Press release
eClinical Solutions Market worth $22.1 billion by 2029 driven by Rising Chronic Illness Rates
Asia-Pacific market was the fastest growing market, however, the growth was backed by the emerging pharmaceutical companies, clinical trial activity and increased healthcare expenditure in countries such as China and India.
The global eClinical Solutions Market [https://www.marketsandmarkets.com/Market-Reports/eclinical-solutions-market-553.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=paidpr] is expected to grow from USD 11.6 billion in 2024 to USD 22.1 billion by 2029, at a CAGR of 13.7%. eClinical solutions have significantly enhanced clinical trial efficiency, site performance, and cost-effectiveness compared to traditional methods, driving their market growth. These solutions, including electronic data capture (EDC) and clinical data management systems (CDMS), streamline operations and ensure regulatory compliance, benefiting contract research organizations (CROs), researchers, and pharmaceutical companies. Despite high implementation costs and concerns over patient privacy, the market is expanding due to increased adoption of novel software, rising clinical trials in developing countries, and the growing need for efficient data management. The electronic clinical outcome assessment (eCOA) solutions segment is expected to grow the fastest, driven by improved data accuracy and patient engagement. Web-hosted and cloud-based models currently dominate the market due to their flexibility and security features. North America led the market in 2023, while Asia Pacific is projected to experience the highest growth rate during the forecast period, driven by a burgeoning healthcare sector and increasing clinical trials. Key market players include Medidata, Veeva Systems, IQVIA, ICON plc, and Oracle.
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Medidata (A Dassault Systemes Company): Leader in End-to-End Clinical Data Management
Medidata excels in global clinical data capture and management with extensive functionality tailored for diverse clinical study needs. The company's robust market position is reinforced by its comprehensive organic development efforts, including the release of the myMedidata app in December 2022. This native mobile app enhances patient experience by offering features such as electronic diaries, patient-reported outcomes, and informed consent through a single sign-on. This innovation aims to improve patient engagement and data quality by providing easy access to trial activities from smartphones. Medidata also strengthens its market presence through strategic partnerships, collaborations, and acquisitions.
Veeva Systems: Premier Provider of Cloud Solutions for Life Sciences
Veeva Systems is a leading provider of cloud-based solutions tailored to the global life sciences sector, offering software, data, and consulting services across critical business areas from R&D to commercialization. The company's revenue is derived from two main product categories: Commercial Solutions, including Veeva Commercial Cloud and Veeva Claims Solutions, and R&D Solutions, encompassing Veeva Development Cloud, Veeva RegulatoryOne, and Veeva QualityOne Solutions. Veeva's solutions are built on the proprietary Veeva Vault platform, supporting clinical, regulatory, quality, and safety tasks within life sciences organizations.
IQVIA Inc.: Leader in eClinical Solutions and Research Outsourcing
IQVIA Inc. is a key player in life sciences research and commercial outsourcing, known for its advanced eClinical solutions that enhance data quality, patient experience, and clinical trial efficiency. The company's market leadership is bolstered by strategic acquisitions and collaborations, including its expansion in China, India, Russia, Turkey, and Japan. Notable developments include the May 2021 expansion of IQVIA Biotech in Japan and APAC and the acquisition of Q2 Solutions, which broadens its Research & Development Solutions offerings. IQVIA's efforts are focused on improving clinical and commercial solutions for biotech and emerging biopharma companies.
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Product Segmentation: EDC and CDMS Dominate the eClinical Solutions Market
The eClinical solutions market in 2023 is primarily driven by Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS). These segments are expected to hold the largest market share due to their ability to shorten clinical trial durations and costs, meet data standardization requirements, and accommodate increased R&D expenditures by pharmaceutical companies. EDC systems, for instance, have demonstrated significant cost savings in clinical trials. A notable example is Novartis, which used an open-source EDC platform across over 400 clinical trials, resulting in operational cost savings of USD 347,600 during a 12-month phase II trial conducted at 20 sites.
Regional Insights: North America Leads the Market
In 2023, North America is set to dominate the eClinical solutions market, followed by Europe and the Asia-Pacific region. Key drivers for North America's leading position include increased government funding for clinical trials, a high volume of ongoing clinical studies, continuous product advancements by eClinical solution providers, and numerous partnerships for drug development. The region also benefits from a high incidence of lifestyle diseases and an expanding aging population.
Growth Forecast: Asia-Pacific to Experience Highest Growth
The Asia-Pacific region is anticipated to achieve the highest growth rate in the eClinical solutions market during the forecast period. This growth is supported by increased outsourcing of clinical trials, less stringent regulatory environments compared to developed markets, and a large patient base. Additionally, significant investments and reforms are focused on modernizing healthcare infrastructure in China, growing the health industry in India, and adopting IT programs in Australia and New Zealand.
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