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Feb 25, 2020 11:00 PM ET

eClinical Solutions Market expected to reach USD 7.61 billion by 2022, with a remarkable CAGR of 12.4%




iCrowd Newswire - Feb 25, 2020

 Increasing operational costs and regulatory requirements associated with clinical research studies, government grants to support clinical trials, and increasing R&D expenditure by pharma-biotech companies with augmented IT budgets for drug development are some of the major driving factors for the global eClinical solutions market.

Global eClinical solutions market was valued at USD 4.2 billion and was expected to grow at a CAGR of 12.4%, to reach USD 7.6 billion in 2022.

Web-based delivery mode segment commanded the largest share of the global eClinical solutions market.

On the basis of delivery mode, the global eClinical solutions market is segmented into web-hosted (on-demand), licensed enterprise (on-premise), and cloud-based (SaaS) solutions. In 2016, the web-hosted (on-demand) segment commanded the largest share of the global eClinical solutions market. A number of factors such as easy user access, reductions in cost, and faster retrieval of data are responsible for its prominent market share. The cloud-based delivery mode segment is estimated to register the highest growth rate during the forecast period. The ease of integration, quicker deployment, and flexible scalability with a fixed monthly fee offered by cloud-based models are expected to drive the demand for these solutions.

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Pharmaceutical and Biopharmaceutical companies segment to grow the fastest in the global eClinical solutions market by end user.

On the basis of 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 to grow with highest CAGR in the eClinical solutions market in 2016. Pharmaceutical and biopharmaceutical companies primarily utilize software solutions during clinical trials in order to receive regulatory approvals for newly developed drugs. Application of eClinical solutions increases the efficiency of clinical trials and results in reductions in the overall cost and time involved in drug development. These benefits have resulted in an increase in the adoption of software technologies by pharmaceutical and biopharmaceutical companies for drug development and hence commanded the largest share in the market.

Recent Developments

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North America will dominate the eClinical solutions market during the forecast period.

On the basis of geography, this market is classified into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America dominated the global eClinical solutions market; the market in Asia-Pacific is expected to grow at the highest CAGR. This is primarily attributed to the increasing outsourcing of clinical trials by large pharmaceutical and biopharmaceutical organizations to developing Asia-Pacific countries, growth in government funding to support clinical research, presence of less stringent regulatory guidelines compared to developed nations to conduct clinical trials, presence of a large patient base, and faster patient recruitment for clinical trials in the region.

Leading Companies

Oracle Corporation (US), Medidata Solutions, Inc. (US), PAREXEL International Corporation (US), and BioClinica, Inc. (US) among others are the major players operating in the eClinical solutions market. CRF 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) are some other key players operating in this market.



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Keywords:    eClinical Solutions Market

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