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eClinical Solutions Market: Revenue Forecast and Key Insights | Oracle Corporation, Parexel International Corporation, Dassault Systèmes, Clario

01-15-2024 09:16 AM CET | Health & Medicine

Press release from: MarketsandMarkets

eClinical Solutions Market

eClinical Solutions Market

eClinical Solutions Market is projected to reach USD 17.9 billion in 2027 from USD 9.6 billion in 2022 at a CAGR of 13.3% according to a new report by MarketsandMarkets™. The eClinical solutions market is primarily driven by the increasing R&D expenditure on drug development by pharma-biotech companies, rising operational costs and regulatory requirements associated with clinical research studies, favorable government support and funding for clinical trials, rising need for improved data standardization and the growing adoption of novel software solutions in clinical research. However, high implementation costs associated with eClinical solutions, limited awareness among researchers and dearth of skilled professionals are likely to restrain the market growth to a certain extent.

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Electronic consent segment is projected to record the highest CAGR

Based on product, the global eClinical solutions market is segmented into electronic data capture (EDC) & clinical data management systems (CDMS), clinical trial management systems (CTMS), clinical analytics platforms, randomization & trial supply management (RTSM) solutions, clinical data integration platforms, electronic clinical outcome assessment (eCOA) solutions, safety solutions, electronic trial master file (eTMF) systems, eConsent (Electronic Consent) solutions, regulatory information management systems (RIMS), and other eClinical solutions. The electronic data capture (EDC) & clinical data management systems (CDMS) segment commanded the largest share of the global eClinical solutions market in 2021; while electronic consent solutions (eConsent) followed by electronic clinical outcome assessment (eCOA) are the fastest-growing product segments and are expected to record a CAGR of 17.8% and 17.5%, respectively, during the forecast period.

Cloud-based delivery mode segment is expected to register the highest growth during the forecast period

Based on delivery mode, the global eClinical solutions market is segmented into licensed enterprise (on-premises) models, web-hosted (on-demand) models, and cloud-based (SAAS) models. The cloud-based eClinical solutions segment is estimated to register the highest CAGR of 17.8% during the forecast period. The high growth of the segment is attributed to the ability of cloud-based models to capture data and automatically update the dashboard in real time. This model offers all benefits of a web-hosted model with the added advantage of a separate cloud for the client rather than a public cloud server, hence posed to register the highest growth over the coming years.

Pharmaceutical & biopharmaceutical companies to dominate the eClinical solutions product segment in 2021

Based on end users, the global eClinical solutions market is segmented into pharmaceutical & biopharmaceutical companies, contract research organizations, consultancy service companies, medical device manufacturers, hospitals, and academic & research institutes. The pharmaceutical & biopharmaceutical companies segment accounted for the largest share (38.5%) of the eClinical solutions market in 2021. The increasing R&D investments by pharmaceutical & biopharmaceutical companies is expected to drive the demand for these IT solutions to effectively manage respective clinical trial processes.

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Asia Pacific region to witness the highest growth during the forecast period

The global eClinical solutions market is segmented into four major regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2021, North America accounted for the largest share of the global eClinical solutions market; while the Asia Pacific region is expected to register the highest CAGR of 16.3% during the forecast period. Growth in this regional segment can be attributed to the increasing outsourcing of clinical trial studies, less-stringent regulatory guidelines compared to developed markets and a large patient population.

Key Market Players:

The prominent players in this market are Oracle Corporation (US), Parexel International Corporation (US), Dassault Systèmes (France), Clario (US), Datatrak International (US), Signant Health (US), 4G Clinical (US), MaxisIT (US), IBM Watson Health (US), eClinical Solutions LLC (US), Veeva Systems (US), Research Manager (US), Saama Technologies, LLC (US), Mednet (US), Anju Software, Inc (US), Medrio, Inc. (US), Castor (US), Clinipace (US), ArisGlobal (US), Quretec Ltd. (Estonia), OpenClinica, LLC (US), Advarra (US), RealTime Software Solutions, LLC (US), YPrime LLC. (US) and Vial (US).

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