eClinical Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

eClinical Solutions Market Analysis

eClinical Solutions Market is poised to grow at a CAGR of 12.5% during the forecast period, 2022-2027.

The COVID-19 pandemic has created an inflection point for the eClinical solutions market. Most pharmaceutical and biotechnological companies have focused their R&D efforts to aid in developing a vaccine against COVID-19. Many companies have invested significant resources to utilize analytics in the fight against COVID-19. For instance, in June 2020, eClinical Solutions LLC, a leading cloud-based enterprise software provider, collaborated with Karyopharm Therapeutics on randomized clinical trials for low-dose Selinexor (a drug) among hospitalized patients with severe cases of COVID-19. Due to the large volume of clinical trials being conducted worldwide, there is an increase in demand for software that can be used to expedite the vaccine development process. Also, clinical trials for the COVID-19 vaccine involve studies undertaken simultaneously in different countries. Collating large amounts of data from various clinical trials in different nationalities requires advanced analytics software. This is expected to have a positive effect on market growth.

The major market drivers include enormous data mounting from the healthcare industry, a rising number of clinical trials, and government emphasis on clinical research. For instance, according to ClinicalTrials.gov, as of June 2022, 418,021 studies were listed in 220 countries, out of which 323,575 interventional studies and 92,782 observational studies. Moreover, as per the same source, the number of clinical trial studies is expected to increase from 399,528 in 2022 to 418,021 by the end of 2022. Thus, an increasing number of clinical trial studies is expected to increase the demand for clinical solutions anticipated to boost the market growth.

With the increasing prevalence of the Internet of Things (IoT) and digitization of healthcare, the amount of data produced is enormous and contains information that can be easily accessed with electronic data mining, which was earlier impossible with paper records. According to the National Supercomputing Centers (NSCC), in December 2021, hospitals will produce around 50 petabytes of data per year staggering 50 million GB of storage space. The information encompasses clinical notes, lab tests, medical images, sensor readings, genomics, and operational and financial data. eClinical solutions are expected to have a significant impact in this area.

Moreover, various strategies adopted by the key market players are anticipated to drive the market's growth over the forecast period. For instance, in November 2020, Signant Health acquired VirTrial, one of the leading software solutions providers for remote site startup and decentralized clinical trial conduct. Additionally, in August 2020, GI Partners, one of the leading private investment firms, acquired Clinical Ink, a clinical trial technology provider.

Also, the need to maintain transparency and eliminate redundancy and forgery of medical research-related data are the primary reasons for the widespread adoption of eClinical solutions in the market. However, lack of awareness about infrastructure development and high cost restrain the market over the forecast period.

eClinical Solutions Industry Segments

As per the scope of the report, eClinical is a term used within the biopharmaceutical domain. eClinical solutions manage the clinical technologies and expertise to accelerate clinical development. The market is segmented by product type into clinical data management systems (CDMS), clinical trial management systems (CTMS), randomization and trial supply management, electronic data capture (EDC), electronic clinical outcome assessments (eCOA), and electronic patient-reported outcomes (ePRO), clinical analytics platforms, electronic trial master file (eTMF), and Other Product Types. By deployment mode, the market is segmented into cloud-based eClinical solutions and on-premise eclinical solutions. By end user, the market is segmented into pharmaceutical and biotechnology companies, contract research organizations (CROs), and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle-East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across significant regions globally. The report offers the value (USD million) for the above segments.

Report scope can be customized per your requirements. Click here.

eClinical Solutions Market Trends

This section covers the major market trends shaping the eClinical Solutions Market according to our research experts:

Clinical Data Management Systems Segment is Expected to Dominate the Market Over the Forecast Period

Clinical Data Management (CDM) is a critical phase in clinical research, which leads to the generation of high-quality, reliable, and statistically sound data from clinical trials. This helps to reduce the time from drug development to marketing drastically.

A significant trend driving this segment is the integration of the CDMS with clinical randomization, supply management, trial, and patient recruitment solutions. Companies are also developing their existing eClinical tools to extend the capabilities and ease the whole clinical trial conduction. For instance, in June 2020, eClinical Solution LLC, a cloud-based enterprise software developer, added connectors to Formedix, Omnicomm, Box, and Elluminate, which would allow the users to integrate data from various clinical systems. The volume and variety of clinical data continue to grow, with most trials relying on five or more different data sources for their studies.

Furthermore, according to the study titled "A Clinical Data Management System for Diabetes Clinical Trials," published in the Journal of Healthcare Engineering in February 2022, The use of clinical data management systems in diabetes clinical trials appears inevitable, given the complexity of data management processes in diabetes clinical trials and the widespread use of information technologies in research. A clinical data management system is software that aids in the data management process during clinical trials and helps to eliminate errors that can occur when data is managed manually. Thus, the benefits of clinical data management in clinical trials are anticipated to drive the segment growth over the forecast period.

Thus, the clinical analytics platform is expected to play an essential role by providing services such as identifying missed visits and forecasting upcoming future visits, including those for dosing, which are more likely to be cut based on various data sources.

To understand key trends, Download Sample Report