Rising operational costs and compliance requirements associated with clinical scientific studies, financial support for clinical trials, and significant R&D expenditure on drug development by pharma-biotech companies are some of the key factors fueling the demand for eClinical solutions market globally. Biopharma and pharma companies expanding their R&D operations is one of the major factors driving the eClinical solutions and software market size. Aside from that, the growing use of software solutions in clinical trials is expected to benefit the industry.
As the volume of data generated during clinical development processes increases, so does the demand for clinical data analysis and management. As a result, the use of eClinical solutions market in clinical trials is increasing. Furthermore, by eliminating redundant data entry, eClinical technologies improve site performance, increase clinical trial efficiency, and reduce costs. As a result of the aforementioned factors, the eClinical solutions and software market is expected to grow.
Furthermore, the rapid use of eClinical solutions such as RTSM to enrol and randomise patients, as well as effective trial medication supply management, are expected to increase eClinical solutions market revenue. eClinical solutions market help researchers organise, standardise, and manage clinical research data and information throughout the research lifecycle. Several integrated eClinical solutions (such as CTMS and CDMS) provide clinical researchers with end-to-end clinical trial operations solutions. These programmes, however, are expensive and premium-priced.
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Installing and maintaining eClinical systems costs around USD 2 million, with additional costs for technical support for cloud-based solutions. The high costs of advanced eClinical software systems are expected to limit their ideal acceptance among price-sensitive and small-sized end customers like pharma-biotech companies, independent researchers, and CROs. According to a global study on eClinical solutions market, Asian countries are emerging as significant outsourcing destinations for clinical trials due to the presence of a large and genetically diverse population, high illness prevalence, and low-cost outsourced services. Clinical trials are frequently outsourced to CROs in China and India. The growing number of databases shared by research institutions, CROs, collaborators, and software companies increases the risk of data leakage.
Key Market Segments of eClinical Solutions and Software
By Solution:
- Randomization & Trial Management (RTSM)
- Clinical Data Management System (CDSM)
- Clinical Trial Management System (CLMS)
- Electronic Clinical Outcome Assessment (eCOA)
- Electronic Trial Master File (eTMF)
- Electronic Data Capture
- Others
By Delivery Mode:
- Licensed Enterprise (on-premise) Solution
- Cloud-based (SAAS) Solution
- Web-hosted (on-demand) Solution
By Clinical Trial:
- Phase I
- Phase II
- Phase III
- Phase IV
By End Use:
- contract Research Organization
- Medical Device Companies
- Pharma/biotech Companies
- Hospitals & Clinics
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Key Takeaways
· Based on the stage of the clinical trial, the eClinical solutions and software market is divided into four phases: phase I, phase II, phase III, and phase IV. The Phase III category generated USD 3,383.2 million in market revenue in 2021, with similar trends expected from 2021 to 2027. As more medications reach phase III, segmental growth will accelerate, driving demand for eClinical solutions and software.
· Bioclinica and IKCON PHARMA Partner to Deliver Best-in-Class eClinical Solutions to Pharma Industry/Sponsors on January 13, 2021— Bioclinica, an integrated solutions provider of clinical life science and technology expertise, today announced a collaboration with IKCON PHARMA, a Clinical Research Organization (CRO) & technology services company. As part of the agreement, IKCON PHARMA will have access to Bioclinica's Interactive Response Technology (IRT) and Electronic Data Capture (EDC) platform to assist its customers with clinical protocol implementation and support.
· The contract research organisation (CRO) market is expected to grow at a steady CAGR of around 12.5 percent during the analysis period. The high segmental growth rate can be attributed to the increasing number of CROs on the market.
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Competitive Landscape
· Companies in the eClinical solutions and software market are expected to benefit from business strategy adoption because it will allow them to grow.
· Among the market leaders in the eClinical solutions sector are Oracle Corporation, PAREXEL International, Medidata, Clario, Merge Healthcare (IBM), Datatrak Int, and ALTEN Group (Axial). New service launches, partnerships, and collaboration are the most commonly used business strategies to maintain market position.
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