EClinical Solutions Market Projected To Exhibit Robust CAGR of 14.1% For The Forecast Period From 2024 To 2030: Grand View Research Inc.
A rapid surge in
the research and development activities by numerous pharma and biopharma
companies is influencing the demand growth in eClinical
solutions market.
The increasing application areas of clinical trial software solutions and an
upsurge in government funding to promote clinical research programs are
opportunistic for the industry. Furthermore, the increasing outsourcing of
clinical trials to CROs, escalating clinical research programs in Asian
countries, and the development of cost-effective modules aid in expanding the
market potential. However, the high implementation costs of eClinical solutions
and the lack of awareness of clinical data sciences software in the research
community are likely to hinder the growth of the industry.
The global
eClinical solutions market size is expected to reach USD 22.7 billion by 2030,
growing at a CAGR of 14.1% from 2024 to 2030, according to a new report by
Grand View Research, Inc. Increasing R&D activities by biopharma and pharma
companies, application of software solutions in clinical trials, and expanding
customer base are anticipated to fuel market growth. During COVID-19, clinical
laboratories experienced high demand for COVID-19 tests. Clinical data
management systems assisted these laboratories to seamlessly manage the huge
influx of specimens daily. Technological advancements such as electronic data
capture and Wi-Fi connectivity are projected to drive the market in the
forthcoming years.
Trials and Phases:
Over the last two
decades, ClinicalTrials.gov has held ~75% of the overall clinical trials at a
global level, which showcases the steady increase in new clinical trials
registered every year. In the past 10 years, ~17,000 new clinical trials were
registered annually. Mentioned below are the different phases of clinical
trials:
- Phase I trials are conducted on a small
number of individuals (mostly less than 100); it costs less for
investigators. These trials are performed to determine the tolerability,
safety, pharmacodynamics, and pharmacokinetics of a drug.
- Phase II study enrolls 100–500
volunteers. This study is performed to assess the dosage response and
efficacy of a drug and the short-term side effects of the drug treatment.
Drugs that are identified safe and effective in both Phase I and II
clinical testing are forwarded to Phase III study.
- The Phase III clinical study involves
enrolling 1000–5000 patients across various clinical trial sites. This
phase takes several years to complete. Regulatory authorities require
positive data to justify market approval submission.
- Phase IV clinical trials are conducted to
test the long-term effects of drugs and are required by regulatory
authorities as a condition for approval.
Increasing
research and development activities by biopharma and pharma companies are among
the key factors escalating market growth. Besides, the growing incorporation of
software solutions in clinical trials is also projected to provide a fillip to
the market. The COVID-19 pandemic boosted the adoption of the market, as
companies in the market were investing in better healthcare IT solutions to
help in tackling the pandemic.
𝐆𝐞𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐆𝐮𝐢𝐝𝐞: eClinical Solutions Market
As the demand for
tracking and analyzing clinical data increases, the need for effective clinical
solutions rises. Unmet needs to manage efficient clinical development processes
are poised to boost market growth over the forecast period. Moreover, digital
transformation in the field of clinical trials and preference for data-centric
approaches are providing a tremendous push to the market. Demand for integrated
clinical IT solutions is increasing due to the massive volume of data generated
during clinical development processes. eClinical solutions offer a single
source of information that helps optimize the cost by eliminating redundant
data entry and by reducing on-site verification and source data verification.
Rising awareness regarding these advantages is projected to propel the market.
Technological Landscape and Trends:
Technological
advancements, including easy Wi-Fi connectivity access and electronic data
capture, are driving the market growth. With the surge in demand for analyzing
and tracking clinical data, the demand for effective clinical solutions is also
increasing.
- Digital transformation and shifting
preferences toward a data-driven approach are anticipated to contribute
significantly to market growth in the coming years. The demand for
cohesive clinical IT solutions is increasing owing to the increasing
veracity and volume of data generated during the clinical development
process.
- Consistent software upgradation is
expected to create opportunities for new market entrants. For instance, in
November 2021, Oracle for Research introduced Oracle Open Data, a new
cloud service to accelerate scientific innovation.
- eClinical solutions in clinical trial
workflows deliver enormous growth opportunities in clinical development
processes. These solutions enable enhanced decision-making in every stage
of drug development. They also help reduce cost and time in the
development phase by utilizing seamless designs and determining failing
compounds.
- eClinical solutions provide rapid access
to data and patient safety information, which facilitates quick
decision-making. Easier and faster implementation of changes in the
clinical development process helps sponsors save energy and time. Various
development platforms are available in the market that are used in
clinical trials. The EDC, ECOA, CDMS, Clinical Analytics Platforms,
Clinical Data Integration Platforms, Safety solutions, CTMS, RTSM, and
eTMF are the most commonly used platforms in clinical trials.
The Market at a Glimpse:
According to a
study by Grand View Research, the global eClinical solutions market was
estimated at USD 9.2 billion in 2023 and is projected to grow at a CAGR of
14.1% from 2024 to 2030. The eClinical solutions industry is highly competitive
and a considerable number of companies possess a certain level of dominance
over the global market revenue. The most remarkable market participants include
Oracle Corporation and Medidata Solutions, which occupy a substantial share of
the market owing to their exceptional portfolios. Market leaders are involved
in wide-ranging research for the development of cost-efficient and
technologically advanced eClinical solutions. Subsequently, the introduction of
such cutting-edge technologies is expected to provide this market with
lucrative growth opportunities.
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