eClinical Solutions Market 11% CAGR Showcases Extensive Growth with Upcoming Technological Advancement by 2023
The Global eClinical Solutions Market is expected to reach CAGR of 11.10% by the end of the forecast period. eClinical Solutions Market: By Product (Randomization & Trial Supply Management Systems (RTMS), Safety Solutions, and Others), by Delivery Mode (Web-Hosted and Others), by End-Users – Forecast Till 2022
Pune, India – April 17, 2019 /MarketersMedia/ —
eClinical Solution help to accelerate the clinical development process by improving their productivity and efficiency, combining medical technology and expertise. Researchers and contract research organizations (CROs) using the eclinical solution gain broader access to the clinical data which further helps them to gain improving visibility of research performance at the reduced study cycle times, costs, and risks. By using these solutions effectively, CRO relationships can be achieved, enhancing collaboration and communication across teams, departments, and organizations which further increases the overall productivity of the staff and the facility.
Acknowledging the exponential accruals that the market is witnessing currently, Market Research Future (MRFR) asserts that the size of the global eClinical Solution market will further increase phenomenally by 2022, registering a CAGR over 11% throughout the assessment period (2016 – 2022).
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Additional factors such as the amplified results that eclinical solutions offer, providing long term, sustainable, insight-driven solutions through consulting services and saving a great amount of time during the clinical trials, allowing users to perform a range of tasks efficiently achieving good results.
Also, other factors such as the ever-increasing population that is increasingly prompting the need for quality healthcare more than ever, fuels the growing demand for automated procedures. The improving economic conditions provide impetus to market growth, enabling access to the quality life & improved healthcare worldwide. Furthermore, substantial investments put into R&D activities by the market players alongside the increased governmental funding transpired for advancing the technology is providing a considerable impetus to the growth of the market.
Innovation Related News :
April 02, 2019 – OmniComm Systems, Inc. (the US), a leading global provider of clinical data management technology launched its new prefab eClinical solution – TrialOne Express for Phase I clinic automation. TrialOne Express will enable researchers with limited resources to automate their facilities and quickly begin clinical studies with its unique features including barcoded label templates, a pre-configured library, preset system roles, and recruitment screens. Early stage researchers, including Phase I Clinics and Units, with limited resources now have access to a new eClinical research option designed to accelerate and enhance clinical operations.
Competitive Analysis :
Highly competitive, the global e-Clinical solution market appears to be fragmented due to the presence of many large and small players. Well-established players incorporate strategic initiatives such as acquisition, partnership, collaboration, expansion, and technology launch to maintain their positions, gaining a competitive advantage in the market.
Reputation and pricing are the two major parameters these key players compete based on. The high growth potential demonstrated by this market attracts several new entrants, resulting in intensifying the competition further. Top players are investing hugely in R&D, global expansion, advanced technologies, and product Launch to gain a competitive edge in the market.
Major Players :
Key players leading the global e-clinical solution market include Parexel International Corporation, Oracle Corporation, eClinical Solutions Inc, Bioclinica Inc, Medidata Solutions Inc, CRF Health, Merge Healthcare Inc, Datatrak International, Omnicomm Systems Inc, ERT Clinical, and Maxisit Inc. among others.
For ease of understanding, the MRFR analysis has been segmented into four key dynamics:
By Product: CDMS (Clinical Data Management System), CDI (Clinical Data Integration), CTMS (Clinical Trial Management System), RTSM (Randomization & Trial Supply Management), Safety Solutions, and others.
By Delivery Method: Enterprise, Web-based, and Cloud-based.
By End-user: Hospital, Clinics, and TPAs, among others.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Regional Analysis :
The North American region heading with the presence of well-established players & investments accounts for the leading market in the global e-clinical solution market. Companies in the region offering e-clinical solutions are well-capable of delivering a range of customized software. Furthermore, extensive uptake of advanced software solutions for healthcare administration and availability of complimenting resources drive the growth of the regional market.
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The e-clinical solution market in the European region stands the second largest market, globally. Huge technological advancements and the augmenting adoption of clinical management software among the healthcare providers mainly in the UK, Germany, and France led by the resurging economy in the region fosters the market growth in the region, improving the consumers’ purchasing power.
The Asia Pacific e-clinical solution market has emerged as a profitable market, globally. The market is predominantly driven by factors such as the increasing demand for these solutions, rapidly increasing per capita healthcare expenditures and the presence of growing number of healthcare software solution providers.
Owing to the growing market in some of the countries such as China, Japan, and India the APAC e-clinical solution market is expected to register a significant CAGR in the years to come. Furthermore, the increasing demand for the automation and patient records management that is led by the increasing patient population will boost the growth of the regional market during the review period.
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