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eClinical Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 115 Pages
  • June 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4787472
UP TO OFF until Sep 30th 2023
eClinical Solutions Market is poised to grow at a CAGR of 12.5% during the forecast period, 2022-2027.

The COVID-19 pandemic has created an inflection point for the eClinical solutions market. Most pharmaceutical and biotechnological companies have focused their R&D efforts to aid in developing a vaccine against COVID-19. Many companies have invested a significant amount of resources to utilize analytics in the fight against COVID-19. For Instance, in June 2020, eClinical Solutions LLC, one of the leading cloud-based enterprise software provider, collaborated with Karyopharm Therapeutics on randomized clinical trials for low-dose Selinexor (a drug) among hospitalized patients with severe cases of COVID-19. Due to the large volume of clinical trials being conducted across the world, there is an increase in demand for software that can be used to expedite the process of vaccine development. Also, clinical trials for the COVID-19 vaccine involve studies being undertaken simultaneously in different countries. Collating such a large amount of data from various clinical trials in different nationalities requires advanced analytics software. This is expected to have a positive effect on market growth.

The major market drivers include enormous data mounting from the healthcare industry, a rising number of clinical trials, and government emphasis on clinical research. For instance, according to ClinicalTrials.gov as of June 2022, 418,021 studies were listed in 220 countries out of which 323,575 interventional studies and 92,782 observational studies. Moreover, as per the same source, the number of clinical trial studies is expected to increase from 399,528 in 2022 to 418,021 by the end of 2022. Thus, an increasing number of clinical trial studies is expected to increase demand foe clinical solution anticipated t0o boost the market growth.

With the increasing prevalence of the Internet of Things (IoT) and digitization of healthcare, the amount of data being produced is enormous and contains information that can be easily accessed with electronic data mining, which was earlier impossible with paper records. According to the National Supercomputing Centers (NSCC), in December 2021, hospitals produce around 50 petabytes of data per year staggering 50 million GB storage space. The information encompasses a variety of areas like clinical notes, lab tests, medical images, sensor readings, genomics, and operational and financial data. eClinical solutions are expected to have a significant impact in this area.

Moreover, various strategies adopted by the key market players anticipated to drive the growth of the market over the forecast period. for Instance, in November 2020, Signant Health acquired VirTrial, one of the leading providers of software solutions for remote site startup and decentralized clinical trial conduct. Additionally, in August 2020, GI Partners, one of the leading private investment firm, acquired the Clinical Ink, which was a provider of clinical trial technology.

Also, the need to maintain transparency and eliminate redundancy and forgery of medical research-related data are the primary reasons for the widespread adoption of eClinical solutions in the market. However, lack of awareness about infrastructure development and high cost restint the market over the forecast period.

Key Market Trends

Clinical Data Management Systems Segment is Expected to Dominate the Market Over the Forecast Period

Clinical Data Management (CDM) is a critical phase in clinical research, which leads to the generation of high-quality, reliable, and statistically sound data from clinical trials. This helps to produce a drastic reduction in time from drug development to marketing.

A major trend driving this segment is the integration of the CDMS with clinical randomization, supply management, trial, and patient recruitment solutions. Companies are also developing their existing eClinical tools for extending the capabilities and further easing the whole clinical trial conduction. For instance, in June 2020, eClinical Solution LLC, a cloud-based enterprise software developer added connectors to the Formedix, Omnicomm, Box, and elluminate, which would allow the users to integrate data from various clinical systems. The volume and variety of clinical data are continuing to grow, with most trials relying on five or more different data sources for their studies.

Furthermore. according to the study titled "A Clinical Data Management System for Diabetes Clinical Trials" published in the Journal of Healthcare Engineering in February 2022, The use of clinical data management systems in diabetes clinical trials appears inevitable, given the complexity of data management processes in diabetes clinical trials and the widespread use of information technologies in research. A clinical data management system is software that aids in the data management process during clinical trials and helps to eliminate errors that can occur when data is managed manually. Thus, the benefits of clinical data management in the clinical trials is anticipated to drive the segment growth over the forecast period.

Thus, the clinical analytics platform is expected to play an important role by providing services such as identifying missed visits and forecasting upcoming future visits, including those for dosing, which have a greater likelihood to be missed based on a variety of data sources.

