eClinical Solutions Market Expected to Drive Growth Globally with 11% CAGR till 2023 | by Datatrak International, Merge Healthcare Inc, CRF Health, Bioclinica Inc, Medidata Solutions Inc, eClinical Solutions Inc, etc

The Global eClinical Solutions Market is expected to reach an approximate CAGR of 11.10% by the end of the forecast period. eClinical solutions is a clinical technology that helps accelerates the clinical development process. eClinical solutions provide customized data management services and solutions including EDC, data management, clinical reporting, data standardization and analytical capabilities. Through eClinical solutions they allow life science organization to manage and make a decision regarding clinical trials and programs. The global eClinical solutions market is growing due to rising government support for clinical trials through grants and funding, rising adoption of eClinical solutions for improved data standardization and rising R&D spending.

The factors that restrain growth for the global eClinical solutions market are high implementation cost of eClinical solution and limited awareness among researchers related to eClinical solutions.

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Segmentation

In the Market Research Future (MRFR) report, the eClinical Solution Market has been segmented on the basis of product, delivery mode and end-user.

Based on product, it is segmented into electronic trial master files (ETMF), safety solutions, electronic clinical outcome assessment (ECOA), clinical data integration platforms, clinical data management systems (CDMS), electronic data capture (EDC), clinical trial management systems (CTMS), randomization and trial supply management systems (RTMS) and clinical analytics platform. Of these, CTMS will rule the market during the predicted years.

Based on delivery mode, the eClinical Solution Market is segmented into cloud-based (SaaS), licensed enterprise (on-premise) and web-hosted (on demand). Of these, on-premise eClinical solutions will dominate the market.

Based on end-user, it is segmented into academic research organizations, pharmaceutical companies, hospitals, consulting service companies, medical device manufacturers and contract research organizations. Of these, pharmaceutical companies will have the maximum share in the eClinical Solution Market.

Competitive Analysis

The eClinical Solution Market is price-sensitive, growing and highly competitive owing to rising adoption of mid-sized and smaller sponsors. The firm concentration is likely to boost up in the emerging markets. The companies are immersed dynamically in partnerships and collaborations for building innovative approach to provide advanced tools for managing clinical trials and drug studies. The majority of the collaborations and partnerships are focused on streamlining and accelerating the clinical trial data collection (CTDC) and management process. This ensures standardizing processes and regulatory compliances to offer services to pharmaceutical companies and hospitals and augmenting business intelligence. Hence the rising number of partnerships and collaborations is a key trend in the global eClinical Solution Market.

Key Players

Leading players profiled in the eClinical Solution Market include ERT Clinical, Maxisit Inc, Omnicomm Systems Inc, Datatrak International, Merge Healthcare Inc, CRF Health, Bioclinica Inc, Medidata Solutions Inc, eClinical Solutions Inc, Parexel International Corporation and Oracle Corporation.

Nov 2018- Renowned software provider of service solution for clinical trials, Medidata has joined hands with one of the biggest biotech companies in China, Hengrui Pharma to offer innovative therapies and quicken global drug research. This expansion will help in expanding drug therapies to worldwide patients.

In November 2018, Medidata, a leading provider of software as a service solution for clinical trials, announced a partnership with Hengrui Pharma, one of China's largest biotech companies, to deliver innovative therapies and accelerate global drug research. Hengrui has adopted the Medidata cloud platform clinical trial management system which would support Hengrui to expand its drug therapies to patients around the world.

In September 2018, Veeva Systems, a provider of cloud-based solutions for the global life sciences industry, announced the launch of an advanced cloud-based clinical data management application to streamline and accelerate clinical study execution. The application can single-handedly manage all trial data and also includes Vault CTMS, Vault eTMF, and Vault Study Startup which helps unify all operations.

eClinical Solution Market – Regional Analysis

The eClinical solutions market is divided into four major regions, namely, - North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to have the largest share in the eClinical solutions market. Major factors contributing to the large share of this segment include high demand for technologically advanced products, rising number of ongoing clinical trials and increasing financial support from the government is anticipated to boost the growth in this region.

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Asia-Pacific is expected to register the highest CAGR during the forecast period. Factors influencing the growth of this region include government funding to support clinical research and increasing outsourcing of clinical trials by large biopharmaceutical organization in the developing Asia-Pacific countries.

The European region is projected to register the highest CAGR during the forecast period due to rising investment in R&D and development of emerging economies.

The Middle East and Africa hold the least share in the eClinical solutions market due to the presence of stringent government policies and poor economies, the presence of a large patient base, lesser stringent laws as compared to developed countries.

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