eClinical solutions Market Size By Solution (Randomization and Trial Supply Management (RTSM), Clinical Data Management System (CDMS), Clinical Trial Management System (CTMS), Electronic Clinical Outcome Assessment (eCOA), Electronic Trial Master Files (ETMF), Electronic Data Capture (EDC)), By Delivery Mode (Licensed Enterprise (On-premise) solutions, Cloud-based (SAAS) solutions, Web-hosted (On-demand) solutions), By Clinical Trial Phase (Phase I, Phase II, Phase III, Phase IV), By End-use (Contract Research Organizations (CROs), Medical Device Companies, Pharma/Biotech Companies, Hospitals & Clinics), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032
eClinical Solutions Market is expected to grow exponentially through 2032, owing to the increasing R&D expenditure on innovative drug development. Besides, the rising clinical trials funded by various governmental bodies would offer lucrative growth prospects to the market over 2023-2032.
Additionally, the growing investments in R&D, new product launches, mergers, acquisitions, and partnerships by leading eClinical solution providers will enable the behemoths to strengthen their presence in the marketplace. To cite an instance, in 2021, Advarra, the market leader in regulatory review solutions, research quality, compliance consulting services, and clinical site-centric technologies, announced the acquisition of Bio-Optronics, maker of CCTrialSuite. The latest move would enable the clientele of both the firms to continue receiving superior quality service and enhanced benefits offered by the combined entity.
Overall, the eClinical solutions industry is segmented in terms of solution, delivery mode, clinical trial phase, end-use, and region.
Considering the solution, the clinical data management system (CDMS) segment will depict considerable CAGR during the forecast years. The CDMS helps control data entry, storage, and transmission; generate acceptable clinical research results and compliant submissions; verify the data are of the highest quality; and empower better patient experiences and outcomes by reducing drug development and fast-tracking a drug's time-to-market.
Based on delivery mode, the licensed enterprise (on-premises) solutions segment is projected to record significant returns throughout 2023-2032. Licensed enterprise solutions offer complete ownership and control to the end-user organizations for any configurations, changes, and upgrades in the solution, which is anticipated to infuse its adoption in the foreseeable years.
In terms of the clinical trial phase, the phase I segment will depict over 10% CAGR through 2032. The surging number of phase I trials to determine the drug's safety, pharmacokinetics, pharmacodynamics, and tolerability in the human body will support the segmental growth in the coming years.
By end-use, the CROs (contract research organizations) held 39.5% market share in 2022. Increasing demand for outsourcing clinical trials to various CROs, in an attempt to reduce the R&D expenses of pharma and biotech companies, will amplify the demand for contract research organizations.
Regionally, the North America eClinical solution industry held over 48% market share in 2022. The increasing presence of leading pharma and medical devices firms in the region is slated to positively influence the market landscape throughout the foreseeable period. Besides, the availability of sophisticated infrastructure, constant innovations of new products, and investments by the government are some of the key factors estimated to drive product demand across the region.
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