eClinical Solutions Market: Description

eClinical is a term that is used within the biopharmaceutical domain. eClinical Solutions manage the clinical technologies and expertise that facilitates the acceleration of the clinical development process. The increase in research and development activities by the biopharma and pharma companies is one of the key trend that escalates the market growth. eClinical solutions are software and applications, used for management of clinical trials and clinical research. The software helps to manage, maintain, record data, and track deadlines. The increase in focus of pharma and biopharma companies on novel drug development for treatment of various chronic disease is the major factor that drives the market growth of eClinical solutions.

Source: WMR

eClinical Solutions Market: Overview

The global eClinical solutions market size was estimated at USD 7,200 million in 2022 and is expected to be valued at USD 21,800 million in 2033 expanding at a compound annual growth rate (CAGR) of 13.6% during the forecast period.

Growing investment in life sciences and clinical research ensures the adoption of eClinical solutions market. This growing investment will raise the demand and boost the market expansion over the forecast period. The growing demand for global clinical trials and the requirement for quality auditing will increase the market value. Also, a rise in government funding grants for clinical trials is one of the major factors that contribute to the eClinical solutions market revenue.

Source: WMR 

The funding grant speeds up the development and implementation of various exploratory clinical trials on health-related outcomes. One of the major barriers that hampers the growth of the eClinical Solution Market demand is the high implementation and maintenance cost of eClinical solutions. For instance, the enterprises that affects the software on premise are responsible for the ongoing costs of the power consumption and server hardware. Additionally, the maintenance with upgradation of software as the vendors also continuously develops new enhancements to the software, incur huge costs that hinders the industry growth. Therefore, high cost of implementation and maintenance of such solutions will restrain the market growth of eClinical solutions.

Enormous data mounting from the healthcare industry, a rising number of clinical trials, and government emphasis on clinical research are the major factors that drive the growth of the market. The costs and risks which are associated with developing new therapeutics are majorly related to drug trials that continue to rise. This trend is majorly going to gain momentum with the arrival of personalized medicines and the proliferation of virtual pharma companies that emerges as entities without the traditional large-scale pharma capabilities. In low- and middle-income countries, healthcare infrastructure has faced many challenges in providing high-quality, affordable, and universally-accessible care. In response to this, policy-makers, donors, and program implementers are also searching for innovative approaches in order to eliminate the geographical and financial barriers to healthcare sector. eClinical solutions are expected to fill this gap and help in providing quality healthcare in remote locations. Also, amid the pandemic, healthcare systems are stretched and eClinical solutions are being utilized to provide logistical support in the distribution of essential services.

eClincal Solutions Market: Key Trends

·         Growing demand for management of large datasets in phase III will increase the uptake of eClinical solutions

Phase III segment in the eClinical solutions market has accounted for USD 3 million during the forecast years. An Increase in demand for randomization solutions to evaluate the new treatment with the existing treatment in the phase will help in the market expansion in the near future. Additionally, phase III clinical trials demonstrate and confirm the preliminary evidence that is gathered in the previous trials where drug is safe, beneficial and offers effective treatment for the intended indication. Therefore, phase III requires large number of participants in order to determine the effectiveness of the drug, which will ultimately create demand for data management solutions, that will help in influencing the growth.

·         Clinical Data Management Systems is expected to dominate the market

Many pharmaceutical and biotechnology companies are investing significantly in eClinical Solutions market. Numerous organizations are operating in this field that are conducting clinical trials for vaccines and treatments against COVID. Clinical trial activities include, recruitment, retention, delivery of interventions, and data collection that have been conducted using conventional methods, such as, face to face, physical form filings, and others. With the adoption of electronic medical records, a growing amount of data is generated through automated medical equipment and monitoring devices. The clinical analytics platform is projected to play an important role by providing services, such as identifying missed visits and forecasting upcoming future visits that includes those for dosing and have a greater likelihood to be missed, as based on a variety of data sources.

