eClinical Solutions Market to Witness Growth at a CAGR Exceeding 13.5% From 2014-2025: Million Insights

Tuesday, October 17, 2017 General News
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FELTON, California, October 17, 2017 /PRNewswire/ --

The global eClinical solutions market size was worth

USD 3.3 billion in 2015 which is anticipated to grow at a CAGR of more than 13.5% during the forecast period. The rising R&D initiatives pertaining to development of novel drugs, increasing government grants to substantiate
the clinical trials, demand for automated solutions for clinical trials by biopharma and pharma companies and escalation in the number of buyers for these solutions are key contributing factors for the growth.

In addition, shifting of preference of pharma companies toward outsourcing of clinical trial services from contract research organizations (CROs) to reduce operating costs spent on these services are expected to drive this industry, particularly in developing countries. The evolving markets, including China, India, Korea and Taiwan have become favorable destinations for clinical trial outsourcing.

Despite of that, facets such as the lack of skilled research professionals, less awareness about clinical data information software for research and higher implementation cost are anticipated to restrain the market growth in developing regions.

Browse 55 page research report with TOC on "Global eClinical Solutions Market" at: https://www.millioninsights.com/industry-reports/eclinical-solutions-market

CTMS dominated the product segment in 2015 owing to high adoption rate in the trials due to associated benefits. These benefits include centralized end-to-end management of clinical trial activity, elimination of reliance on manual processes, real-time status tracking, streamlining of all clinical operations and maintenance of multiple databases, which cumulatively improves the overall efficiency of the trials.

The electronic data capture and CDMS segments held the largest share in the year 2015. The electronic clinical outcome assessment (eCOA) segment is anticipated to grow at a highest CAGR over the forecast period.

As of 2015, the industry is expected to be driven by the CDMS and EDC and segments, while the eCOA segment is expected to witness the most noteworthy development rate over the forecast period.

The market is segmented on the basis of delivery mode into web-hosted, licensed enterprise and cloud-based solutions. The web-based segment held largest revenue share. A number of factors such as faster retrieval of data, reductions in cost and easy user access are resulting in the dominant revenue share.

The cloud-based segment is anticipated to account for the highest CAGR over the forecast period. The quicker deployment, easy scalability with a fixed monthly fee and ease of integration provided by these services are expected to boost the demand over the forecast period.

Based on the clinical trial phase, the industry is divided into four segments phase I, II, II, and IV. The phase III trials segment registered for the largest share in the year 2016.

On the other hand, Phase I is expected to grow at a lucrative rate during the forecast period as a consequence of high significance of these systems to predict the future outcomes and eliminate the drug candidate possessing low probability of success in the l trials.

On the basis of end users, the market is segmented into consulting service companies, hospitals, medical device manufacturers, CROs, and pharma & biopharma companies.

Others segment held the substantial share of the overall end-use segment owing to rising incorporation of these systems by pharmaceutical manufacturers and medical device manufacturers. Whereas, CROs are expected to be growing at a lucrative rate as a consequence of increasing inclination of pharmaceutical companies to reduce the overall expenditure as well as due to benefits involved is presumed to be responsible for the heightened growth. It primarily includes cost advantages, increased efficiency of services, enhanced productivity, and higher focus on the core areas of development, critical to a company's growth.

As of 2015, North America held the largest revenue share. Major factors contributing towards the growth and development of the North American market are escalating number of trials carried out in the region coupled with high R&D investments.

Other factors responsible for driving the market are rising prevalence of lifestyle diseases, launch of new products, extensive R&D and increasing government approval for trials. As far as growth rate is concerned, Asia Pacific is expected to demonstrate a fast growth. The rising participation of evolving economies in the trials is anticipated to drive the market growth.

The key companies of this industry are BioClinica, CRF Health, Datatrak International, Inc., eClinical Solutions, ERT, Medidata Solution, Inc., Merge Health Inc., OmniComm Systems, Inc., Oracle Corporation and Parexel International Corporation.

To accomplish profit margins, the key players are effectively involved in growth strategies. Collaborations, partnerships, and new launches of products are some of the major strategies executed by the market players.

Browse reports of similar category available with Million Insights: 

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  • Healthcare IT Market - https://www.millioninsights.com/industry-reports/healthcare-it-market
  • E-Prescribing System Market - https://www.millioninsights.com/industry-reports/e-prescribing-system-market
  • e-Clinical Trial Solutions Market - https://www.millioninsights.com/industry-reports/e-clinical-trial-solutions-market

Market Segmentation: 

eClinical Solutions Product Outlook (Revenue, USD Million, 2013 - 2024) 

        • Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS)

        • Clinical Trial Management Systems (CTMS)

        • Clinical Analytics Platforms

        • Randomization and Trial Supply Management (RTSM)

        • Clinical Data Integration Platforms

        • Electronic Clinical Outcome Assessment (eCOA)

        • Safety Solutions

        • Electronic Trial Master File (eTMF)

eClinical Solutions Delivery Mode Outlook (Revenue, USD Million, 2013 - 2024) 

        • Web-hosted (On-demand)

        • Licensed Enterprise (On-premise)

        • Cloud-based

eClinical Solutions Delivery Mode Outlook (Revenue, USD Million, 2013 - 2024) 

        • Consulting Service Companies

        • Medical Device Manufactures

        • Hospitals

        • CROs

        • Pharmaceutical Biopharmaceutical Companies

eClinical Solutions Clinical Trial Outlook (Revenue, USD Million, 2013 - 2024) 

        • Phase I

        • Phase II

        • Phase III

        • Phase IV

eClinical Solutions Regional Outlook (Revenue, USD Million, 2013 - 2024) 

        • North America

        • Europe

        • Asia Pacific

        • Latin America

        • MEA

About Million Insights: 

Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

Contact: Ryan Manuel Research Support Specialist, USA Million Insights Phone: +1-408-610-2300 Toll Free: 1-866-831-4085 Email: [email protected]

Web: https://www.millioninsights.com/

SOURCE Million Insights



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