The Global eclinical Solutions Market is expected to grow at a CAGR of around 9.7% from 2019 to 2026 and expected to reach the market value of around US$ 9,756 Mn by 2026.
The eclinical solutions refer to the development and offering of clinical technologies and expertise which are aimed at supporting the development of the clinical process. The eclinical solutions usually involve product solutions which include electronic data capture and clinical data management systems, clinical trial management systems, clinical analytics platforms, randomization, trial supply management, and clinical data integration platforms among others. The development of clinical trials and solutions has been a key component of the medical research industry ever since the outcomes of the very first clinical research were presented in the late 1950s. Clinical trials provide a base for fulfilling stringent drug approval processes which are made mandatory by the U.S. Food and Drug Administration (FDA). Clinical studies help in providing supportive research which is used to demonstrate the safety and efficiency of pharmaceutical drugs as well as medical devices. However, modern times have imparted more challenges for the pharmaceutical and medical device manufacturers, right from research & development to pricing and commercializing of products. Moreover, rising competition is forcing the industry players to innovate solutions that improve research & development efficiency while restoring profits.
The global eclinical solutions industry is witnessing rapid growth owing to the increasing number of clinical trials in pharmaceutical drugs and medical devices research. Industry players prefer to outsource the eclinical solutions to developing nations which includes Korea, Taiwan, and India. A large number of the patient base which is coupled with lesser developing costs is considered a key factor for this development. Rising emphasis on effective and efficient research & development activities which are aimed at the development of modern eclinical solutions is another factor which is supporting the growth vector of the global market. Moreover, various initiatives and grants offered by the government are helping to boost the eclinical solutions industry.
On the flip side, the high cost of research & development and implementation involved in eclinical solutions is likely to hamper the market growth. Additionally, the lack of skilled professionals in eclinical solutions industry is additionally expected to hinder the market growth. Whereas, the increasing investment in developing real-time analytics as compared to manual data analysis and the growing awareness in developing economies is anticipated to create potential opportunities over the forecast period.
By Clinical Trial Phase, Phase I Clinical Trials dominated the eclinical solutions market
In 2018, eclinical solutions made with Phase I Clinical Trials held the highest market share and the segment is also projected to maintain its dominance over the forecast period. The attributes which are supporting the growth of the segment is its capability to offer results related to safety, tolerability, pharmacokinetics and pharmacodynamics of the drug in cost effective way with lesser lead time.
The market research study on “eClinical Solutions Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”,offers a detailed insight into the global eclinical solutionsmarket entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global eclinical solutions market, its product, delivery mode, clinical trial phase, end-use, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global eclinical solutions market size and volume, and segment markets by product, delivery mode, clinical trial phase, end-use, and geography along with the information on companies operating in the market. The eclinical solutions market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the eclinical solutions market and the region is also expected to maintain its dominance over the forecast period. The region is experiencing the maximum growth owing to the presence of eclinical solutions industry players, favorable government initiatives, and an increasing number of clinical trials undertaking to provide solutions to the lifestyle-related diseases in the region. North America is followed by the Europe region in the eclinical solutions market.
The players profiled in the report include Oracle Corporation, Medidata Solutions, Inc., Parexel International Corporation, Bioclinica, Inc. (A Subsidiary of Cinven), Datatrak International, Inc., CRF Health, ERT Clinical, Merge Healthcare Incorporated, Omnicomm Systems, Inc., Maxisit Inc., Bio-Optronics, Inc., and Eclinical Solutions, LLC. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market by Product
Market by Delivery Mode
Market by Clinical Trial Phase
Market by End-use
Market By Geography
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