Asia-Pacific is Expected to be the Fastest Growing Region Over the Forecast Period

Asia-Pacific is likely to register a promising CAGR over the forecast period due to the high unmet medical needs and rising prevalence of chronic diseases such as cancer, cardiovascular conditions, and infectious diseases. The COVID-19 pandemic is expected to significantly affect the development of eClinical Solutions in the region. Due to its high population and better management of the COVID-19 pandemic, countries across the region have been reaping the benefits of investing in eClinical solutions.

An increase in research and development activities by governments is also creating avenues for growth. According to the National Bureau of Statistics of China, in January 2022, the national total R&D expenditure reached CNY 2.79 billion, increasing by CNY 411.13 billion or 14.2% over the previous year. Thus, government funding growth, related to research and drug discovery, is triggering the overall market growth.

Several Indian companies are acquiring, partnering, and launching tools in eClinical solutions to strengthen their position on a global and regional level. For Instance, in August 2020, Quantzig launched a comprehensive portfolio of clinical data analytics solutions to strengthen its market position in the global arena. Such strategies adopted by the key market players further bolster the growth of the market over the projecting period.

Additionally, in February 2022, Castor has reported the launch of a new programme to support clinical research organisations (CROs) and boost the adoption of decentralised clinical trials (DCT). The presence of a large urban population and an increase in diagnostic services are expected to sustain for some time in the Asia-Pacific region. This can drive the number of admissions into hospitals, which, in turn, is expected to increase the amount of data being generated. The presence of major companies in the region is expected to positively affect market development.

Thus, all the aforementioned factors anticipated to boost the market over the forecast period.

Competitive Landscape

The eClinical solutions market is highly competitive and is growing, due to greater technology adoption and smaller and mid-sized sponsors. The major players were Oracle Corporation, Veeva Systems, PAREXEL International Corporation, and Saama Technologies, Inc. among others. The firm concentration ratio is expected to increase in emerging markets, like APAC and South America, offering growth opportunities for smaller enterprises. The players are also found to be involved in various growth strategies, such as new product development, mergers and acquisitions, and collaborations, which are helping them consolidate their positions in the market.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Enormous Data Mounting from the Healthcare Industry
4.2.2 Rising Number of Clinical Trials
4.2.3 Government Emphasis on Clinical Research
4.3 Market Restraints
4.3.1 Lack of Awareness and Infrastructure in Developing Countries
4.3.2 High Implementation Costs
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size By Value)
5.1 By Product Type
5.1.1 Clinical Data Management Systems (CDMS)
5.1.2 Clinical Trial Management Systems (CTMS)
5.1.3 Randomization and Trial Supply Management
5.1.4 Electronic Data Capture (EDC)
5.1.5 Electronic Clinical Outcome Assessments (eCOA) and Electronic Patient-reported Outcomes (ePRO)
5.1.6 Clinical Analytics Platforms
5.1.7 Electronic Trial Master File (eTMF)
5.1.8 Other Product Types
5.2 By Deployment Mode
5.2.1 Cloud-based eClinical Solutions
5.2.2 On-premise eClinical Solutions
5.3 By End User
5.3.1 Pharmaceutical and Biotechnology Companies
5.3.2 Contract Research Organizations (CROs)
5.3.3 Other End Users
5.4 Geography
5.4.1 North America United States Canada Mexico
5.4.2 Europe Germany United kingdom France Italy Spain Rest of Europe
5.4.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.4.4 Middle East and Africa GCC South Africa Rest of Middle East and Africa
5.4.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Oracle Corporation
6.1.2 Clario (BioClinicia Inc.)
6.1.3 PAREXEL International Corporation (Calyx)
6.1.4 Veeva Systems
6.1.5 ERT Clinical
6.1.6 Covance (LabCorp)
6.1.7 eClinical Solutions LLC
6.1.8 Dassault Systemes (Medidata Solutions Inc.)
6.1.9 IBM
6.1.10 CRF Health Inc.
6.1.11 Saama Technologies, Inc.
6.1.12 Datatrak International Inc.
6.1.13 Medrio, Inc.
6.1.14 Castor EDC
6.1.15 IQVIA Holdings Inc.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Oracle Corporation
  • Clario (BioClinicia Inc.)
  • PAREXEL International Corporation (Calyx)
  • Veeva Systems
  • ERT Clinical
  • Covance (LabCorp)
  • eClinical Solutions LLC
  • Dassault Systemes (Medidata Solutions Inc.)
  • IBM
  • CRF Health Inc.
  • Saama Technologies, Inc.
  • Datatrak International Inc.
  • Medrio, Inc.
  • Castor EDC
  • IQVIA Holdings Inc.