The Global EClinical Solutions and Software Industry is on the cusp of an impressive transformation, with projections indicating a valuation of US$ 9.3 billion by the end of 2023. This is only the beginning, as the market is anticipated to flourish with a robust Compound Annual Growth Rate (CAGR) of 12.1%. The ambitious goal is to reach a substantial valuation of approximately US$ 29.1 billion by 2033, as revealed in a recent study conducted by Future Market Insights.
Looking ahead, the future holds even greater promise, as forecasts predict a remarkable CAGR of 12.1% from 2023 to 2033, further propelling this market to new heights.
This exceptional growth can be attributed to the surge in funding for clinical research and life sciences, enabling the widespread adoption of eClinical solutions and software. This, in turn, will be a significant catalyst for the overall market’s expansion throughout the forecast period.
The increasing investment in research and development activities by biopharmaceutical and pharmaceutical enterprises will drive the utilization of eClinical solutions and software across a spectrum of clinical trials, fostering substantial market growth. This shift is driven by the necessity for comprehensive eClinical platforms that can seamlessly adapt to the evolving needs of businesses, especially in addressing contemporary eClinical trial management requirements.
In light of these developments, the future prospects for the eClinical solutions and software industry shine brightly in the years to come, offering a compelling narrative of progress and innovation.
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With the surge in the amount of data produced via the clinical development process, the need for efficient tracking and evaluation of clinical data will also rise. As a result of this, the demand for eClinical solutions and software amplifies in clinical trials which, in turn, supplements the overall market growth. The eClinical solutions and software increase efficiency, lessen the expenditure, and errors like duplicate entry are avoided due to the use of eClinical technologies. This factor bodes well for the expansion of the eClinical solutions and software industry size. Other factors that will aid the market growth are the progress witnessed in the life sciences field and the outsourcing of clinical trials to contract research organizations (CROs). All of these factors propel the eClinical solutions and software industry forward during the projection period.
Key Takeaways:
- High costs and constant maintenance expenditure will prevent the growth of the eClinical solutions and software industry during the assessment period.
- Based on the service, the clinical data management systems (CDMS) category will dominate the global market with an estimated share of 22.6% for 2023 and 2033.
- By delivery mode, the web-hosted (on-demand) will lead the market with a share of 67.3%.
- The eClinical solutions and software market in the US will hold about 39.3% of the market share in 2023 due to increasing product launches by key players.
- China’s eClinical solutions and software industry will expand at a strong CAGR of 8.7% owing to greater medical needs.
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Competitive Landscape
Oracle, Datatrak International, Inc., CRF Health, eClinicalWorks, Parexel International Corporation, Bioclinica, IBM Watson Health, and Anju Life Sciences Software, among others, are some of the dominant players in the eClinical solutions and software market profiled in the full version of the report.
In an intensely competitive environment, leading market players are concentrating on the swift adoption of advancing technology. These businesses employ various expansion strategies including mergers, collaborations, partnerships, and acquisitions, while also engaging in product development to enhance their market positions.
More Insights Into eClinical Solutions And Software Industry
In its latest report, FMI offers an unbiased and detailed analysis of the global eClinical solutions and software industry, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of solution, delivery mode, clinical trial, end-user, and region.
According to the same reports, based on segmentation, the CROs category will make substantial contributions to the overall market growth in terms of end-users. In terms of clinical trials, the phase III segment will account for 46.7% of the global market share in 2023.
Based on region, the eClinical solutions and software industry will present strong growth in the US. The target market in this region will account for 39.3% of the market share in 2023 and will likely continue this growth during the forecast period. Favorable government policies and rising funds from the government as well as increasing product launches from key players will push the market forward in the US. Germany and China, too, will make notable contributions to the global growth of the eClinical solutions and software industry during the forecast period.
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Key Players:
- Oracle
- Datatrak International, Inc.
- Dassault Systemes
- CRF Health
- eClinicalWorks
- Parexel International Corporation
- Bioclinica
- eClinical Solutions
- IBM Watson Health
- Anju Life Sciences Software
- ERT Clinical
Key Market Segments Covered in eClinical Solutions and Software Industry Research
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
Delivery Mode:
- Licensed Enterprise (On-premise) Solution
- Cloud-based (SAAS) Solution
- Web-hosted (on-demand) Solution
Clinical Trial:
- Phase I
- Phase II
- Phase III
- Phase IV
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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