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Global eClinical Solutions Market to Grow at a CAGR of 12.69% During 2021-2026, Driven by the Increasing Investments in Research and Development Activities and Clinical Trials

According to a new report by EMR titled, ‘Global eClinical Solutions Market Report and Forecast 2021-2026’, the market attained a value of about USD 6.5 billion in 2020. The industry is further expected to grow at a CAGR of 12.69% in the forecast period of 2021-2026 to reach a value of USD 13.3 billion by 2026.

The increased government investments in clinical trials are driving the growth of the eClinical solutions industry. The global market for eCinical solutions is expected to witness a robust growth in the forecast years. The researchers are preferring innovative eClinical solutions because they offer improved efficiency in clinical trials. The technology driven solutions help enhance productivity and streamline research workload with higher cost efficiency compared to conventional methodologies. It further helps to boost the speed of clinical trials, which remained the key area of focus amid the COVID-19 crisis. Apart from being cost-effective, they provide accurate results in comparison to conventional methods for clinical tests.

The rapid advancements in technology and increasing innovations in the life sciences industry are expected to significantly drive the demand for eClinical solutions. They provide unique and high-quality solutions for the efficient collection, standardisation, reporting, and role-based utilisation of clinical research data.  For instance, in September 2019, DATATRAK International, Inc (OTCMKTS: DTRK) announced to expand its presence in the Asia Pacific region by building upon a 10-year partnership with NTT Data. In another case, in February 2019, Oracle (NYSE: ORCL) announced to integrate with Quorum to speed up clinical trials through advanced solutions. Such developments are expected to contribute to the industry growth in the forecast period.

Market Analysis by Product, Delivery Mode, Development Phase, End Use, and Region:

  • The market on the basis of product can be divided into electronic clinical outcome assessment, electronic data capture and clinical data management systems, clinical analytics platform, clinical data integration platform, safety solutions, clinical trial management systems, randomisation and trial supply management, and electronic trial master file.
  • Based on delivery mode, the industry can be divided into web-hosted, licensed enterprise, and cloud-based.
  • The different development phases of eClinical solutions include phase I, phase II, phase III, and phase IV.
  • On the basis of end use, the market can be segmented into hospitals, contract research organisations, academic institutes, pharma and biotech organisations, and medical device manufacturers.
  • The regional markets for eClinical solutions include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing investments in clinical tests, especially after the COVID-19 outbreak, are driving the market growth.
  • The growing innovations by the manufacturers and increase in research and development activities are aiding the market.
  • The favourable government regulations to support clinical trials are significantly contributing to the market expansion.
  • The growing technological advancements in the medical sector are leading to the growth of the industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for eClinical solutions for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the products, delivery modes, development phases, end uses, and regions of eClinical solutions.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global eClinical solutions market are Oracle, PAREXEL International Corporation, Medidata Solution, Inc., Bioclinica, DATATRAK International, Inc., and CRF Health, 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 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 strive 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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