- Projected to grow at a CAGR of around 12%, eClinical solutions market is expected to witness significant growth over the forecast period owing to the increasing demand for software solutions for clinical trials by the pharma and biopharma companies.
- Expanding research and development in this market is expected to drive the market growth over the forecast period.
- Also, increase in the government grants to substantiate the clinical trials and the rise in the number of customers for eClinical solutions is to spur the market growth over the forecast period.
The Global is anticipated to exceed USD 13 billion by 2024. The major growth driving factors include a rise in the R&D activities by various pharma and biopharma companies, growing application of software solutions in medical trials, rising government funding for promoting clinical research programs, increasing consumer base, and so on. In addition to this, rising outsourcing of medical trials to Contract Research Organization (CROs), growing medical research programs in various Asian countries along with the development of low-cost modules are also projected to boost the market growth.
However, high implementation prices, the lack of skilled labor & awareness about clinical data sciences software are likely to hinder the growth of the market in the near future. The global market is divided into products and regions.
The products sector includes Electronic Data Capture (EDC), Electronic Clinical Outcome Assessment (ECOA), Clinical Data Management Systems (CDMS), Randomization and Trial Supply Management (RTSM), Safety Solutions, Clinical Data Integration Platforms, Clinical Trial Management Systems (CTMS), and Electronic Trial Master File (e-TMF). The ECOA sector is projected to experience the maximum growth rate over the forecast period (from 2016 to 2024), while the CDMS and EDC sectors are anticipated to dominate the market through the year 2016.
Regionally, the global eClinical solutions market is segregated as Latin America, North America, Asia-Pacific, Europe, and the Middle East & Africa. As of 2016, the North American market is expected to dominate the global market occupying the largest industry share. The major factor for this growth is the growing number of ongoing medical trials in the region. Some other factors include the rising government support for clinical trials, extensive Research & Development activities resulting in the production and launch of innovative products, and the increasing occurrences of lifestyle diseases. The APAC region is also likely to witness a rapid growth over the next few years. The rising participation of developing countries in the clinical trials is said to augment the market growth during the estimated years.
The key companies operating in the global eClinical solutions market are Parexel International Corp.; ERT inc.; Oracle Corp.; BioClinica; DataTrak International Inc.; Medidata Solution Inc.; Merge Health Inc.; CRF Health Inc.; OmniComm Systems Inc.; and eClinical Solutions LLC.
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