The global eClinical market size was worth USD 5.6 Billion in 2019 and is expected to grow with a CAGR of 13.2% from 2020 to 2025.
eClinical in clinical research is a word used to refer to electronic applications; they are used to remove manual, ad hoc, or paper-driven methods. eClinical technologies are a combination of technology, products, and services that work together as solutions to simplify the management or conduct of clinical trials. There are various types of eClinical technologies, such as Clinical Data Management Systems (CDMS), CTMS (Clinical Trials Management System), Randomization and Trial Supply Management Systems, e-PRO (Electronic Patient-Reported Outcome System), Electronic Trial Master File (eTMF), and other common forms of electronic solutions typically used in clinical trials.
The amount of clinical trial data is expanding rapidly as clinical trials continue to grow in complexity and global reach. It is important to handle these data requirements. Implementing eClincal technology in a study helps us in several ways, such as real-time data access, clean data at any given point of time, an immediate resolution to queries, locking patient data when clean. It is also possible to substantially reduce the Last Patient Last Visit - Database Lock timelines (i.e.) from normal 8 to 10 weeks for paper studies to three to four weeks for an EDC.
MARKET DRIVERS:
The growing demand by pharma and biopharmaceutical companies for software solutions for clinical trials, the expansion of research and development, the growth in government funding to fund clinical trials, and the increase in the number of e-clinical solution customers are expected to fuel the growth of the global eClinical solutions market growth during the forecast period.
Pharmaceutical, life sciences, clinical research, and biopharmaceutical companies are increasing their spending to develop therapies for diabetes, cancer, and AIDS, fueling the growth of the e-clinical solutions market. For instance, every year, the Australian medicine industry invests more than $1.0 billion in pharmaceutical research and development. The rising prevalence of chronic and lifestyle-related diseases and the growing geriatric population are propelling the e-clinical solutions market forward. As a result, the number of drugs in development increases, leading to an increase in clinical trials. Countries like China, India, and Poland have become common destinations for clinical trials among pharmaceutical companies to have a large pool of patients and reduce costs.
Moreover, factors such as the presence of a large population, increasing customer base, low operating costs, and transfer of resources are further adding a significant boost to the growth rate of the market. The growth of the CRO companies is expected to favor the eClinical solutions market, especially in the Asia Pacific countries. Because of a large population and low service prices, emerging markets, including Korea, China, Taiwan, and India, have become pleasing destinations for outsourcing clinical trials. With the growing number of CROs and life sciences organizations, the increasing trend of outsourcing clinical trials to contract research organizations (CROs) is poised to help the industry gain considerable momentum in the coming years is expected to drive the eClinical solutions market.
MARKET RESTRAINTS:
The e-clinical solutions market is hampered by factors such as a long approval period for clinical trials, a shortage of broadband facilities and IT professionals in remote areas, high implementation costs, and less-skilled human resources. For example, companies that install software on their own servers are responsible for electricity and server hardware's ongoing costs. Furthermore, because vendors constantly develop new upgrades to the product, software maintenance and up-gradation incur huge costs that will hinder market development.
MARKET OPPORTUNITIES:
The growing use of cloud technologies in the development of e-clinical suits and the growth of clinical research in emerging economies present opportunities for players looking to invest in the e-clinical solutions market. Clinical trials are becoming more common in developed countries due to the large number of patients available, low operating costs, and higher recruitment rates. This provides key players with more opportunities. The demand for e-Clinical solutions in Asia-Pacific is expected to develop at a CAGR of 12.9 percent until 2027. The APAC area demand will see enormous growth opportunities due to efficient clinical data and process management tools.
MARKET CHALLENGES:
However, increased competition, high drug development costs, a more restrictive regulatory environment, and a lack of awareness among researchers about the benefits of e-clinical solutions could slow the growth of the e-Clinical solutions market. Limited adoption of e-clinical solutions in developed countries and patient privacy could challenge the market's growth.
Impact of COVID-19 on the global eClinical Solutions Market:
The COVID-19 pandemic created an inflection point for the eClinical solutions market. Most pharmaceutical and biotechnology companies have based their R&D activities on helping to improve the COVID-19 vaccine. In the battle against COVID-19, several businesses have invested a significant number of resources in the use of analytics. Historically, clinical trial tasks used to be carried out by traditional approaches such as 'face-to-face', physical form filings, and so on, including recruitment, retention, implementation of treatments, and data collection.
