eClinical Solutions Market Size, Share & Growth Report 2031

Report Description

eClinical Solutions Market Outlook 2031

The global eClinical solutions market size was valued at USD 7.92 Billion in 2022 and is likely to reach USD 26.16 billion by 2031, expanding at a CAGR of 14.2 % during the forecast period, 2023–2031. The market growth is attributed to the increasing government grants to support drug discovery & development and a large number of ongoing clinical trials.

Rising adoption of eClinical solutions for the management of clinical trial documentation is driving the market. The growing demand for efficient data management in clinical trials and rising R&D expenditure by pharmaceutical & biotechnology companies for drug development is expected to fuel the market. These solutions help streamline the clinical trial process by providing tools for data capture, management, and analysis. For instance,

• On February 18, 2021, a survey conducted by Informa Engage on behalf of Oracle, with 252 clinical research professionals as respondents, states that the clinical trial teams have enhanced the implementation of decentralized trial methods by 76%. Nearly half of the respondents are exploring new vendors to aid in the process. Furthermore, the survey found that 64% of the participants have combined patient-facing technologies or alternatives to in-clinic visits.

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The research report finds that the COVID-19 pandemic propelled the eClinical solutions market. The novel Coronavirus disease increased the adoption of virtual clinical trials, which rely heavily on these solutions. These trials enabled remote data collection, monitoring, and analysis, reducing the need for in-person interactions and minimizing the risk of exposure to the virus. This led to an increased demand for eClinical solutions that support virtual trials.

eClinical solutions enabled patients to monitor their health remotely and share data with healthcare providers, reducing the need for in-person visits. This led to an increased demand for eClinical solutions that support remote patient monitoring.

Artificial Intelligence Impact on eClinical Solutions

Artificial Intelligence (AI) has a significant impact on the eClinical solutions market. AI has the potential to revolutionize these solutions by improving data analysis, patient recruitment, trial design, safety monitoring, personalized medicine, regulatory compliance, and overall efficiency. It has the capability to accelerate drug development processes, enhance patient care, and drive innovation in the field of clinical research. For instance,

• In August 2023, eClinical Solutions, a global provider of biometrics services and digital clinical software, expanded its artificial intelligence (AI) and machine learning (ML) capabilities in the Elluminate IQ (eIQ) review. This delivers quality and increased efficiencies to clinical data management.

AI technologies, such as machine learning and natural language processing, analyze large volumes of clinical trial data quickly and accurately. This enables researchers and clinicians to gain deep insights and identify patterns through traditional methods. AI helps to uncover hidden correlations, identify potential adverse events, and predict patient outcomes. Considering all these factors, the emergence of AI in eClinical solutions is expected to foster the market.

eClinical Solutions Market Dynamics

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Major Drivers

Increasing demand for personalized medicine is expected to drive the eClinical solutions market. Personalized medicine requires a targeted and precise approach to clinical trials, which is facilitated by these solutions. Moreover, the rising prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases, is propelling the demand for eClinical solutions. Clinical trials are crucial in the development of new treatments for these diseases.

Existing Restraints

High implementation and maintenance costs associated with eClinical solutions are major restraints for small and medium-sized enterprises. These costs include licensing fees, hardware costs, and training expenses. Furthermore, data security is a major concern in the market. Clinical trial data is highly sensitive and needs to be protected from unauthorized access or breaches.

The lack of skilled professionals, in operating and managing eClinical solutions is a major challenge for the market. The shortage of skilled professionals leads to delays in the implementation of these solutions.

Emerging Opportunities

Growing advancements in technology are expected to create lucrative opportunities in the market. The eClinical solutions market is expected to benefit from technological advancements, such as artificial intelligence (AI), machine learning (ML), and blockchain. These technologies help to improve the efficiency and accuracy of clinical trials.

Emerging markets in countries such as India, China, and Brazil are expected to create significant opportunities for the market. These countries have a large patient population and are investing heavily in healthcare infrastructure, which is expected to drive the demand for eClinical solutions.

Scope of EClinical Solutions Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

EClinical Solutions Market Segment Insights

Delivery Mode Segment Analysis

Based on delivery mode, the market is divided into on-premise and cloud & web-based. The cloud & web-based segment dominated the market in 2022 and is expected to expand at a significant growth rate during the projection period. The segment growth is attributed to the certain benefits of cloud & web-based systems associated with eClinical solutions, such as easy accessibility, low investments, scalability, and usability. These systems provide real-time data, which provides users with high-quality information and allows them to make quick decisions for risk-based monitoring. These solutions are accessed from anywhere and are easily integrated with other systems. Thus, these factors are expected to propel the market. For instance,

• In February 2022, Clinixir Company Limited, a Thailand-based startup Clinical Research Organization (CRO), opted for Oracle's pharmacovigilance and clinical research solutions as its eClinical platform. The company selected Oracle Health Sciences Clinical One Cloud Service for its all-encompassing, end-to-end technology capabilities, and diverse applications. Additionally, for safety management, it chose Oracle Argus along with other Oracle applications.

