Press release
eClinical Solutions Market on the Rise: Forecasts Indicate Jump to $13.48 Billion by 2028, Fueled by Increased R&D and Clinical Trials
EClinical Solutions Global Market Report
The eClinical solutions market has experienced rapid growth, surging from $7.59 billion in 2023 to an estimated $8.47 billion in 2024, showcasing a noteworthy Compound Annual Growth Rate (CAGR) of 11.6%. The positive momentum is expected to persist, with projections indicating substantial growth, reaching $13.48 billion by 2028, maintaining a CAGR of 12.3%.
Key Drivers of Market Growth:
1. Increased Research and Development Activities:
The upswing in research and development activities plays a pivotal role in propelling the growth of the eClinical solutions market. These activities involve innovating and introducing new clinical products and services. Electronic Clinical Outcome Assessment (eCOA) solutions contribute significantly by electronically capturing outcomes data in clinical trials. Notably, the Research and Development Survey 2021 by Statistics NZ revealed a 5% increase in R&D expenditure in the business sector, reaching $2.8 billion in 2021, fostering growth in the eClinical solutions market.
2. Rising Number of Clinical Trials:
The escalating number of clinical trials is a key driver fueling the growth of the eClinical solutions market. Clinical trials, essential for evaluating the safety and efficacy of medical treatments, leverage eClinical solutions to streamline trial management. The global increase in registered clinical trials studies, reported by ClinicalTrials.gov, rose from 399,499 in 2022 to 437,533 across 221 countries, emphasizing the crucial role of eClinical solutions in managing diverse clinical trials.
Explore the Global eClinical Solutions Market with a Detailed Sample Report:
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Leading Market Players:
Major companies influencing the eClinical solutions market include Anju Software Inc., Parexel International Corporation, ERT Clinical, Medidata Solutions Inc., IBM Watson Health, Oracle Corporation, and Veeva Systems Inc. These industry leaders are at the forefront of meeting the growing demand for advanced eClinical solutions in the healthcare sector.
Market Trends:
1. Development of Advanced Technologies:
Technological advancements emerge as a prominent trend in the eClinical solutions market, with a focus on utilizing advanced technologies to meet consumer demand. For instance, eClinical Solutions LLC introduced the Elluminate Clinical Data Cloud, leveraging cloud computing and real-time data analysis technologies to enhance the automation of clinical and operational data streams, fostering quicker decision-making.
2. Innovations in eClinical Technologies:
Key players in the market are concentrating on introducing Electronic Clinical Outcome Assessment (eCOA) platforms, digital tools used to capture outcomes data electronically in clinical trials. YPrime LLC, for example, launched its 5th generation eCOA platform in January 2021, designed to streamline the clinical trial data collection and approval process, ensuring accurate data from specification to submission.
Regional Dynamics and Market Segmentation:
North America dominated the eClinical solutions market in 2023, with Asia-Pacific anticipated to exhibit the fastest growth in the forecast period.
The eclinical solutions market covered in this report is segmented -
1) By Product: Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS), Clinical Trial Management Systems (CTMS), Clinical Analytics Platforms, Randomization and Trial Supply Management (RTSM), Clinical Data Integration Platforms, Electronic Clinical Outcome Assessment (eCOA), Safety Solutions, Electronic Trial Master File (eTMF)
2) By Development Phase: Phase I, Phase II, Phase III, Phase IV
3) By Delivery Mode: Web-Based and Cloud-Based, Enterprise-Based
4) By End User: Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, Consulting Service Companies, Medical Device Manufacturers, Hospitals, Academic Research Institutions
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/eclinical-solutions-global-market-report
eClinical Solutions Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The eClinical Solutions Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on eclinical solutions market size, eclinical solutions market drivers and trends, eclinical solutions market major players, competitors' revenues, eclinical solutions market positioning, and eclinical solutions market growth across geographies. The eclinical solutions market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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