In 2023, the estimated value of the global eClinical solutions and software market is approximately US$ 9.3 billion. However, it is projected to grow at a CAGR of 12.1% and reach a valuation of US$ 29.1 billion by 2033. The market witnessed a CAGR of 10.6% from 2017 to 2022, with a value of US$ 8.4 billion in 2022.
One of the major factors driving the growth of the eClinical solutions and software market is the increase in funding for clinical research and life sciences, which is expected to boost the usage of eClinical solutions and software, thus promoting market growth in the forecast period. Furthermore, the expansion of research and development activities by pharmaceutical and biopharmaceutical companies is also expected to drive the market growth as many of these companies require a comprehensive eClinical platform to address contemporary eClinical trial management needs.
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The need for efficient tracking and evaluation of clinical data is also expected to fuel the demand for eClinical solutions and software. This is because the clinical development process produces a large amount of data, which requires effective management. The use of eClinical technologies in clinical trials can increase efficiency, reduce costs, and eliminate errors such as duplicate entry, further driving the market growth.
Other factors that are expected to contribute to the growth of the eClinical solutions and software market include advancements in the life sciences field and the outsourcing of clinical trials to contract research organizations (CROs). These factors are expected to propel the market forward during the projection period. Overall, the prospects for the eClinical solutions and software market are bright in the coming years.
Key Takeaways:
- During the assessment period, the eClinical solutions and software market will be hampered by high expenditures and ongoing maintenance expenses.
- The clinical data management systems (CDMS) category will dominate the global market based on service, with an anticipated share of 22.6% between 2023 and 2033.
- By delivery mode, web-hosted (on-demand) will command 67.3% of the market.
- Due to increased product launches by key players, the eClinical solutions and software industry in the United States will account for around 39.3% of the market in 2023.
- Due to increased medical needs, China’s eClinical solutions and software industry will grow at an 8.7% CAGR.
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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 Market
FMI has recently released a comprehensive report on the global eClinical solutions and software market, providing a detailed analysis of historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. The report includes segmentation based on solution, delivery mode, clinical trial, end-user, and region to provide a complete understanding of the market potential, growth, and scope.
According to the report, the CROs category is expected to play a significant role in the overall market growth in terms of end-users. Additionally, the phase III segment is projected to hold 46.7% of the global market share in 2023 in terms of clinical trials.
In terms of region, the US is expected to exhibit strong growth in the eClinical solutions and software market, accounting for 39.3% of the market share in 2023 and continuing to grow during the forecast period. This growth is attributed to favorable government policies, rising funds from the government, and increasing product launches from key players. Germany and China are also expected to make notable contributions to the global growth of the eClinical solutions and software market in the coming years.
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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
End User:
- Contract Research Organization
- Medical Device Companies
- Pharma/Biotech Companies
- Hospitals & Clinics
- Others
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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