The Global eClinical Solutions and Software Industry is on the verge of a remarkable expansion, according to a recent market analysis by Future Market Insights (FMI). The market, currently valued at an estimated US$9.3 billion in 2023, is projected to experience a staggering surge to reach a staggering US$29.1 billion by 2033. This phenomenal rise signifies a Compound Annual Growth Rate (CAGR) of 12.1% over the next decade, highlighting the increasing importance of digital solutions in streamlining clinical trials.
Building on a Strong Foundation
This projected growth builds upon a solid foundation of past success. The industry witnessed robust growth between 2017 and 2022, achieving a CAGR of 10.6% and reaching a valuation of US$8.4 billion in 2022. This momentum is expected to continue at an accelerated pace in the coming years.
The driving force behind this extraordinary expansion is the substantial increase in funding for clinical research and life sciences. As financial resources dedicated to these critical sectors continue to grow, the adoption of eClinical solutions and software is expected to witness widespread usage, fueling overall market growth throughout the forecast period
A key catalyst for the industry’s growth is the expanding research and development activities undertaken by biopharmaceutical and pharmaceutical companies. This surge in R&D efforts is set to prompt the widespread utilization of eClinical solutions and software in various clinical trials. Businesses are recognizing the need for comprehensive eClinical platforms that can seamlessly adapt to evolving trial management requirements.
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With the surge in the amount of data produced via the clinical development process, the need for efficient tracking and evaluation of clinical data will also rise. As a result of this, the demand for eClinical solutions and software amplifies in clinical trials which, in turn, supplements the overall market growth. The eClinical solutions and software increase efficiency, and lessen the expenditure, and errors like duplicate entry are avoided due to the use of eClinical technologies. This factor bodes well for the expansion of the Global eClinical Solutions and Software Industry size. Other factors that will aid the market growth are the progress witnessed in the life sciences field and the outsourcing of clinical trials to contract research organizations (CROs). All of these factors propel the Global eClinical Solutions and Software Industry forward during the projection period.
Global eClinical Solutions and Software Industry Key Takeaways:
- High costs and constant maintenance expenditure will prevent the growth of the eClinical solutions and software market during the assessment period.
- Based on the service, the clinical data management systems (CDMS) category will dominate the global market with an estimated share of 22.6% for 2023 and 2033.
- By delivery mode, the web-hosted (on-demand) will lead the market with a share of 67.3%.
- The eClinical solutions and software market in the US will hold about 39.3% of the market share in 2023 due to increasing product launches by key players.
- China’s eClinical solutions and software market will expand at a strong CAGR of 8.7% owing to greater medical needs.
Global eClinical Solutions and Software Industry Competitive Landscape
Oracle, Datatrak International, Inc., CRF Health, eClinicalWorks, Parexel International Corporation, Bioclinica, IBM Watson Health, and Anju Life Sciences Software, among others, are some of the dominant players in the Global eClinical Solutions and Software Industry profiled in the full version of the report.
In an intensely competitive environment, leading market players are concentrating on the swift adoption of advancing technology. These businesses employ various expansion strategies including mergers, collaborations, partnerships, and acquisitions, while also engaging in product development to enhance their market positions.
More Insights Into Global eClinical Solutions and Software Industry
In its latest report, FMI offers an unbiased and detailed analysis of the Global eClinical Solutions and Software Industry, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented based on solution, delivery mode, clinical trial, end-user, and region.
According to the same reports, based on segmentation, the CRO category will make substantial contributions to the overall market growth in terms of end-users. In terms of clinical trials, the phase III segment will account for 46.7% of the global market share in 2023.
Based on region, the Global eClinical Solutions and Software Industry will present strong growth in the US. The target market in this region will account for 39.3% of the market share in 2023 and will likely continue this growth during the forecast period. Favorable government policies and rising funds from the government as well as increasing product launches from key players will push the market forward in the US. Germany and China, too, will make notable contributions to the global growth of the eClinical solutions and software market during the forecast period.
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Global eClinical Solutions and Software Industry Key Players:
- Oracle
- Datatrak International, Inc.
- Dassault Systemes
- CRF Health
- eClinicalWorks
- Parexel International Corporation
- Bioclinica
- eClinical Solutions
- IBM Watson Health
- Anju Life Sciences Software
- ERT Clinical
Key Segments Covered in Global eClinical Solutions and Software Industry Research
Solution:
- Randomization & Trial Management (RTSM)
- Clinical Data Management System (CDSM)
- Clinical Trial Management System (CLMS)
- Electronic Clinical Outcome Assessment (eCOA)
- Electronic Trial Master File (eTMF)
- Electronic Data Capture
- Others
Delivery Mode:
- Licensed Enterprise (On-premise) Solution
- Cloud-based (SAAS) Solution
- Web-hosted (on-demand) Solution
Clinical Trial:
- Phase I
- Phase II
- Phase III
- Phase IV
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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