One of the major contributing factors to the eClinical solutions market revenue is the rise in government funding grants for clinical. The funding grant helps in the growth of the developments and implementation of various exploratory clinical trials on health-related outcomes. The average cost of software ranges from USD 600 to USD 6,000 per year. The implementation cost of clinical trial management system (CTMS) costs around USD 1,000 per month. This, high cost of implementation and maintenance of such solutions can restrain the market growth of eClinical solutions.

Impact of COVID-19 on the eClincal Solutions Market

The COVID-19 pandemic has helped to boost the adoption of the market. The companies in the market are investing in better healthcare IT solutions that helps in tackling the pandemic. Various companies are developing analytical-based software in order to manage the impact of COVID-19 on their on-going trials. These analytics provide trial managers with the real-time clinical and operational insights that are needed to proactively manage the impact of COVID-19 on patient safety and data quality. Illuminate COVID-19 Analytics also helped to increase oversight and regulatory compliance. Therefore, COVID-19 pandemic had minimal effects on the industry.

Global eClinical Solutions Market: Segmentation Analysis

On the basis of Product Type

·         Pacemakers

·         CDMS/EDC Solutions

·         CTMS Solutions

·         eCOA

·         RTMS Solutions

·         Safety Solutions

·         Analytics and Reporting Platforms

·         Integration Platforms

·         eTMF

·         Others

On the basis of Delivery Mode

·         Web- Hosted (on- demand) Solutions (WHS)

·         Licensed enterprise (on-premise) solution (LES)

·         Cloud-based (saas) model

The web-hosted (on-demand) solution due to various advantages associated with WHS solution exceeded USD 3million during the forecast years. These solutions have maintained client data on cloud server instead of in-house servers which is located within the facility. The client can also access the data through web and it only requires computer hardware with an internet connection. Thus, this will increase the demand for such solutions that will upsurge the industry expansion.

Source: WMR

On the basis of clinical trials phase

·         Phase I

·         Phase II

·         Phase III

·         Phase IV

eClinical Solutions Market: Regional Segmentation

Emerging economies that include North America, Europe, Asia Pacific, Latin America, Middle east and Africa are set to collect most of the growth in eClinical Solutions Market. North America eClinical solutions market size has accounted for strong foothold of major pharma and medical device companies. It holds the largest share revenue of the market. Extensive drug development activities in this region further impels the adoption of eClinical solutions market to manage the data volume.

The growing clinical research activities in U.S. and rapid shift from manual data elucidation to real-time data analysis during clinical studies further accelerates the market revenue. Also, there is an increasing concern regarding the efficient management of large and confidential data volume that can increase the usage of eClinical solutions and boost market demand.

eClincal Solutions Market: Competitive Landscape

The eClinical solutions market is highly competitive and is growing at a fastpace due to great technology adoption and smaller and mid-sized sponsors. The major players include DATATRAK International, Inc., Oracle Corporation, Parexel International Corporation, Dassault Systemes, Bioclinica Inc., CRF Health, ERT Clinical, eClinicalWorks, IBM Watson Health, Anju Life Sciences Software, eClinical Solutions Inc., Medidata Solutions, Inc., Signant Health, MaxisIT Inc., Bio-Optronics, Inc., Merge Healthcare Incorporated, OmniComm Systems, Inc., and Others.  

Report Scope

eClinical Solutions Market Forecast Years: 2023-2033

eClinical Solutions Market Historical Years: 2020-2021

eClinical Solutions Market 2022: USD 7.2 Million

eClinical Solutions Market 2033: USD 21.8 Million

eClinical Solutions Market CAGR: 13.6%

Key Segments: Product type; Delivery Mode; Clinical Trial Phase; End Users

Key Regions: North America; Europe; Asia Pacific; Middle east and Africa; Latin America

Key Players: DATATRAK International, Inc., Oracle Corporation, Parexel International Corporation, Dassault Systemes, Bioclinica Inc., CRF Health, ERT Clinical, eClinicalWorks, IBM Watson Health, Anju Life Sciences Software, eClinical Solutions Inc., Medidata Solutions, Inc., Signant Health, MaxisIT Inc., Bio-Optronics, Inc., Merge Healthcare Incorporated, OmniComm Systems, Inc., and Others.