The global eClinical solutions market size is expected to reach USD 12.05 million by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 13.6% during the forecast period. Increasing research and development activities by biopharma and pharma companies, rising application of software solutions in clinical trials, and expanding customer base are anticipated to fuel the demand for eClinical solutions.
The eClinical solutions market is estimated to witness phenomenal growth over the forecast period. Technological advancements in the field of clinical trials such as electronic data capture and prevalence of Wi-Fi connectivity are projected to drive the market in coming years. As the demand for tracking and analyzing clinical data increases, the need for effective clinical solutions rises. Unmet needs to manage efficient clinical development process are poised to boost the growth of the market over the forecast period.
Moreover, digital transformation in the field of clinical trials and shifting preference towards data centric approach are providing a tremendous push to the market. Demand for integrated clinical IT solutions is increasing due to massive volume of data generated during clinical development processes. eClinical solutions offer single source of information that helps in optimizing the cost by eliminating redundant data entry and reducing on-site verification and source data verification rate. Rising awareness regarding these benefits is propelling the market.
Adoption of eClinical workflows in trials offer enormous potential in clinical development processes. These solutions can facilitate decision making in each stage of development. It also helps in reducing cost & time between development phase by utilizing seamless designs & identifying failing compounds. In addition, it offers rapid access to data & patient safety information, which is helpful in making quick decisions.
CTMS dominated the product segment in 2016 owing to associated benefits such as centralized end-to-end management of clinical trial activities, elimination of reliance on manual processes, real-time status tracking, and maintenance of multiple databases, which cumulatively improve the overall efficiency of clinical trials
On-premise eClinical solutions are most commonly preferred solutions. The preference for these services is mainly due to complete access to information and have full control within the premise
Key market players are engaged in various strategies such as mergers & acquisitions and new product development to gain market penetration
New product development and strategic alliances including partnership agreements, promotional activities, and acquisitions are instrumental in keeping market rivalry high
For instance, in February 2016, Oracle Health Sciences entered into an agreement with Bayer Healthcare to provide its clinical e-monitoring solutions, Oracle Siebel Clinical Trial Management System, to the latter
eClinical Solutions End-use Outlook (Revenue, USD Million, 2014 - 2025)
Pharmaceutical Biopharmaceutical Companies
Medical Device Manufactures
eClinical Solutions, Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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