eClinical Solutions Market Size Worth $15.7 Billion by 2027 | CAGR: 13.8%: Grand View Research, Inc.

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Feb 10, 2020, 04:05 ET

SAN FRANCISCO, Feb. 10, 2020 /PRNewswire/ -- The global eClinical solutions market size is expected to reach USD 15.7 billion by 2027, according to a new report by Grand View Research, Inc., progressing at a CAGR of 13.8% during the forecast period. Increasing R&D activities by biopharma and pharma companies, application of software solutions in clinical trials, and expanding customer base are anticipated to fuel the demand for eClinical solutions.

Key suggestions from the report:

CTMS led the eClinical solutions market by product in 2019 owing to benefits such as centralized end-to-end management of clinical trial activities, elimination of reliance on manual processes, real-time status tracking, and maintenance of multiple databases, which cumulatively improve the overall efficiency of clinical trials
By delivery mode, cloud-based systems are anticipated to exhibit the highest CAGR during the forecast period owing to integrated features such as flexibility, high accessibility, negligible handling costs, and easy data backup. Real-time data is available through these systems, which enables users to take quick decisions and provide high-quality information for risk-based monitoring
CROs held the largest share in the market in 2019 on the basis of end use. The segment is projected to expand at a remarkable pace during the forecast period owing to growing inclination of pharmaceutical companies to reduce overall expenditure
Key players operating in the market include DATATRAK International, Inc.; IBM Watson Health; Medidata Solutions Inc.; Oracle Corporation; BioClinica; PAREXEL International Corporation; CRF Health; OmniComm Systems Inc.; and ERT. Most companies engage in various business strategies such as mergers and acquisitions and new product development to gain greater market share.

Read 200 page research report with ToC on "eClinical Solutions Market Size, Share & Trends Analysis Report By Product (ECOA, EDC & CDMS), By Delivery Mode (Web-hosted, Cloud-based), By End Use, By Development Phase, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/eclinical-solutions-market

Technological advancements such as electronic data capture and Wi-Fi connectivity are projected to drive the market in the forthcoming years. As the demand for tracking and analyzing clinical data increases, the need for effective clinical solutions rises. Unmet needs to manage efficient clinical development process are poised to boost the market over the forecast period.

Moreover, digital transformation in the field of clinical trials and preference for data centric approach are providing a tremendous push to the market. Demand for integrated clinical IT solutions is increasing due to massive volume of data generated during clinical development processes. eClinical solutions offer a single source of information that helps optimize the cost by eliminating redundant data entry and reducing on-site verification and source data verification. Rising awareness regarding these advantages is projected to propel the market.

Adoption of eClinical workflows in trials offers enormous potential in clinical development processes. These solutions can facilitate decision making in every stage of the development process. They also help reduce cost and time between development phases by utilizing seamless designs and by identifying failing compounds. In addition, it offers rapid access to data and patient safety information, which is helpful in making quick decisions.

Market players engage in new product development and strategic alliances, including partnership agreements, promotional activities, and acquisitions, to keep market rivalry high. For instance, in October 2017, Oracle entered into a collaboration with Healthx Inc. to provide SaaS solutions to healthcare payers for core administration and digital engagement.

Grand View Research has segmented the global eClinical solutions market report on the basis of product, delivery mode, development phase, end use, and region:

eClinical Solutions Product Outlook (Revenue, USD Million, 2016 - 2027)

Electronic Data Capture (EDC) & 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)

eClinical Solutions Delivery Mode Outlook (Revenue, USD Million, 2016 - 2027)

Web-hosted (On-Demand)
Licensed Enterprise (On-premise)
Cloud-based

eClinical Solutions Development Phase Outlook (Revenue, USD Million, 2016 - 2027)

Phase I
Phase II
Phase III
Phase IV

eClinical Solutions End-use Outlook (Revenue, USD Million, 2016 - 2027)

Academic Institutes
Medical Device Manufactures
Hospitals
CROs
Pharmaceutical & Biotechnology Companies

eClinical Solutions Regional Outlook (Revenue, USD Million, 2016 - 2027)

North America

U.S.
Canada
Mexico

Europe

U.K.
Germany
France
Italy
Spain
Netherlands
Sweden
Denmark

Asia Pacific

Japan
China
India
Korea
Australia
New Zealand
Taiwan
Hong Kong
Singapore
Thailand
Vietnam

Central & South America

Brazil
Argentina
Chile

South Africa
Saudi Arabia
United Arab Emirates
Egypt
Qatar

Find more research reports on Healthcare IT Industry, by Grand View Research:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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