Dramatic improvement has been observed in the covid-19 pandemic in terms of clinical trials being carried out with e-technologies. Researchers are now using electronic methods for various clinical trial tasks, such as designing protocols, engaging with research workers, randomizing participants, collecting data, and reviewing outcomes. The pandemic of COVID-19 is predicted to have a major impact on the region's production of eClinical Solutions. As a result of its high population and better control of the COVID-19 pandemic, the benefits of investing in eClinical solutions have been earned by countries across the region.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Product, Delivery Mode, Development Phase, End-User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global eClinical solutions market has been segmented and sub-segmented based on the product, delivery mode, development phase, end-user, and region.
eClinical Solutions Market – By Product:
Based on the product type, the Electronic Clinical Outcome Assessment (eCOA) segment is expected to grow faster during the forecast period. This sub-segment helps maintain quality and is now being incorporated with patient-reported, clinician-reported, and observer-reported outcomes. This method also helps in effective data analysis and thus is boosting the growth of the market. The increase in the number of patients suffering from various diseases is a major driving factor for this market. The need to integrate patient care with clinical research studies is the need for today’s healthcare system and will boost this segment.
The Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS) had the largest market share in 2019 and are expected to grow at a reasonable rate during the forecast period. The rise in the prevalence of diseases and the increasing geriatric population, and improving healthcare service standards will improve the segment growth.
eClinical Solutions Market – By Delivery Mode:
Based on the delivery mode, the web-hosted sub-segment had the largest revenue share in 2019. The main factor contributing to this sub-segment is easy accessibility, usability, and lower investments required for the service. The facility to customize the reports based on different groups is another feature with a positive impact.
The cloud-based sub-segment is expected to grow with the highest CAGR during the forecast period. The main reason responsible for the growth is flexibility and increased accessibility, along with negligible additional costs. The development of internet technology will drive the growth of the market. They also provide high-quality information for risk-based monitoring and thus are very helpful.
eClinical Solutions Market – By Development Phase:
Based on the development phase, the Phase III segment dominated the market in 2019 in terms of revenue and is expected to retain its position during the forecast period. Reducing costs and improving process efficiency are the major factors driving the growth of this sub-segment. Phase III involves studying the efficacy of a drug by using more than 1,000 patients, which increases the complexity of the process and increases the demand for ECloud Solutions.
Phase I is expected to grow at the fastest rate in the future. The main reason is that the system's ability to predict the future of potential and eliminate the drugs with low success is the primary factor. A large number of trials, along with the need to manage and monitor the data, will increase the revenue of these sub-segments.
eClinical Solutions Market – By End-User:
Based on the end-user, the CROs segment had the largest market share in 2019 and is expected to grow fastest during the forecast period. The growing interest of pharma companies to reduce the cost is a major responsible factor. The rising usage of eClinical solutions is further supporting the segment growth. Increased efficiency of services and enhanced productivity will positively impact the market.
Pharmaceutical and biotechnology companies are expected to grow at a reasonable rate. The companies use Eclinical solutions during clinical trials. The increasing demand for drugs due to the growing population will increase clinical trials and positively impact the global market.
eClinical Solutions Market – By Region:
Geographically, it has been estimated that the North American market dominates the global eClinical solutions market, followed by Europe. The rising number of clinical trials being carried out in the area is one of the main factors attributable to the growth of the North American market. Intensive R&D activities resulting in the production and launch of new drugs, growing government grants for clinical trials, and the increasing prevalence of clinical trials are some other factors affecting the growth of the industry, diseases, of lifestyles. Furthermore, increased healthcare facilities supported by increased investments from government and private companies will grow the market. The rise in population and the development of technology will help in expanding the market.
The European market had the second largest market share due to the increasing geriatric population with the prevalence of diseases. Rising government initiatives and high standards of healthcare have positively impacted market growth.
The Asia Pacific market is expected to see rapid growth in the global market in terms of growth rate. These factors rising involvement of emerging economies in clinical trials is expected to drive market growth. The increase in population in India and China had increased the demand for more drugs to treat more people, and it has led to a more significant number of trials and thus improving the growth of the market.
KEY MARKET PARTICIPANTS AND SHARE INSIGHTS:
Key companies dominating the global eClinical Solutions Market profiled in this report are Oracle Corporation, Medidata Solutions, Inc., Parexel International Corporation, Bioclinica, Inc., Datatrak International, Inc., CRF Health, ERT Clinical, Merge Healthcare Incorporated, Omnicomm Systems, Inc., Maxisit Inc., Bio-Optronics, Inc., and Eclinical Solutions, LLC.
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