% of them for a month or longer. The cost of these delays to the developer run between approximately US$600,000 and US$8 million per day. Research Organizations need a more comprehensive, intuitive and flexible eClinical solution to effectively evolve new demands and evolving needs to achieve success. eClinical solutions help in this. They incorporate data management, data capture, and trial management tools, which helps simplify study builds. eClinical Solution companies like iMednet is an intelligent study configuration tool which provides you with powerful functionality to implement unique and complex study designs, without the need for complex programming.
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Key reasons for the growth of the eClinical Solutions Market include the costs and risks that are associated with the development of new therapeutics, which are majorly related to drug trials, which continue to rise. This trend is expected to gain momentum with the advent of personalized medicines and the proliferation of virtual pharma companies, emerging as entities without the traditional large-scale pharma capabilities. With increasing prevalence of the Internet of Things (IoT) and digitalization of healthcare, the amount of data that is produced is enormous and contains information, which can easily be accessed with electronic data mining that was impossible with paper records earlier. According to the 2019 records of the World Economic Forum, hospitals produce around 50 petabytes of data per year. The information encompasses a variety of areas like clinical notes, medical images, lab tests, genomics, sensor readings, and operational and financial data. eClinical Solutions are expected to have an impact on all these areas. Additionally, in low and middle-income countries, healthcare infrastructure faces many challenges that provide high quality, affordable and universally accessible care. In response, policy makers, donors and program implementers are searching for innovative approaches to eliminate the geographical and financial barriers to healthcare. Furthermore, the need to maintain transparency and eliminate redundancy and forgery of medical research related data are the primary reasons for the widespread adoption of eClinical Solutions in the market.
Covid-19 has caused negative repercussions on the entire global population. Despite a common goal which is causing unified resources and efforts, there have been an overwhelmingly large number of clinical trials that have been registered and have questionable methodologies. The FDA released guidelines on the conduct of clinical trials for medical products during the Covid-19 pandemic which upholds the safety of trial participants, maintains compliance and minimizes risks to trial integrity and are pressing issues for sponsors to manage in their ongoing studies. This has led to a growth in the usage of eClinical Solutions during the Covid-19 pandemic.
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According to ‘UnivDatos Market Insights (UMI)’ research report “eClinical Solutions Market Analysis, 2020”, the eClinical Solutions market is projected to grow at a CAGR of ~14% during 2021-27F. Increasing use of public transport in developing countries is one of the prominent reasons which is driving the market of the EClinical Solutions. For Instance: According to the 2019 records of the World Economic Forum, hospitals produce around 50 petabytes of data per year.
Based on the Product, the market is fragmented into CDMS/EDC Solutions, CTMS Solutions, eCOA Solutions, RTMS Solutions, Safety Solutions, Analytics and Reporting Platforms, Integration Platforms, eTMF, and Others. CTMS Solutions segment accounted for the largest share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. CTMS is the clinical trial management system which is the essential set of tools to effectively plan, manage and track your clinical study portfolio. It is a specialized, comprehensive project management application that takes the study team from startup, through enrollment and monitoring, to study close. In recent years, clinical trials have become even more intricate as R&D costs have increased to an average of $1.4 billion USD per clinical trial.
Cloud-based (saas) Model Segment to Witness Robust growth
Based on Delivery Mode, the market is fragmented into Web-based (on-demand) Model, Licensed enterprise (on-premise) Model, and Cloud-based (SAAS) Model. Cloud-based (SAAS) Model Segment had the highest revenue and CAGR growth in the analyzed period. In 2018, technology giant Oracle launched a new holistic, unified cloud-based eClinical solution which was intended to bring new drugs to the market in a timely manner, while maintaining quality and safety. The new “Clinical One Platform” will unify clinical development operations and information in a single environment with shared functions and an easy-to-use interface for sites, clinical coordinators and their counterparts.
Based on the Clinical Trial Phase, the market is fragmented into Phase I, Phase II, Phase III, and Phase IV. Phase III segment accounted for the largest share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. The need for clinical data management software to curb overall cost and improve process efficiency is contributing to the growth of the segment. Increased number of drugs successfully reaching phase III is providing a significant push to the growth of the segment. Phase III involves the study of the efficacy of a drug by using a group of more than 1,000 patients.
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Contract Research Organizations Segment to Witness Robust growth
Based on End-User, the market is fragmented into Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, Consulting Service Companies, Medical Device Manufacturers, Hospitals, and Academic Research Institutions. Contract Research Organizations Segment had the highest revenue and CAGR growth in the analyzed period. According to Research, a 7.4% compound annual growth rate is predicted for the CRO market through 2019 and a market penetration rate of 72% by 2020. This growth is due to the growing demand for outsourcing clinical trial to various CROs to maximize the R&D expenses by Pharma and Biotech companies. Furthermore, electronic data capture (EDC) and clinical data management system (CTMS) which is the most prominent eClinical solution adopted by various CROs companies will fuel the market growth.
North America to Grab Lion’s Share, and witnessed Explicit Growth
Based on the Region, North America dominated the eClinical Solutions market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the aging population in the region. For example, according to reports the American healthcare system spent $174 billion i.e., about 5 percent of total spending on research and development (R&D). North America is expected to skyrocket with a CAGR of X% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “EClinical Solutions Market Analysis, 2020”.
- In December 2021, Castor was awarded as a leading provider of decentralized and hybrid clinical trial solutions, in CB Insights’ third annual Digital Health 150, which showcases the 150 most promising private digital health companies in the world.
- In November 2021, Mednet, a provider of eClinical solutions for the global life sciences community and MedTrials, a contract research organization (CRO) providing a wide-range of specialized clinical research services, announced they are extending their long-term partnership.
- In November 2021, Mednet and MedTrials announced they are extending their long-term partnership.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Oracle Corporation, Medidata Solutions, Inc., Parexel International Corporation, BioClinica, Inc., Signant Health, Datatrak International, Inc., ERT, eClinical Solutions, Inc., MaxisIT Inc., and Bio-Optronics, Inc. among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.
“eClinical Solutions Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for eClinical Solutions providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
- By Product (CDMS/EDC Solutions, CTMS Solutions, eCOA Solutions, RTMS Solutions, Safety Solutions, Analytics and Reporting Platforms, Integration Platforms, eTMF, Others)
- By Delivery Mode (Web-based (on-demand) Model, Licensed enterprise (on-premise) Model, Cloud-based (SAAS) Model)
- By Clinical Trial Phase (Phase I, Phase II, Phase III, Phase IV)
- By End-User (Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, Consulting Service Companies, Medical Device Manufacturers, Hospitals, Academic Research Institutions)
- By Region (North America, Europe, Asia-Pacific, Rest of World)
- By Company (Oracle Corporation, Medidata Solutions, Inc., Parexel International Corporation, BioClinica, Inc., Signant Health, Datatrak International, Inc., ERT, eClinical Solutions, Inc., MaxisIT Inc., Bio-Optronics, Inc., etc.)
Key questions answered in the study:
- What are the current and future trends of the eClinical Solutions industry?
- How the industry has been evolving in terms of end-user demand and application areas?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the eClinical Solutions industry?
- What is the customer orientation, purchase behavior, and expectations from the eClinical Solutions firms across various regions?
