eClinical Solutions Market Projected to Grow at 11.2% CAGR by 2027
Global eClinical Solutions Market, by Deployment (Web-based, Cloud-based, and Licensed Enterprise), by Product (Electronic Data Capture, Electronic Clinical Outcome Assessment, Clinical Data Management System, Clinical Trial Management System, Clinical Analytics Platform, Randomization and Trial Supply Management, Electronic Trial Master File, and Others), by End User (Hospitals, Consulting Servicing Companies, Research Organizations, Pharmaceutical and Biopharmaceutical companies, and Medical device Manufacturers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2026.
The global eClinical solutions market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period (XXX-XXX), as highlighted in a new report published by Coherent Market Insights.
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Market Overview:
eClinical solutions help improve the clinical process through data management and analysis. It allows users to integrate, manage, analyze, and standardize clinical and operational data with integrated advanced visualization and analytical capabilities. eClinical solution software is a combination of services, technology, and applications that helps to replace paper-driven and manual methods. Software such as clinical trial managements system (CTMS) help users to comply with government regulations, investigator management, patient management, adverse event reporting system, and budgeting, among others.
Moreover, the software helps to manage data requirements, reduce development costs, and increase efficiency throughout the clinical trial process. Thus, eClinical solution software has gained significant traction as an industry tool in the past few years.
Key Market Drivers:
Increasing number of clinical trials across the world is expected to propel the growth of the eClinical solutions market during the forecast period. For instance, in August 2021, the World Health Organization (WHO) announced the next phase in its Solidarity trial: Solidarity PLUS will enroll hospitalized patients to test three new drugs in hospitalized COVID-19 patients. It will roll out in 52 countries, an unprecedented global collaboration for COVID-19 R&D.
Moreover, increasing adoption of novel software solutions in clinical research and increasing adoption of eClinical solutions in pharma-biotech companies is expected to boost the growth of the eClinical solutions market. For instance, in February 2021, eClinical Solutions launched the elluminate, Clinical Trial Management System (CTMS) for faster drug development.
COVID-19 Impact Analysis:
The pandemic has provided the eClinical solutions market with some lucrative opportunities. Most of the pharma-biotech companies have focused on the development of a vaccine against COVID-19. While, some pharma-biotech companies are investing a significant amount to use analytics to fight against COVID-19. For instance, in June 2020, eClinical Solutions LLC and Karyopharm Therapeutics collaborated for randomized clinical trials for low-dose Selinexor (a drug) in hospitalized patients with severe COVID-19. Thus, the demand for eClinical solution software has increased due to increasing number of clinical trials worldwide. This in turn is expected to aid in the growth of the market.
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Key Takeaways
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The eClinical solutions market is expected to exhibit a CAGR of XX % during the forecast period owing to rise in government funding/grants to support clinical trials. For instance, in September 2020, the Australian Government grant US$ 103.4 million for research into women’s health, primary health care, clinical trials, and other vital research.
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Among regions, North America and Asia Pacific are expected to witness significant growth in the eClinical solutions market due to increasing number of clinical trials and increasing adoption of novel software solutions in clinical research. For instance, in June 2021, Bharat Biotech (India) planned to conduct clinical trials of Covaxin (COVID-19 vaccine) in the United States after getting emergency use authorisation from the US drug regulator.
Major Players Are: BioClinica Inc., CRF Health, DATATRAK International Inc., eClinical Solutions Inc., MaxisIT Inc., Medidata Solutions Inc., Merge Healthcare Inc., OmniComm Systems Inc., Oracle Co., and PAREXEL International Co.
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The post eClinical Solutions Market to Exhibit 11.2% CAGR till 2027; Emergence of BioClinica Inc., CRF Health, DATATRAK International Inc. to Bolster Growth appeared first on Gatorledger.