Product Segment Analysis

On the basis of product, the global market is segregated into electronic data capture (EDC) & clinical data management systems (CDMS), safety solutions, clinical analytics platforms, clinical data integration platforms, clinical trial management systems (CTMS), electronic clinical outcome assessment (eCOA), randomization & trial supply management (RTSM), and eConsent.

The eCOA segment is expected to expand at a considerable CAGR in the coming years, owing to the increasing significance of high-quality clinical data. It enables the preservation of the quality of eClinical solutions. It integrates the measurement of patient-reported, observer-reported, and clinician-reported outcomes. Furthermore, the rising need for integration of patient care with clinical research studies leads to a patient-centric approach, which is anticipated to fuel the segment.

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Development Phase Segment Analysis

On the basis of development phase, the eClinical solutions market is segmented into phase 1, phase 2, phase 3, and phase 4. The phase 3 segment held a large revenue share of the market in 2022, owing to the increasing demand for efficient and cost-effective clinical trials. The phase 3 segment is crucial in the drug development process. These solutions streamline trial operations and reduce costs, which further accelerates the market.

The phase 1 segment is expected to hold a major share of the market during the forecast period, due to the rising focus on early-stage drug development. Phase 1 trials are essential for assessing the safety and acceptability of new drugs in human subjects. The growing need for eClinical solutions with the rising demand for innovative therapies that efficiently manage the complexities of phase 1 trials is projected to boost the segment.

End-user Segment Analysis

Based on end-user, the eClinical solutions market is divided into academic institutes, hospitals, pharmaceutical & biotech organizations, contract research organizations (CRO), and medical device manufacturers. The CRO segment dominated the market in 2022 and is expected to expand at a significant growth rate during the projection period. The segment growth is attributed to the growing demand for customized solutions. CROs offer customized eClinical solutions that meet the specific needs of their clients. These solutions include features, such as risk-based monitoring (RBM), adaptive trial design, and real-time data analytics, which help to optimize trial performance and improve outcomes.

The pharmaceutical & biotech organizations segment is anticipated to boost the market in the coming years, owing to increasing demand for innovative therapies. The pharmaceutical & biotech industry is focusing on developing innovative therapies that address the medical needs of clinicians and medical specialists. eClinical solutions provide advanced tools to manage clinical trials efficiently, enabling faster drug development.

Pharmaceutical & biotech companies are under pressure to reduce costs and optimize trial performance. These solutions offer features, such as electronic data capture (EDC), trial supply management (TSM), and risk-based monitoring (RBM), which help to meet the cost and performance objectives of clinical research.

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Regional Analysis

In terms of region, the global eClinical solutions market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the high adoption of advanced technologies and the strong presence of pharmaceutical & biotech companies. North America highly adopts advanced technologies, such as cloud computing, artificial intelligence (AI), and machine learning (ML). This led to the development of innovative eClinical solutions that enhance trial efficiency and accuracy.

North America is home to many Pharmaceutical & biotech companies that conduct clinical trials in the region. These companies are adopting eClinical solutions to manage trials efficiently and cost-effectively. For instance,

• In June 2023, eClinicalWorks, the massive ambulatory cloud EHR, made an announcement for ambulatory clinics and surgery centers (ASCs) where the Chicago Stem Cell Therapy & Pain Management Institute is expected to make the transition to the unified solution of eClinicalWorks’ cloud-based system. The solution for ASCs is designed to deploy an integrated system that empowers pre-visit consultations, clinical data exchange, documentation, and reminders post-operation.

Asia Pacific is anticipated to hold a major share of the market during the assessment period, owing to the government initiatives & investments and increasing clinical trial activities across the region.  Asia Pacific has become a hub for clinical trial activities, due to factors, such as a large population, diverse patient demographics, and cost advantages. This leads to a growing demand for eClinical solutions that effectively manage and streamline clinical trials in the region.

Governments in the Asia Pacific region are actively promoting clinical research and development, leading to increased investments in healthcare infrastructure and research facilities. These initiatives create a conducive environment for the adoption of eClinical solutions.

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