The global eClinical solutions market size is expected to reach USD 12.0 billion by 2025, according to a new report by Grand View Research, Inc., registering a 13.6% CAGR during the forecast period. Increasing outsourcing and externalization of clinical trials by a majority of the prominent pharmaceutical and biotechnological companies is expected to drive the market at an unprecedented rate throughout the forecast period. Increasing research and development initiatives, rise in government grants to substantiate trials, and growing number of customers for eClinical solutions are also expected to boost the market during the forecast period.
Drug development process is enhanced by various solutions such as clinical data management, electronic data capture, data conversion, and standardization as well as statistical programming and data reporting. Rising inclination of major pharmaceutical companies toward these services is also presumed to be a direct consequence of reduced requirement of internal staff, enhanced cost-efficiency, efficient management of resources, and production of lucrative and unbiased results in trials, which further widens the scope for growth.
Increasing competition amongst majority of pharmaceutical companies is urging them to expand their R&D budgets, thus resulting in many pipeline products. Cumulatively, increasing number of patent expirations is also presumed to be responsible for extensive indulgence of pharmaceutical corporations into drug development and discovery, resulting in production of wide range of pipeline products. This increasing pipeline of products demands a streamlined workflow of all processes, roles, and activities, leading to efficient clinical data management. All these factors are expected to drive demand for these solutions over the forecast period.
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https://www.grandviewresearch.com/industry-analysis/eclinical-solutions-market
Further key findings from the study suggest:
- CTMS dominated the market by product, capturing a share of 20.6% in 2016 owing to high adoption rate in research trials due to associated benefits such as real-time status tracking, end-to-end management, and maintenance of multiple databases
- eCOA is anticipated to expand at an exponential CAGR of 15.0% during the forecast period as a consequence of rising significance of high-quality clinical information
- Web-hosted solutions held the largest share of 76.84% in the market by delivery mode in 2016 owing to associated benefits such as easy accessibility, usability, and requirement of less investment
- Cloud-based solutions are anticipated to grow at an exponential rate owing to integrated features such as flexibility and high accessibility
- Phase III held a substantial share in the market in 2016 owing to high need for clinical data management software in order to curb overall cost and improve process efficiency
- CROs are expected to exhibit lucrative growth over the future years owing to increase in outsourcing of clinical trials by prominent pharmaceutical and biotechnology companies
- Asia Pacific is anticipated to expand at a lucrative CAGR of over 18.0% owing to developments in the healthcare sector and availability of large patient population for research studies.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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