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eClinical Solutions Market Major Drivers, Restraints, and Trends

12-01-2022 05:23 AM CET | Health & Medicine

Press release from: P&S Intelligence

eClinical Solutions Market Major Drivers, Restraints,

In 2021, the value of the eClinical solutions market was $7.18 billion, and it is predicted to advance at a 13.4% CAGR in the years to come, to reach $22.35 billion in 2030.

The major reason for the growth of this industry is the increasing number of government policies and grants for supporting clinical trials.

In the developing countries, North American and European pharmaceutical companies are focusing on increasing the number of clinical trials, mainly because of the cost efficiency, faster recruitment, and presence of a large number of patients.
Moreover, fewer logistical difficulties and the standardization of guidelines are contributing to the increasing count of clinical trials in emerging economies.

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In 2021, web-based delivery dominated the industry with an over 70% share. Because these solutions are customizable, healthcare facilities are able to use the medical data for several user groups.

Furthermore, the growth of this category is owed to the increasing number of drugs successfully reaching the phase III of trials. In this phase of drug development, the candidate is used on around 1,000 patients, to analyze its effects. eClinical solutions are needed for studying the data generated during the study, in order to reduce the chances of human error.

Moreover, in 2021, the CROs category held the largest share, ascribed to the increasing usage of eClinical solutions for research in the pharmaceutical industry. It is because outsourcing the trials to CROs brings benefits such as an increased service efficiency, better productivity, and lower cost for the drug or device manufacturer.

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Several pharmaceutical establishments are shifting to Asia and Eastern Europe for saving money by conducting low-cost trials. Therefore, the number of CROs is snowballing in these regions, thus driving the demand for eClinical solutions here.

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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