The global eClinical solutions market size is expected to reach USD 13.73 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to progress at a CAGR of 13.7% 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.
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 eClinical solutions 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 single source of information that helps optimize the cost by eliminating redundant data entry and by 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 offer enormous potential in clinical development processes. These solutions can facilitate decision making in each stage of development. It also helps reduce cost and time between development phase 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) solution for core administration and digital engagement to healthcare payers.
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https://www.grandviewresearch.com/industry-analysis/eclinical-solutions-market
Further key findings from the study suggest:
- CTMS led the product segment in 2018 owing to benefits of the product 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
- On-premise are most commonly preferred eClinical solutions, mainly due to the ability to get complete access to information and full control within the premise
- Key players operating in the eClinical solutions market are 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
Access press release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-eclinical-solutions-market
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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