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Global Clinical IT Market to Grow at a CAGR of 12.5% over the Forecast Period of 2022-2027.

According to a new report by EMR titled, ‘Global Clinical IT Market Report and Forecast 2022-2027’, the global clinical IT market stood at a value of around USD 5.3 billion in 2020. The market is further expected to grow at a CAGR of 12.5% between 2022 and 2027 to attain a value of USD 10.8 billion by 2026.

The global clinical IT market is being driven by the growing consumer inclination towards technology-friendly e-clinical approach over traditional clinical trial solutions. The growing consumer preference for mobile-based health applications is also aiding the growth of the market. While the United States dominates the clinical IT market globally, the Asia Pacific is expected to be the major emerging market for the product in the forecast period, driven by the growing number of life-science research companies and increased clinical trials in the region.

The growing investment in the R&D sector is resulting in the development of this technology. In August 2020, Oracle Corporation (NYSE: ORCL) joined hands with HCL Technologies Ltd (NSE: HCLTECH) to help life sciences companies execute and scale the next generation of digital clinical trials. This aim will be achieved using the HCL’s available Faster Intelligent Trials (FIT) Solution and Oracle Health Sciences Mobile Health (mHealth) Connector Cloud Service (Oracle mHealth Cloud), reducing the time and cost of drug development. Further, major players are shifting their customer base from mature markets to emerging markets aided by the rising number of life-science research companies in such regions. In September 2020, DATATRAK International, Inc. (OTCMKTS: DTRK), a leading provider of Software-as-a-Service (SaaS) and cloud-based technologies for the life sciences industry, announced that the company is expanding its presence in the Asia Pacific region as NTT Data extends its relationship with Datatrak by including the larger Datatrak Enterprise Cloud for sales in Japan and the growing Asia Pacific market. Such developments are expected to further aid the growth of the clinical IT market globally over the forecast period.

Market Breakup by Type and Region:

  • By type, the global clinical IT market can be divided into clinical data management system (CDMS), clinical trial management system (CTMS), electronic patient reported outcomes (ePRO), electronic trial master file (eTMF), randomization and trial supply management (RTSM), and trial safety and regulatory, among others.
  • Region-wise, the global clinical IT market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global clinical IT market is being driven by the growing need to accelerate clinical trials and provide enhanced clinical solutions at low costs.
  • The increased penetration of smartphones and the internet across the globe is driving the growth of the market globally.
  • Further, the rapid advancement in technology and increased customer demand for convenient and fast services are aiding the industry.
  • The increased adoption of cloud-based technology, coupled with ongoing R&D activities by the major players and government organisations to generate favourable results, is expected to provide further impetus to the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global clinical IT solutions market for the periods (2017-2021) and (2022-2027). 
  • The report offers historical (2017-2021) and forecast (2022-2027) market information for the types and regional markets for the global clinical IT industry.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global clinical IT market are Oracle Corporation, Medidata Solutions, Inc., Parexel International Corporation, Signant Health, Cenduit, LLC, BioClinica, Inc., OpenClinica, LLC and DATATRAK International, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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