eClinical Solutions Market Size

eClinical Solutions Market Analysis

The eClinical Solutions Market size is estimated at USD 11.02 billion in 2024, and is expected to reach USD 19.80 billion by 2029, growing at a CAGR of 12.42% during the forecast period (2024-2029).

The COVID-19 pandemic created an opportunity for the eClinical solutions market growth. During the early pandemic phase, most pharmaceutical and biotechnological companies 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, according to the data updated by ClinicalTrials.Gov in March 2023, there were around 8,996 clinical trials that were being conducted around the world for COVID-19. Due to the large volume of clinical trials being conducted worldwide, there was an increase in demand for software that can be used to expedite the vaccine development process. This had a significant effect on the market growth. However, as the pandemic has subsided currently, the studied market is expected to have normal growth during the forecast period of the study.

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 March 2023, 443,933 studies were listed in 221 countries, out of which 342,633 were interventional studies and 99,578 observational studies. Moreover, as per the same source, the number of clinical trial studies is expected to increase by 57,329 by the end of 2023. Thus, an increasing number of clinical trial studies is expected to increase the demand for eclinical solutions, which is anticipated to boost market growth.

Additionally, the rising government emphasis on clinical research is also expected to boost the usage of eclinical solutions. For instance, according to the data updated by the National Institute of Health in March 2023, the estimated research funding for clinical trials and supportive activities in the United States in 2022 was USD 6.6 billion, and it is expected to rise to USD 6.8 billion in 2023.

Moreover, various strategies adopted by the key market players are anticipated to drive the market's growth over the forecast period. For instance, in April 2021, eClinical Solutions LLC was selected by the Translational Research in Oncology (TRIO), a global academic clinical research organization (CRO), for the eClinical's elluminate clinical data platform to modernize trial processes across its network of more than 700 cancer centers.

Hence, the aforementioned factors, such as the rising number of clinical trials, the increasing prevalence of the Internet of Things (IoT), the digitization of healthcare, and the increasing developments by key market players, are expected to boost the market growth. However, lack of awareness about infrastructure development and high costs are expected to restrain the market over the forecast period.