17 March 2023
Visiongain has published a new report entitled eClinical Solutions Market Report 2023-2033: Forecasts by Product Type (Clinical Trial Management Systems (CTMS), Clinical Data Management Systems (CDMS), Randomization and Trial Supply Management (RTSM), Electronic Clinical Outcome Assessments (eCOA) and Electronic Patient-reported Outcomes (ePRO), Clinical Data Integration Platform (CDIP), Electronic Data Capture (EDC), Safety Solutions, Clinical Analytics Platforms, Electronic Trial Master File (eTMF), Others)), by Deployment Type (Cloud-based (SAAS) Solutions, Web-hosted (On-demand) Solutions, Licensed Enterprise (On-premises) Solutions)), by End-users (Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, Consulting Service Companies, Hospitals and Clinics, Medical Device Manufacturers, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global eClinical solutions market was valued at US$8.03 billion in 2022 and is projected to grow at a CAGR of 13.09% during the forecast period 2023-2033.
Increasing Demand for Patient-centric Solutions to Boost Market Growth
The increasing demand for patient-centric solutions is acting as an opportunity for the growth of the eClinical solutions market. In recent years, there has been a growing focus on improving the patient experience in clinical trials, and organizations are increasingly looking for solutions that can help to engage and empower patients in the research process.
Patient-centric solutions, such as mobile and wearable technologies, allow patients to access their study data in real-time and provide feedback to researchers, leading to a more engaged and empowered patient population. In addition, these solutions can also improve data accuracy and completeness, as patients are more likely to provide accurate information when they are able to access and review their data in real-time.
Examples of organizations that have implemented patient-centric solutions include pharmaceutical companies, clinical research organizations, and technology vendors. These organizations have leveraged the latest mobile and wearable technologies to improve the patient experience in clinical trials and have seen positive results, including increased patient engagement and improved data accuracy.
How has COVID-19 had a Significant Impact on the eClinical Solutions Market?
The COVID-19 pandemic has had a significant impact on the eClinical solutions market. The pandemic has disrupted the clinical research industry, leading to delays and cancellations of clinical trials, and a reduced number of new trials being initiated. As a result, there has been reduction in the eClinical solutions demand for a short period of time.
Whereas the pandemic has also accelerated the use of eClinical solutions in the healthcare industry. With the need for social distancing and remote working, organizations have been forced to adopt remote and digital solutions to continue the clinical research process. This has led to a greater demand for eClinical solutions that can support remote and decentralized clinical trials, such as electronic data capture (EDC) systems and telemedicine technologies.
In addition, the pandemic has highlighted the need for more efficient and streamlined clinical trial processes, and has increased the interest in innovative solutions that can improve the clinical research process. As a result, organizations are investing in the development of new eClinical solutions, such as AI and machine learning technologies, to help address the challenges posed by the pandemic and improve the efficiency of the clinical research process.
How will this Report Benefit you?
Visiongain’s 254-page report provides 97 tables and 147 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global eClinical solutions market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for ophthalmic drugs. Get financial analysis of the overall market and different segments including services type, distribution channel, indications, and route of administration, company size and capture higher market share. We believe that there are strong opportunities in this fast-growing eClinical solutions market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Adoption of Electronic Data Capture (EDC) Systems In Clinical Trials
The eClinical solutions market is expanding significantly as a result of the increased use of electronic data capture (EDC) systems in clinical trials. EDC systems have a number of advantages over conventional paper-based data collection techniques, including:
• Increased accuracy and efficiency: EDC systems provide real-time data entry, reducing the risk of errors and increasing the speed of data collection.
• Improved data quality: EDC systems validate data at the time of entry, improving data quality and reducing the need for manual data cleaning.
Rise in Clinical Trial Outsourcing
The rise in clinical trial outsourcing is another major driver for the growth of the eClinical solutions market. Clinical trial outsourcing refers to the practice of engaging a third-party organization, such as a contract research organization (CRO), to perform various aspects of a clinical trial, including study design, patient recruitment, and data management.
The main benefits of clinical trial outsourcing include access to expertise, by outsourcing clinical trials to CROs, sponsors can access expertise and resources that may not be available in-house, increased efficiency, improved patient recruitment, and enhanced data quality, compliance with regulatory requirements among others.
In conclusion, the rise in clinical trial outsourcing is a major driver for the growth of the eClinical solutions market, as it provides numerous benefits to sponsors, including access to expertise, increased efficiency, improved patient recruitment, and enhanced data quality. The use of eClinical solutions in clinical trial outsourcing is critical to ensure that trials are executed efficiently, effectively, and in compliance with regulatory requirements.
Where are the Market Opportunities?
Expansion into Emerging Markets to Offer Lucrative Growth Prospects
Expansion into emerging markets is a significant opportunity for the growth of the eClinical solutions market. Emerging markets, such as Asia Pacific, Latin America, and Eastern Europe, offer vast untapped potential for growth, as there is a growing demand for eClinical solutions in these regions due to the increasing number of clinical trials and the growing need for cost-effective and efficient clinical research processes.
In addition to the growing demand for eClinical solutions, emerging markets also offer a lower cost of operations compared to developed markets, which can help organizations to reduce their operational costs and increase their profitability. These organizations such as pharmaceutical companies, clinical research organizations, and technology vendors have established local operations in key emerging markets and have leveraged their expertise and resources to meet the growing demand for eClinical solutions in these regions.
Expansion into emerging markets is a significant opportunity for the growth of the eClinical solutions market, as there is a growing demand for these solutions in these regions, and organizations can benefit from lower costs of operations and increased profitability. As the clinical research industry continues to grow in emerging markets, organizations that are able to capitalize on this opportunity are expected to see significant growth in the coming years.
The major players operating in the eClinical solutions market are IBM, Oracle, IQVIA Inc., Veeva Systems, Dassault Systèmes, Parexel International Corporation, Medrio, Inc., Clario, Signant Health, EClinical Solutions LLC among others. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• In February 2023, Signant Health, revealed that it can now provide computerized adaptive tests (CATs) that use the Patient-Reported Outcome Measure Information System (PROMIS) in clinical trials. This approach aims to decrease the burden on patients during the completion of the test, while also ensuring the accuracy of patient-reported outcomes.
• In December 2022, Medidata introduced a new patient-centred myMedidata app, aimed at providing trial participants with an additional option for a seamless platform experience and a single login for all their remote trial activities. The app includes all of the myMedidata patient-centric solutions, with an initial emphasis on electronic clinical outcome assessments (eCOA).
Notes for Editors
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