The clinical data management system (CDMS) dominated the global eClinical solutions market, by type, and is projected to reach USD 2579 million by 2023 owing to the benefits offered by the product such as centralized end-to-end management of clinical trial activities, real-time status tracking, elimination of reliance on manual processes, and maintenance of multiple databases, which improve the overall efficiency of clinical trials. However, the electronic clinical outcome assessment (eCOA) segment is projected to be the fastest-growing segment during the forecast period.
The eClinical solutions market is known for the impact it has on the healthcare sector. The system has a blend of clinical technology and expertise and can be enhanced with the clinical development process by using data management and data analysis extensively. The global eClinical Solutions Market, as per the report on the same by Market Research Future (MRFR), can be anticipated to take 12.24% CAGR during the forecast period of 2015-2023. MRFR also claims a possibility of upscaling of the valuation till USD 9434.57 million by 2023.
The report mentions several factors that can impact the market growth in the coming years. Some of them are increasing R&D activities, increasing participation from the various biopharmaceutical and pharmaceutical companies, hike in expenditure for R&D funding, high integration of smart tools in the process, and others can improve the global market scenario.
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eClinical Solutions Market – Competitive Analysis
Highly competitive, the global e-Clinical solution market appears to be fragmented due to the presence of many large and small players. Well-established players incorporate strategic initiatives such as acquisition, partnership, collaboration, expansion, and technology launch to maintain their positions, gaining a competitive advantage in the market.
Reputation and pricing are the two major parameters these key players compete based on. The high growth potential demonstrated by this market attracts several new entrants, resulting in intensifying the competition further. Top players are investing hugely in R&D, global expansion, advanced technologies, and product Launch to gain a competitive edge in the market.
Several companies in the global eClinical solutions market has revealed their intention to take the global market to the next level. This is expected to happen with the increasing strategic moves employed by them. MRFR enlisted these companies to have a better profiling of the market and understand trends that can change the global market in the coming years.
These companies are PAREXEL International Corporation, ERT Clinical, CRF Health, BioClinica, Inc., Omnicomm Systems, Inc., DATATRAK International, Inc., Oracle Corporation, Medidata Solutions, Inc., Merge Healthcare Inc, and MaxisIT. Various methods like merger, acquisition, collaboration, partnership, product launch, and others have been included in the global market study.
In August 2019, HCL Technologies and Oracle Health Sciences announced their collaboration for mHealth in clinical trials. This partnership is also expected to improve the eClinical solution market.
The global eClinical solutions market has been segmented on the basis of type, delivery mode, clinical trial phase, and end user.
On the basis of type, the market has been divided into the clinical data management system (CDMS), randomization and trial supply management (RTSM), electronic clinical outcome assessment (eCOA), clinical trial management system (CTMS), electronic trial master files (eTMF), and trial safety & regulatory. The Clinical Data Management System (CDMS) segment held the majority market share in 2017. However, the Electronic Clinical Outcome Assessment (eCOA) segment is anticipated to be the fastest growing, followed by the Clinical Data Management System (CDMS) segment.
On the basis of Delivery Mode, the market has been divided into web-based, cloud-based, and enterprise-based.
Based on Clinical Trial Phase, the market has been segmented into Phase I, Phase II, Phase III, Phase IV. Phase IV segment holds the largest market share in the global eClinical solutions market.
The end user segment is divided into contract research organizations (CROs), pharma/biotech companies, and others. Contract Research Organizations (CROs) is dominating the market due to the rising clinical trials outsourcing to contract research organizations.
eClinical Solutions Market – Regional Analysis
North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW) are four regions that have been taken into account for a region-specific study of the global market. This type of study reveals growth pockets that can be taken into account for a better market evaluation in terms of prospects.
The Americas had the lead in 2017 and its dominance is expected to continue in the coming years as well. The region has the U.S., Canada and other prominent countries that have been spending huge amount of money for a better intake of eClinical solutions. Europe’s growth is expected to be next only to that of the Americas. The region has similar features like that of the North America. Increasing expenditure in the research and development sector can also boost the regional market. The APAC market also has substantial market dominance. This regional growth can be attributed to the impact it is receiving from the transforming healthcare sector.
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