eClinical Solutions Market worth $17.9 billion in 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 30, 2023 /PRNewswire/ -- eClinical Solutions Market is projected to reach USD 17.9 billion in 2027 from USD 9.6 billion in 2022 at a CAGR of 13.3% according to a new report by MarketsandMarkets™. The eClinical solutions market is primarily driven by the increasing R&D expenditure on drug development by pharma-biotech companies, rising operational costs and regulatory requirements associated with clinical research studies, favorable government support and funding for clinical trials, rising need for improved data standardization and the growing adoption of novel software solutions in clinical research. However, high implementation costs associated with eClinical solutions, limited awareness among researchers and dearth of skilled professionals are likely to restrain the market growth to a certain extent.

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eClinical Solutions Market Scope:

Electronic consent segment is projected to record the highest CAGR

Based on product, the global eClinical solutions market is segmented into electronic data capture (EDC) & clinical data management systems (CDMS), clinical trial management systems (CTMS), clinical analytics platforms, randomization & trial supply management (RTSM) solutions, clinical data integration platforms, electronic clinical outcome assessment (eCOA) solutions, safety solutions, electronic trial master file (eTMF) systems, eConsent (Electronic Consent) solutions, regulatory information management systems (RIMS), and other eClinical solutions. The electronic data capture (EDC) & clinical data management systems (CDMS) segment commanded the largest share of the global eClinical solutions market in 2021; while electronic consent solutions (eConsent) followed by electronic clinical outcome assessment (eCOA) are the fastest-growing product segments and are expected to record a CAGR of 17.8% and 17.5%, respectively, during the forecast period.

Cloud-based delivery mode segment is expected to register the highest growth during the forecast period

Based on delivery mode, the global eClinical solutions market is segmented into licensed enterprise (on-premises) models, web-hosted (on-demand) models, and cloud-based (SAAS) models. The cloud-based eClinical solutions segment is estimated to register the highest CAGR of 17.8% during the forecast period. The high growth of the segment is attributed to the ability of cloud-based models to capture data and automatically update the dashboard in real time. This model offers all benefits of a web-hosted model with the added advantage of a separate cloud for the client rather than a public cloud server, hence posed to register the highest growth over the coming years.

Pharmaceutical & biopharmaceutical companies to dominate the eClinical solutions product segment in 2021

Based on end users, the global eClinical solutions market is segmented into pharmaceutical & biopharmaceutical companies, contract research organizations, consultancy service companies, medical device manufacturers, hospitals, and academic & research institutes. The pharmaceutical & biopharmaceutical companies segment accounted for the largest share (38.5%) of the eClinical solutions market in 2021. The increasing R&D investments by pharmaceutical & biopharmaceutical companies is expected to drive the demand for these IT solutions to effectively manage respective clinical trial processes.

Asia Pacific region to witness the highest growth during the forecast period

The global eClinical solutions market is segmented into four major regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2021, North America accounted for the largest share of the global eClinical solutions market; while the Asia Pacific region is expected to register the highest CAGR of 16.3% during the forecast period. Growth in this regional segment can be attributed to the increasing outsourcing of clinical trial studies, less-stringent regulatory guidelines compared to developed markets and a large patient population.

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eClinical Solutions Market Dynamics:

Drivers:

1. Increasing operational costs and regulatory requirements associated with clinical research studies
2. Growing adoption of novel software solutions in clinical research
3. Increased government funding and grants to support clinical trials
4. Need for improved data standardization
5. Increasing R&D expenditure on drug development pipeline by pharma-biotech companies
6. Growing customer base for eClinical solutions

Restraints:

1. High implementation costs associated with eClinical solutions
2. Dearth of skilled professionals to operate eClinical solutions
3. Limited awareness of advantages of eClinical solutions among researchers

Opportunities:

1. Increasing clinical research activities in emerging Asian countries
2. Greater outsourcing of clinical trial processes to CROs
3. Rising number of clinical trials in emerging countries
4. Shift from manual data interpretation to real-time data analysis during clinical studies

Challenges:

1. Limited adoption of eClinical solutions in developing nations
2. Concerns about software reliability
3. Patient privacy issues

Key Market Players:

The prominent players in this market are Oracle Corporation (US), Parexel International Corporation (US), Dassault Systèmes (France), Clario (US), Datatrak International (US), Signant Health (US), 4G Clinical (US), MaxisIT (US), IBM Watson Health (US), eClinical Solutions LLC (US), Veeva Systems (US), Research Manager (US), Saama Technologies, LLC (US), Mednet (US), Anju Software, Inc (US), Medrio, Inc. (US), Castor (US), Clinipace (US), ArisGlobal (US), Quretec Ltd. (Estonia), OpenClinica, LLC (US), Advarra (US), RealTime Software Solutions, LLC (US), YPrime LLC. (US) and Vial (US).

Recent Developments:

• In November 2022, Medidata (US) introduced Rave Companion, the first scalable solution, to automate the entry of EHR data into Rave EDC. Several potential errors are avoided by clinical trial sites and data managers owing to the modernization of the EDC user experience by Rave Companion.
• In July 2022, Oracle Corporation (US) partnered with Microsoft (US) to give Azure customers direct and streamlined access to Oracle databases on Oracle Cloud Infrastructure (OCI).
• In June 2022, Clario (US) partnered with IDDI (Belgium) to distribute software to its clientele through its Randomization, Trial Supply Management (RTSM) Software as a Service Business. IDDI will be able to launch clinical studies efficiently and affordably in various markets with the use of Clario RTSM.
• In April 2021, Datatrak International (US) launched Datatrak Direct, an all-in-one iOS and Android data collection app for ePRO, eCOA, and eConsent.
• In February 2021, Parexel (US) partnered with NeoGenomics (US) to improve the application of precision medicine in oncology clinical trials to optimize the patient selection process.

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