Disruptive Innovations in Clinical Research Technology Projected Growth of the eClinical Solutions and Software Industry to US$29.1 Billion by 2033

The global eClinical Solutions and Software Market is anticipated to reach a valuation of US$ 29.1 billion in 2033, rising up from an estimated US$ 9.3 billion in 2023. Valued at US$ 8.4 billion in 2022, the market witnessed a CAGR of 10.6% from 2017 to 2022. It is gauged that the eClinical solutions and software market will expand at a stellar CAGR of 12.1% from 2023 to 2033.

This growth can be attributed to the surge in funding for clinical research and life sciences will enable the widespread usage of eClinical solutions and software which, in turn, will promote the overall market growth during the forecast period.

The expansion of research and development activities by biopharmaceutical and pharmaceutical businesses will prompt the use of eClinical solutions and software in various clinical trials which will foster growth for the market. This is primarily due to the fact that in order to address certain contemporary eClinical trial management needs, many businesses will require a comprehensive eClinical platform that will adapt to required needs. Hence, the prospects for the eClinical solutions and software market look bright in the upcoming years.

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With the surge in the amount of data produced via the clinical development process, the need for efficient tracking and evaluation of clinical data will also rise. As a result of this, the demand for eClinical solutions and software amplifies in clinical trials which, in turn, supplements the overall market growth. The eClinical solutions and software increase efficiency, lessen the expenditure, and errors like duplicate entry are avoided due to the use of eClinical technologies. This factor bodes well for the expansion of the eClinical solutions and software market size. Other factors that will aid the market growth are the progress witnessed in the life sciences field and the outsourcing of clinical trials to contract research organizations (CROs). All of these factors propel the eClinical solutions and software market forward during the projection period.

Key Takeaways:

-High costs and constant maintenance expenditure will prevent the growth of the eClinical solutions and software market during the assessment period.
-Based on the service, the clinical data management systems (CDMS) category will dominate the global market with an estimated share of 22.6% for 2023 and 2033.
-By delivery mode, the web-hosted (on-demand) will lead the market with a share of 67.3%.
-The eClinical solutions and software market in the US will hold about 39.3% of the market share in 2023 due to increasing product launches by key players.
-China's eClinical solutions and software market will expand at a strong CAGR of 8.7% owing to greater medical needs.

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Competitive Landscape 

Oracle, Datatrak International, Inc., CRF Health, eClinicalWorks, Parexel International Corporation, Bioclinica, IBM Watson Health, and Anju Life Sciences Software, among others, are some of the dominant players in the eClinical solutions and software market profiled in the full version of the report.

In an intensely competitive environment, leading market players are concentrating on the swift adoption of advancing technology. These businesses employ various expansion strategies including mergers, collaborations, partnerships, and acquisitions, while also engaging in product development to enhance their market positions.

More Insights Into eClinical Solutions And Software Market 

In its latest report, FMI offers an unbiased and detailed analysis of the global eClinical solutions and software market, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of solution, delivery mode, clinical trial, end-user, and region.

According to the same reports, based on segmentation, the CROs category will make substantial contributions to the overall market growth in terms of end-users. In terms of clinical trials, the phase III segment will account for 46.7% of the global market share in 2023.

Based on region, the eClinical solutions and software market will present strong growth in the US. The target market in this region will account for 39.3% of the market share in 2023 and will likely continue this growth during the forecast period. Favorable government policies and rising funds from the government as well as increasing product launches from key players will push the market forward in the US. Germany and China, too, will make notable contributions to the global growth of the eClinical solutions and software market during the forecast period.

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Key Players:

-Oracle
-Datatrak International, Inc.
-Dassault Systemes
-CRF Health
-eClinicalWorks
-Parexel International Corporation
-Bioclinica
-eClinical Solutions
-IBM Watson Health
-Anju Life Sciences Software
-ERT Clinical

Key Market Segments Covered in eClinical Solutions and Software Industry Research

Solution:

-Randomization & Trial Management (RTSM)
-Clinical Data Management System (CDSM)
-Clinical Trial Management System (CLMS)
-Electronic Clinical Outcome Assessment (eCOA)
-Electronic Trial Master File (eTMF)
-Electronic Data Capture
-Others

Delivery Mode:

-Licensed Enterprise (On-premise) Solution
-Cloud-based (SAAS) Solution
-Web-hosted (on-demand) Solution

Clinical Trial:

-Phase I
-Phase II
-Phase III
-Phase IV

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

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This release was published on openPR.