The global eClinical solutions will grow at a CAGR of 12.24% during the forecast period 2018 to 2023. The market for eClinical solutions is set to reach US$9434.57 million by 2023. As per eClinical solutions analysts, the global market is anticipated to witness growth owing to the factors such as the augmenting healthcare spending on clinical trials as well as the growing R&D by biopharmaceutical & pharmaceutical companies. However, the eClinical solutions will face challenges and restraints due to the shortage of healthcare professionals and the shortage of patients for clinical trials during the forecast period 2018 to 2023.
The growing expenditure in the development of clinical trials in the eClinical solutions will support the growth. As per eClinical solutions analysts, the eClinical solutions based companies will face certain challenges during the forecast period 2018 to 2023. The eClinical solutions research report provides in-depth analysis of the delivery mode, end-user, and clinical trial phase segments. The eClinical solutions research report presents factors such as the threat of security hacks that could slow down the eClinical solutions's growth.
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Segmentation:
The eClinical market can be studied using a segmentation that includes type, clinical trial phase, delivery mode, and end user. These segments are known for their extensive contribution in dealing with a simplified analysis of the market. These segments come with data related to various factors that can have significant impact on the market.
By type, the market for eClinical solutions can be segmented into the electronic clinical outcome assessment (eCOA), clinical data management system (CDMS), randomization & trial supply management (RTSM), electronic trial master files (eTMF), clinical trial management system (CTMS), and trial safety & regulatory. The Clinical Data Management System (CDMS) segment had the maximum market coverage in 2017. However, the Electronic Clinical Outcome Assessment (eCOA) segment has the potential to emerge as the fastest growing segment in the coming years.
By Delivery Mode, the market for eClinical solutions includes cloud-based, web-based, and enterprise-based.
By Clinical Trial Phase, the market includes Phase II, Phase I, Phase III, and Phase IV. The Phase IV segment had the largest market share in the global eClinical solutions market. The end user segment can be segmented into pharma/biotech companies, contract research organizations (CROs), and others. The Contract Research Organizations (CROs) has the leading edge in the global market for eClinical solutions.
Regional Analysis:
The global eClinical solutions market has been geographically segmented into four major regions such as North America, Asia Pacific, Europe, and the rest of the world. The North America region is anticipated to command the largest share in the global eClinical solutions market. Rising demand for technologically advanced solutions in the healthcare sector, easy adoption of advanced technology and increasing number of ongoing clinical trials along with financial support from the government are aiding the growth of the eClinical solutions market in this region. The Asia Pacific region is projecting the fastest growth at the highest CAGR in the global eClinical solutions market during the assessment period. The eClinical solutions market in this region is majorly driven by rapid development of the healthcare sector in the emerging economies and increasing outsourcing of services by the prominent multinational pharmaceutical organizations in this region. Increased investments in research and development in the well-developed healthcare sector are propelling the growth of the global eClinical solutions market. The Middle East and Africa region commands the least share in the global eClinical solutions market owing to the low penetration of advanced technology in the underdeveloped countries of this region.
Competitive Landscape:
Several companies are taking part in pushing the global market for eClinical solutions forward. These companies are PAREXEL International Corporation, ERT Clinical, CRF Health, BioClinica, Inc., DATATRAK International, Inc., Omnicomm Systems, Inc. Oracle Corporation, Medidata Solutions, Inc., Merge Healthcare Inc, and MaxisIT. These companies fetch in substantial strategic deals like merger, acquisition, and others to inspire significant market growth.
In October 2019, Oracle Health Sciences and Phlexglobal announced that they are going to collaborate and take necessary steps to take the global eClinical solutions market out of the bottleneck state.
Industry News
Another new start-up, EClinic24/7, has been purchased for an unexposed volume in the same market. Medlife also holds a chat and video-based consultancy with the merger, as previously offered by telephone. It also helps to attract about a thousand additional physicians to the 3,600 Medlife foundation. In the next year the aim is to recruit almost 10,000 physicians. Acquiring this instrument, his founder and CEO Tushar Kumar said that the company boosts annual sales to about 830 crore during the financial year 19. For FY 18, income was worth €300.
List Of Tables
TABLE 1 GLOBAL ECLINICAL SOLUTIONS MARKET, BY TYPE, 2020–2027 (USD MILLION) 34
TABLE 2 GLOBAL ECLINICAL SOLUTIONS MARKET FOR CLINICAL DATA MANAGEMENT SYSTEM (CDMS), BY REGION, 2020–2027 (USD MILLION) 35
TABLE 3 GLOBAL ECLINICAL SOLUTIONS MARKET FOR RANDOMIZATION AND TRIAL SUPPLY MANAGEMENT (RTSM), BY REGION, 2020–2027 (USD MILLION) 36
TABLE 4 GLOBAL ECLINICAL SOLUTIONS MARKET FOR ELECTRONIC CLINICAL OUTCOME ASSESSMENT (ECOA), BY REGION, 2020–2027 (USD MILLION) 37
TABLE 5 GLOBAL ECLINICAL SOLUTIONS MARKET FOR CLINICAL TRIAL MANAGEMENT SYSTEM (CTMS), BY REGION, 2020–2027 (USD MILLION) 38
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