The eClinical solutions market has been predicted to grow at a significant pace during the forecast period. This increasing market growth can be attributed to the growing R & D activities by the pharma and biopharma companies. In addition to this, an increasing corporation of the software solutions in the clinical trials has also been estimated to fuel growth avenues in the market of the eClinical solutions.
There has been a noticeable increase in the demand avenues in the eClinical solutions during the COVID-19 pandemic. The companies in the market are investing in better healthcare IT solutions in order to control different situations. This further helps for the effective management of healthcare services. These efforts have been anticipated to create expansion opportunities in the eClinical solutions market.
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eClinical Solutions Market: Key Trends
The escalating trend of the outsourcing of clinical trials in order to contract research organizations and the growing number of life sciences and CROs organizations are predicted to fuel tremendous growth opportunities in the forthcoming years. In addition to this, various research programs among different countries around the world are also creating demand avenues in the market. Furthermore, development of the cost-effective modules in the industry is also predicted to bolster demand avenues in the eClinical solutions market.
Growing demand for software solutions for clinical trials by biopharma and pharma companies serves as the prominent factor to stimulate growth opportunities in the market. Further, increasing the rate of grants from the government and government bodies in order to substantiate trials and to widen the base of end-users is likely to boost prospects in the market during the review period. Furthermore, the presence of a stringent regulatory structure for clinical trials is also propelling expansion opportunities in the eClinical solutions market.
eClinical Solutions Market: Competitive Dynamics and Key Developments
The key players operating in the eClinical solutions market are incorporating different strategies to boost the growth prospects in the upcoming years. Strategic collaborations, product development, collaborations, mergers and acquisitions, and geographical expansion are used by these major companies to develop expansion avenues in the market. Further, strong competition among the well-established market players in order to launch novel products is anticipated to fuel growth prospects in the market.
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For instance, Parexel International Corporation has established a collaboration with Signify Health in January 2021. The motive of this collaboration is to provide novel solutions to the consumers to enable them to access a traditionally underrepresented and more diverse population for clinical trials.
Some key players in the eClinical solutions market are:
- Anju Life Sciences Software
- IBM
- eClinicalWorks
- ERT Clinical
- CRF Health
- Datatrak International, Inc.
- Bioclinica
- Datatrak International, Inc.
- Parexel International Corporation
eClinical Solutions Market: Regional Assessment
The eClinical solutions market has been spread across different geographical areas around the world such as North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Out of these, the North America region has been anticipated to hold a dominating position in terms of market revenue. This market dominance is on the back of the increasing prevalence of lifestyle-associated disorders or diseases such as cardiac disorders and diabetes. Further, the rising population and availability of sophisticated infrastructure in the region also boost growth impetus in the market. The presence of various market players in the region also creates expansion avenues in the regional market.
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The Asia Pacific region is likely to hold a significant position in the eClinical solutions market due to growing cases of target chronic diseases and high unmet medical needs.
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