eClinical Solutions Market Analysis & Trends – Industry Forecast 2021-2027
Clinical trials nowadays are increasingly being outsourced; thanks to the diversified expertise of Contract Research Organizations. In addition, demand for advanced solutions in clinical trials has increased considerably which is expected to provide a significant boost to the global eClinical solutions market over the ensuing years. The clinical trials that companies predominantly outsource comprises of extensive research and tasks, right from preclinical trials to late-stage development. In this regard, application of digitization in clinical trials or research is opening new growth avenues for the industry. According to Global Market Insights, Inc., eClinical solutions market size is estimated to surpass USD 14.5 billion by 2027.
Prominent companies operating in eClinical solutions market are focusing on various strategies such as new product development, acquisitions and business expansion to gain a strong market presence. For instance, in 2021, renowned cloud-based enterprise software and clinical data services provider, eClinical Solutions LLC, launched its new Clinical Trial Management System (CTMS)- elluminate®. According to the company, this solution has been built on elluminate platform, which expedites digitization and reduces cycle time for clinical data review. Moreover, it serves as a single reliable source for clinical operations data facilitating faster and more informed decision making. Such developments are positively influencing the overall industry landscape.
Request for a sample copy of this report @ https://www.decresearch.com/request-sample/detail/1774
Clinical trial management systems (CTMS) are finding higher adoption across the healthcare settings owing to their capabilities that majorly include providing oversight of respective clinical trials per therapeutic area as per the set of specific clinical activities and offers tracking ability to monitor the site. In addition, CTMS provides dashboard for communicating trial performance against targets along with other operational reports. Considering the usability of this system and its increased adoption, clinical trial management system (CTMS) segment had secured a significant market share of about 15.4% in the past and is expected to grow considerably over the coming years.
As phase II trials help in assessing safety and efficacy of drugs among large number of patients as compared to Phase 1, need for more accurate management tools such as eClinical software has prolifically increased. Besides, superior capabilities of advanced software in processing larger database in phase II trials is accelerating the product adoption further. On account of these factors, phase II clinical trial segment is estimated to witness a steady growth by registering a CAGR of 11.9% through 2027.
Licensed enterprise (on-premises) solution is a conventional mode of implementing software. Several end-users purchase these solutions according to their organizational needs and for determine the ways of implementation and maintenance. Moreover, in on-premise environment, resources are deployed in-house and within enterprise infrastructure which helps in maintaining all the data pertaining to their specific premises only. This is propelling the deployment of on-premises enterprises due to which licensed enterprise (on-premises) solution segment is projected to record an appreciable CAGR of 10.8% through 2027.
Prevalence of several diseases has evoked the demand for medical devices to a great extent as they find extensive usage in advanced treatment and surgical procedures. This has increased the expenditure on R&D activities which has subsequently spurred the demand for eClinical solutions. Ongoing development of innovative medical devices that requires efficient data management is also impelling the adoption of eClinical tools. With increased product demand, medical device companies segment had secured a notable valuation of USD 1.2 billion in 2020 and is estimated to observe a steady growth rate of 11.2% through 2027.
Request for customization @ https://www.decresearch.com/roc/1774
Elevating demand for high-end clinical data and process management tools in Asia Pacific due to availability of large patient pool, prevalence of various diseases, increasing R&D activities and clinical trials, has instigated the adoption of eClinical solutions in the region. In addition, several government bodies across Asia Pacific countries are increasing investments in drug discovery and associated research studies which is expected to provide tremendous growth opportunities to regional eClinical solutions industry in forthcoming years. According to the report, eClinical solutions market in Asia-Pacific is anticipated to show a robust CAGR of over 12.9% through 2027.
Partial Chapter of the Table of Content:
Chapter 2 Executive Summary
2.1 eClinical solutions industry 360° synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Solution trends
2.1.3 Delivery mode trends
2.1.4 Clinical trial phase trends
2.1.5 End-use trends
2.1.6 Regional trends
Chapter 3 eClinical Solutions Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Rise in government funding grants for clinical trials
3.3.1.2 Growing demand for outsourcing clinical trials to CROs
3.3.1.3 Increasing adoption of software solutions in clinical trials
3.3.2 Industry pitfalls & challenges
3.3.2.1 High implantation cost
3.3.2.2 Low adoption and lack of awareness pertaining to eClinical solutions in developing countries
3.4 Growth potential analysis
3.4.1 By solution
3.4.2 By delivery mode
3.4.3 By clinical trial phases
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2019
3.7.1 Company matrix analysis
3.8 PESTEL analysis
Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/eclinical-solutions-market