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The global eclinical solutions market is expected to value USD 21.8 billion by 2030, exhibiting a CAGR of 13.6% from 2022 to 2030. Steady growth in the industry may be accredited to the rising cost of operations and changing regulatory needs across the globe with regard to clinical research studies, public grants to support clinical studies, and new policies, along with the growing need for R&D on drug development by pharma-biotech giants.
Notably, eClinical solutions are software and applications used for the efficient management of clinical research and studies. The various software under the umbrella of eClinical solutions helps in maintaining, managing, and recording data along with tracking deadlines, among a number of other features. Various eClinical solutions constitute randomization and trial supply management, clinical trial management systems (CTMS), and clinical data management systems, among others.
Strict rules with regard to clinical trials along with the need for safety monitoring have played a crucial role in propelling the adoption of eClinical solutions, primarily in developed countries like the U.S. For example, the National Institutes of Health and the U.S. Department of Health and Human Services have set strict rules on clinical trial regulation requirements.
The coronavirus pandemic has positively influenced industry growth since most biotechnological and pharmaceutical enterprises were carrying out R&D activities to develop a reliable and effective COVID-19 vaccine. Moreover, due to the pandemic, a number of clinical trials adopted a virtual or hybrid working model leading to considerable demand for eClinical solutions.
The clinical study industry is making a shift towards digital ways of working, and the outbreak of COVID-19 is likely to accelerate this trend and offer long-term changes to conventional trial management norms. With the virtual and remote working scenario working out to be beneficial for eClinical solution industry, it will prove to be beneficial for all the market players.
In terms of product, CTMS has showcased the highest adoption rate due to the growing need for high-quality clinical data that provide necessary details. Some of the advantages of CTMS solutions include— allowing real-time management of multiple clinical studies, efficient IP inventory management, enhanced operational efficiency, real-time monitoring, and scheduling of sites, and allowing sponsors to efficiently manage their studies and gain real-time data.
Along similar lines, electronic data capture or EDC is increasingly being used to analyze and collect trial data in an electronic format. Hence, EDC lowers the time to collect information and increases data accuracy for drugs and medical drug studies. With the growing adoption of clinical trials, this segment is likely to gain consistent prominence through the biopharma and pharmaceutical sectors.
Considering the mode of delivery, the web-hosted (on-demand) segment has witnessed considerable adoption owing to various advantages linked with the solution like easy usability, need for relatively lower investments, and accessibility. Additionally, web-hosted products are customizable as they can be personalized for different customer groups, positively influencing market growth. In addition to this, these products are capable of maintaining client data on a cloud server which is easily accessible via the web and requires only computer hardware along with internet connectivity.
End-user-wise, contact research organization (CRO) has witnessed commendable traction owing to its rising availability in the market. Additionally, the growing outsourcing of clinical studies to reduce the expenses of R&D by pharmaceutical companies will continue to boost market growth. The increasing use of eClinical solutions in research activities has broadened the scope of the segment. The benefits of outsourcing clinical studies to CROs comprise improved productivity, increased efficiency of services, cost advantages, and increased focus on core areas of development that is integral to the company’s growth.
Regionally speaking, North America has emerged as a profitable revenue pocket for eClinical solutions providers due to a strong foothold of leading pharmaceutical and medical device companies. Additionally, the availability of a robust infrastructure will continue to boost the business landscape. The launch of new products by eClinical solution vendors and rising funding from the government will continue to drive the market. The high number of clinical research activities in the U.S. along with rising concern about the effective management of large and confidential data volume will support the adoption of eClinical solutions and boost the regional market scope.
Countries in APAC region are also emerging as key outsourcing destinations for clinical studies mainly due to the presence of a large and diverse population, high chronic illness prevalence, and easy availability of low-cost outsourcing services. A considerable number of clinical trials are outsourced to Asian countries like India and China. The rising number of pharmaceutical companies in developing Asian countries like India, China, Taiwan, and Korea has also opened growth opportunities for the eClinical solutions market in the region.
Research Support Specialist, USA