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Global eClinical Solutions Market: Information by Type (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), Trial Safety & Regulatory), Delivery Mode (Web-Based and Cloud-Based, Enterprise-Based), Clinical Trial Phase (Phase I, Phase II and Others), End User (End user Contract Research Organizations (CROs), Pharma/Biotech Companies) and Region (North America, Europe, Asia-Pacific and RoW) - Forecast till 2023
The Global eClinical Solutions Market Size is slated to climb a valuation of USD 9434.57 million with a CAGR of 12.24 % between 2018 and 2023. Market Research Future (MRFR) in their new report on the market has mentioned the possibilities of triggering significant market growth during the same time frame, which can be considered forecast period.
eClinical solutions are known for their ability to combine clinical technology with expertise of the system. This system gets significant application in the improvement procedure of various clinical development by using data management and data analysis. The global market for eClinical solutions is getting significant growth from the increasing research and development sector, and significant market contribution by various biopharmaceutical and pharmaceutical companies. Among the other factors, hike in investment to spur development of clinical trials, increasing number of chronic diseases patients in sectors like cancer, diabetes, cardiovascular diseases, and chronic respiratory diseases, and surge in smart device adoption for healthcare management are points that can be used to assess the movement of the global eClinical solutions market.
eClinical Solutions Market Competitive Landscape:
Several companies are taking part in pushing the global market for eClinical solutions forward. These companies are PAREXEL International Corporation, ERT Clinical, CRF Health, BioClinica, Inc., DATATRAK International, Inc., Omnicomm Systems, Inc. Oracle Corporation, Medidata Solutions, Inc., Merge Healthcare Inc, and MaxisIT. These companies fetch in substantial strategic deals like merger, acquisition, and others to inspire significant market growth.
In October 2019, Oracle Health Sciences and Phlexglobal announced that they are going to collaborate and take necessary steps to take the global eClinical solutions market out of the bottleneck state.
eClinical Solutions Market Segmentation:
The global eClinical solutions market can be studied using a segmentation that includes type, clinical trial phase, delivery mode, and end user. These segments are known for their extensive contribution in dealing with a simplified analysis of the market. These segments come with data related to various factors that can have significant impact on the market.
By type, the market for eClinical solutions can be segmented into the electronic clinical outcome assessment (eCOA), clinical data management system (CDMS), randomization & trial supply management (RTSM), electronic trial master files (eTMF), clinical trial management system (CTMS), and trial safety & regulatory. The Clinical Data Management System (CDMS) segment had the maximum market coverage in 2017. However, the Electronic Clinical Outcome Assessment (eCOA) segment has the potential to emerge as the fastest growing segment in the coming years.
By Delivery Mode, the market for eClinical solutions includes cloud-based, web-based, and enterprise-based.
By Clinical Trial Phase, the market includes Phase II, Phase I, Phase III, and Phase IV. The Phase IV segment had the largest market share in the global eClinical solutions market. The end user segment can be segmented into pharma/biotech companies, contract research organizations (CROs), and others. The Contract Research Organizations (CROs) has the leading edge in the global market for eClinical solutions.
eClinical Solutions Market Regional Analysis:
The Americas had a market coverage of around 47.99% in 2017, with the regional market showing immense possibilities of scoring a CAGR of 12.41 % over the review period. The regional market can be segmented into North America and South America. North America includes the US that has the largest market coverage and Canada that has the potential to showcase the highest growth rate of 9.98% during the forecast period.
The Asia-Pacific market has the potential to scale significant height during the forecast period owing to the huge population that resides in the region. Also, significant amount of clinical trials for diverse patient population and the growth in the geriatric population can be taken into consideration to get hold of the prospects of the market. Japan and China are major market contributors for the regional market.