NEW YORK, Dec. 5, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global eclinical solutions market size is estimated to grow by USD 12.77 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 15.26% during the forecast period. Rise in clinical trials for drugs is driving market growth, with a trend towards increasing outsourcing of clinical trial processes. However, rising cost of clinical trials poses a challenge. Key market players include Advarra Inc., Aixial, Anju Software Inc., ArisGlobal LLC, Castor Research Inc., Dassault Systemes SE, DATATRAK International Inc., eClinical Solutions LLC., eClinicalWorks LLC, eResearchTechnology GmbH, International Business Machines Corp., MedNet, Medrio Inc., OpenClinica LLC, Oracle Corp., Parexel International Corp., Saama Technologies Inc., Signant Health, Veeva Systems Inc., and YPrime LLC.
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Forecast period | 2024-2028 |
Base Year | 2023 |
Historic Data | 2018 – 2022 |
Segment Covered | End-user (Pharmaceutical and biotechnology companies, Contract research organizations, Consulting service companies, Medical device manufacturers, and Others), Deployment (Cloud-based and On-premises), and Geography (North America, Europe, Asia, and Rest of World (ROW)) |
Region Covered | North America, Europe, Asia, and Rest of World (ROW) |
Key companies profiled | Advarra Inc., Aixial, Anju Software Inc., ArisGlobal LLC, Castor Research Inc., Dassault Systemes SE, DATATRAK International Inc., eClinical Solutions LLC., eClinicalWorks LLC, eResearchTechnology GmbH, International Business Machines Corp., MedNet, Medrio Inc., OpenClinica LLC, Oracle Corp., Parexel International Corp., Saama Technologies Inc., Signant Health, Veeva Systems Inc., and YPrime LLC |
Key Market Trends Fueling Growth
The eClinical solutions market is experiencing significant growth due to the increasing emphasis on clinical trials and vaccine development for various chronic diseases such as cancer, cardiovascular conditions, and infectious diseases. The enormous data generated during these trials requires advanced software solutions for clinical data management (CDM) and clinical trial management systems (CTMS). EClinical solutions like Veeva Systems and PAREXE are gaining popularity due to their benefits of real-time access, error reduction, and cost efficiency. The rising number of clinical trials and observational studies, coupled with research funding, is driving the adoption of eClinical solutions. However, the lack of awareness and high costs are challenges for smaller enterprises and underdeveloped markets. The digitization of healthcare through the Internet of Things and information technologies is also influencing the market. Firms like TRIO and CROs are focusing on clinical randomization, supply management, and site performance to improve drug development and retention. Healthcare engineering, clinical researchers, and healthcare providers are also integrating eClinical solutions into their clinical trial processes, leading to growth opportunities for eClinical solution providers. The market is characterized by a firm concentration ratio, with major players like Veeva Systems and PAREXE dominating. The market also includes academic universities, hospitals, research centers, and process outsourcing firms. The development of medical devices and IT infrastructure, such as EDC, CDMS, and web-hosted or cloud-based clinical trials, are also contributing to the market’s growth. Consultancy services and licenced enterprise solutions are also available to support the market.
The eClinical Solutions Market has witnessed significant changes in the past decade, with a shift towards outsourcing drug discovery processes to subcontract laboratories. This trend is driven by increased R&D investments and the focus on core competencies in manufacturing and marketing. Since 2011, the number of subcontract laboratories has grown rapidly, and this trend is expected to continue. The industry has transformed from a vertical reporting model with in-house clinical study teams to a matrix model involving both external and internal resources. Gradually, the bulk of the work has moved to Contract Research Organizations (CROs). This outsourcing trend enables companies to reduce costs, improve efficiency, and focus on their core competencies.
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Market Challenges
• The eClinical solutions market is experiencing significant growth due to the increasing emphasis on clinical trials and vaccine development for unmet medical needs in healthcare. The rising number of clinical trials for chronic diseases such as cancer, cardiovascular conditions, and infectious diseases, requires enormous data management. EClinical solutions like Veeva Systems and TRIO are addressing these challenges by providing software solutions for clinical data management (CDM), clinical trial management systems (CTMS), and clinical randomization. However, there are challenges such as high costs, lack of awareness, and integration issues with various systems like CDM, clinical research organizations (CROs), academic universities, hospitals, and research centers. The digitization of healthcare through the Internet of Things and information technologies is driving the need for data standardization and real-time access to clinical trial data. Smaller enterprises and developing markets face challenges in technology adoption due to the high costs and lack of internet connectivity. However, the benefits of eClinical solutions like cost efficiency, site performance, and error reduction make them an attractive option for clinical researchers and healthcare providers. Firms with a high firm concentration ratio, such as pharmaceutical companies and medical device manufacturers, are investing in eClinical solutions for clinical trial processes, supply management, and protocol matrices. Consultancy services like PAREXE are providing expertise in clinical trial processes and regulatory compliance to help firms navigate the complex clinical trial landscape. The growth opportunities in this market are vast, with a particular focus on clinical trial processes, drug development, and clinical research.
