The European eClinical Solutions Market is estimated to hike at a CAGR of 12.33% between 2023 to 2028. The market size is expected to be USD 4.58 billion by 2028 from USD 2.56 billion in 2023.
The growing operational cost for drug and vaccine development is one of the key factors propelling the eClinical solutions market growth in Europe. Generally, drug and vaccine development requires high investment throughout their manufacturing. It, therefore, is a complex and expensive task, but despite the high costs, the government is investing more in vaccine development. It is expected to try to produce a vaccine with fewer side effects due to the increasing spread of Covid-19. However, to achieve positive results from research, the experts require previous data collected from several trials of various drugs. This data is stored in the e Clinical software, which helps reduce the time and investment for vaccine development.
In addition, the growing patient population suffering from chronic diseases across the European region is promoting the market’s growth rate. Due to the rise in diseases, researchers focus on developing drugs based on priority. Some chronic diseases such as cancer, diabetes, and cardiovascular cases have been increasing in recent years, which results in an increased mortality rate. Several clinical trials are ongoing to develop drugs for such chronic diseases to reduce the mortality rate and increase the quality of life. However, during the development of the drug, there may be repeated issues or human error while noting down the results in the clinical trials, which results in a delay of the drug and reduces the effectiveness of the research. This error can be avoided using several eClinical solutions, which help the researcher manage the clinical research data during the research lifecycle.
However, the presence of unfavorable reimbursement scenarios across the European region is majorly inhibiting the growth of the Europe eClinical solutions market. High costs associated with the R&D activities and the software impede market growth. Maintenance cost is very high, and regular companies and organizations may need help to afford them. The scarcity of skilled professionals to operate the software also hampers the market growth.
This research report on the European eClinical Solutions market has been segmented & sub-segmented into the following categories:
By Product:
By Delivery Mode:
By Development Phase:
By End-User:
By Country:
Regional Analysis:
The European region is one of the promising regional markets worldwide. It is forecasted to hold decent occupancy in the global market during the forecast period owing to the growing investments by the European governments for clinical trials and an increasing number of product launches. Increasing life science organizations also drives the market forward. Life sciences organizations help in the rise of clinical development. Nearly 75% of the sponsors expect less development time with minimal cost. They also check the previous analysis and development of the medicine to increase their sponsoring investment.
KEY MARKET PLAYERS:
Companies that are leading the European 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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