The Global eClinical Solutions Market is expected to register a CAGR of 12.24% to reach USD 9434.57 million by 2023.
eClinical solutions combine clinical technology and expertise and are used to improve the clinical development process through data management and data analysis. Major factors characterizing the market growth are increasing R&D activities by biopharmaceutical and pharmaceutical companies, growing expenditure on the development of clinical trials, rising burden of chronic diseases, and increased adoption of smart devices for healthcare management.
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Market Dynamics
The global eClinical solutions market has been largely benefited by the research and development activities conducted by pharmaceutical companies. Increasing healthcare expenditure on clinical trials is also responsible for the growth of the market during the forecast period. Advanced eClinical technologies have helped to manage such data requirements with reduced development costs and quick decisions prospective for new product developments and launches, thereby increasing the efficacy of the clinical trial process. Moreover, t increasing burden of chronic diseases such as cardiovascular diseases, cancer, diabetes, and chronic respiratory diseases is further expected to boost the growth of the global eClinical solutions market during the review period.
Segmentation
The Clinical Data Management System (CDMS) segment is expected to lead the market and register a substantial CAGR to reach USD 2579 million by the end of 2023. CDMS is considered to be the most important part of eClinical solutions. CDMS is a tool used in clinical research to manage and store the data of clinical trials. However, the electronic clinical outcome assessment (eCOA) segment is projected to exhibit the highest CAGR of 14.98% from 2018 to 2023. The increasing demand for electronic clinical outcome assessment is driving the growth of the segment.
Key Players
The prominent players in the global eClinical solutions market are ERT Clinical, PAREXEL International Corporation, BioClinica, Inc., CRF Health, Oracle Corporation, DATATRAK International, Inc., Merge Healthcare Inc, Medidata Solutions, Inc., Omnicomm Systems, Inc. and MaxisIT.
The players operating in the global eClinical Solutions market are focusing on product launches, along with expanding their global footprints by entering untapped markets.
Regional Analysis
The Americas accounted for the largest market share of 47.99% in 2017, and the regional market is projected to register a CAGR of 12.41 % during the forecast period. The US is one of the leading markets in the region, accounting for the largest market share during the review period. However, the Canada market is projected to exhibit the highest growth rate of 9.98% during the forecast period from 2018 to 2023.
The Asia-Pacific market is likely to show significant growth during the forecast period. Increasing outsourcing of clinical trials and availability of diverse patient population are the major drivers for market growth. India is the fastest growing region owing to its large geriatric population, which is driving the growth of the eClinical solutions market in the region. Japan is the major contributor to the growth of the regional market, followed by China.
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