DUBLIN--(BUSINESS WIRE)--The "eClinical Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The global eClinical Solutions Market is poised to grow at a CAGR of 12.5% during the forecast period, 2022-2027.
Companies Mentioned
- Oracle Corporation
- Clario (BioClinicia Inc.)
- PAREXEL International Corporation (Calyx)
- Veeva Systems
- ERT Clinical
- Covance (LabCorp)
- eClinical Solutions LLC
- Dassault Systemes (Medidata Solutions Inc.)
- IBM
- CRF Health Inc.
- Saama Technologies, Inc.
- Datatrak International Inc.
- Medrio, Inc.
- Castor EDC
- IQVIA Holdings Inc.
Key Market Trends
Clinical Data Management Systems Segment is Expected to Dominate the Market Over the Forecast Period
Clinical Data Management (CDM) is a critical phase in clinical research, which leads to the generation of high-quality, reliable, and statistically sound data from clinical trials. This helps to produce a drastic reduction in time from drug development to marketing.
A major trend driving this segment is the integration of the CDMS with clinical randomization, supply management, trial, and patient recruitment solutions. Companies are also developing their existing eClinical tools for extending the capabilities and further easing the whole clinical trial conduction. For instance, in June 2020, eClinical Solution LLC, a cloud-based enterprise software developer added connectors to the Formedix, Omnicomm, Box, and elluminate, which would allow the users to integrate data from various clinical systems. The volume and variety of clinical data are continuing to grow, with most trials relying on five or more different data sources for their studies.
Furthermore. according to the study titled "A Clinical Data Management System for Diabetes Clinical Trials" published in the Journal of Healthcare Engineering in February 2022, The use of clinical data management systems in diabetes clinical trials appears inevitable, given the complexity of data management processes in diabetes clinical trials and the widespread use of information technologies in research. A clinical data management system is software that aids in the data management process during clinical trials and helps to eliminate errors that can occur when data is managed manually. Thus, the benefits of clinical data management in the clinical trials is anticipated to drive the segment growth over the forecast period.
Thus, the clinical analytics platform is expected to play an important role by providing services such as identifying missed visits and forecasting upcoming future visits, including those for dosing, which have a greater likelihood to be missed based on a variety of data sources.
Asia-Pacific is Expected to be the Fastest Growing Region Over the Forecast Period
Asia-Pacific is likely to register a promising CAGR over the forecast period due to the high unmet medical needs and rising prevalence of chronic diseases such as cancer, cardiovascular conditions, and infectious diseases. The COVID-19 pandemic is expected to significantly affect the development of eClinical Solutions in the region. Due to its high population and better management of the COVID-19 pandemic, countries across the region have been reaping the benefits of investing in eClinical solutions.
An increase in research and development activities by governments is also creating avenues for growth. According to the National Bureau of Statistics of China, in January 2022, the national total R&D expenditure reached CNY 2.79 billion, increasing by CNY 411.13 billion or 14.2% over the previous year. Thus, government funding growth, related to research and drug discovery, is triggering the overall market growth.
Several Indian companies are acquiring, partnering, and launching tools in eClinical solutions to strengthen their position on a global and regional level. For Instance, in August 2020, Quantzig launched a comprehensive portfolio of clinical data analytics solutions to strengthen its market position in the global arena. Such strategies adopted by the key market players further bolster the growth of the market over the projecting period.
Additionally, in February 2022, Castor has reported the launch of a new programme to support clinical research organisations (CROs) and boost the adoption of decentralised clinical trials (DCT). The presence of a large urban population and an increase in diagnostic services are expected to sustain for some time in the Asia-Pacific region. This can drive the number of admissions into hospitals, which, in turn, is expected to increase the amount of data being generated. The presence of major companies in the region is expected to positively affect market development.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Enormous Data Mounting from the Healthcare Industry
4.2.2 Rising Number of Clinical Trials
4.2.3 Government Emphasis on Clinical Research
4.3 Market Restraints
4.3.1 Lack of Awareness and Infrastructure in Developing Countries
4.3.2 High Implementation Costs
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION (Market Size By Value)
5.1 By Product Type
5.2 By Deployment Mode
5.3 By End User
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/wxk8c5
