eClinical Solutions Market Seeking Growth from Emerging Markets, Views Sought On New Approach | BioClinica Inc., CRF Health, DATATRAK International Inc., eClinical Solutions Inc.,

eclinical Solutions Market Continues To Grow With Increasing Adoption Of New Software Solutions In Clinical Research

Overview:

eClinical solutions help researchers manage, standardize, and analyze clinical trial data. Currently, there is an abundance of integrated eClinical solutions that provide end-to-end clinical trials solutions. However, these solutions are expensive and require technical assistance to use them, so they are not readily adopted by small end users. Moreover, the high cost of eClinical software is a major hindrance to adoption of such software among small users. The recent COVID-19 pandemic has prompted many biotechnology and pharmaceutical companies to increase their R&D efforts to develop a vaccine for the virus. Many of these organizations are conducting clinical trials to develop a vaccine for the virus.

Market Dynamics:

Increase in adoption of new software solutions in clinical research is expected to boost growth of the global eClinical solutions market over the forecast period. Clinical research around the world is adoption different software solutions for various purposes such as for analyzing large amount of data. For instance, in May 2022, Exploristics launched the KerusCloud Spring 2022, its new revolutionary clinical trial simulation software to tackle complex challenges involved in designing effective clinical trials.

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However, high cost of implementation of eClinical solutions, lack of skilled professionals to operate these solutions and limited awareness regarding advantages of eClinical solutions in researchers are the factors expected to hinder growth of the global eClinical solutions market over the forecast period.

Impact of COVID-19:

The epidemic of COVID-19 pandemic favorably affected growth of the eClinical solutions market. Due to rapidly increasing cases of COVID-19, number of research conducted for development of vaccines against this virus also increased. eClinical solutions are used in research activities and other purposes. The demand for these electronic clinical solutions increased during pandemic. Thus, the global market witnessed a positive impact of the COVID-19 pandemic.

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Key Takeaways:

• The global eClinical solutions market is estimated to grow, with a CAGR of 11.2% over the forecast period, due to rising R&D expenditure on development of drugs by pharma-biotech companies. For instance, in July 2020, Big Pharma launched a US$ 1 billion AMR Action Fund in collaboration with Philanthropists, policymakers and development banks to push the development of two to four new antibiotics by 2030.

• North America is anticipated to witness significant growth in the global eClinical solutions market over the forecast period. This is attributed to growing target population, increasing prevalence lifestyle-related diseases like cardiac disorders and diabetes in the region.

• Major players functioning in the global eClinical solutions market are CRF Health, Oracle Corporation, DataTrak International, Inc., Parexel International Corporation, BioClinica, and Medidata Solution, Inc.

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This release was published on openPR.