• Clinical trials are a crucial part of bringing new drugs to market, but their cost has become a significant concern. Factors contributing to this increase include the complex and lengthy process of patient enrolment and retention. According to recent studies, the cost per patient in clinical trials rose by over 150% in the US between 2010 and 2015, and by 85-90% in the UK during the same period. These figures underscore the need for effective clinical trial management solutions to streamline processes, improve patient engagement, and reduce costs.
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Segment Overview
This eclinical solutions market report extensively covers market segmentation by
- End-user
- 1.1 Pharmaceutical and biotechnology companies
- 1.2 Contract research organizations
- 1.3 Consulting service companies
- 1.4 Medical device manufacturers
- 1.5 Others
- Deployment
- 2.1 Cloud-based
- 2.2 On-premises
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Pharmaceutical and biotechnology companies- Clinical trials are a crucial part of the drug development process for pharmaceutical and biotechnology companies. The success of these trials is essential for bringing new treatments to market. However, clinical trials are lengthy and expensive, and failures can result in significant financial and time losses. Regulatory scrutiny and the need for high-quality data have led to the increased adoption of eClinical solutions, such as Clinical Trial Management Systems (CTMS), among these companies. Mundipharma Research, a pharmaceutical research and development company, and GlaxoSmithKline, one of the largest pharmaceutical companies, are among those that have implemented eClinical solutions to enhance the efficiency and control of their clinical trials. These web-based systems provide real-time access to trial information, faster decision-making, decreased trial costs, and increased employee productivity and job satisfaction. With the rise in the number of clinical trials due to the increasing number of diseases and advanced treatments in development, the demand for eClinical solutions is on the rise. These solutions help companies manage the complexities of clinical trials, ensuring regulatory compliance, data accuracy, and operational efficiency. The market for eClinical solutions is expected to grow significantly during the forecast period as more companies recognize the benefits of these technologies in bringing new treatments to market.
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Research Analysis
The eClinical solutions market is experiencing significant growth due to the enormous data generated from clinical trials in healthcare. The rising number of clinical trials and emphasis on eClinical solutions for research is driving the market forward. Software solutions like ClinicalTrials.gov and TRIO are increasingly being adopted by cancer centers and healthcare institutions to streamline clinical research. Observational studies are also benefiting from eClinical solutions, allowing for more efficient data collection and analysis. The Internet of Things (IoT) is playing a major role in the technology adoption, enabling real-time patient monitoring and data collection. Research funding agencies are recognizing the value of eClinical solutions and are encouraging their use in clinical research. Minor trials are also benefiting from these solutions, making clinical research more accessible and efficient for all.
Market Research Overview
The eClinical Solutions Market is experiencing significant growth due to the increasing emphasis on clinical trials and vaccine development in healthcare. With an enormous amount of data being generated in clinical research, there is a rising need for software solutions to manage this data effectively. EClinical solutions, such as TRIO and PAREXE, are gaining popularity in cancer centers, clinical research organizations (CROs), pharmaceutical companies, and academic universities. The digitization of healthcare and the Internet of Things are driving the adoption of eClinical solutions, which offer benefits like real-time access to clinical trial data, improved clinical trial processes, and increased cost efficiency. However, the lack of awareness and high costs associated with these solutions pose challenges for smaller enterprises and underdeveloped markets. The market is characterized by a firm concentration ratio, with major players like Veeva Systems dominating. Growth opportunities exist in developing and underdeveloped markets, where there is a high demand for clinical trials in chronic diseases such as diabetes, cancer, cardiovascular conditions, and infectious diseases. EClinical solutions include Clinical Trial Management Systems (CTMS), Clinical Data Management Systems (CDMS), Electronic Data Capture (EDC), and Clinical Randomization Systems. These solutions help manage clinical trial processes, supply management, site performance, and retention. The benefits of eClinical solutions include error reduction, data standardization, and improved communication between clinical researchers, healthcare providers, and academic universities. However, the adoption of these solutions requires IT infrastructure and internet connectivity, which can be a challenge in some markets. Medical devices and consultancy services are also integral to the eClinical Solutions Market, offering additional benefits like protocol matrices, drug development, and clinical research. Overall, the market is expected to continue growing as unmet medical needs and the importance of clinical trials in drug development increase.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
- Pharmaceutical And Biotechnology Companies
- Contract Research Organizations
- Consulting Service Companies
- Medical Device Manufacturers
- Others
- Cloud-based
- On-premises
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
