E-Clinical Solutions Holds Huge Potential in Offering Better Healthcare to the Patients. North America to Witness the Highest Growth.
- Himanshu Patni
- January 10, 2022
- HEALTHCARE, NEWS
- E-Clinical Solutions Market, E-Clinical Solutions Market growth, E-Clinical Solutions Market share, E-Clinical Solutions Market size, E-Clinical Solutions Market trends
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E-Clinical Solutions market is expected to exceed the market valuation of more than US$ ~17 billion by 2027 expanding at a reasonable CAGR of around ~14% during the forecast period (2021-2027). Clinical Trials are becoming increasingly complex with a growing pressure to build and execute studies as quickly as possible. Research Organizations need comprehensive, intuitive and flexible eClinical solutions to address new demands and evolving needs to achieve success. Clinical trials are becoming increasingly complex with a growing pressure to build and execute studies as quickly as possible. A recent study shows that about 85% of clinical trials of new drugs and medical devices will experience delays, and over 90% of them for a month or longer. The cost of these delays to the developer run between approximately US$ 600,000 and US$ 8 million per day. Research Organizations need a more comprehensive, intuitive and flexible eClinical solution to effectively evolve new demands and evolving needs to achieve success.
Furthermore, major companies in the market are focusing on launching advance clinical solutions which offer efficient outcomes. For instance, Medrio’s EDC, has form rules like edit checks and skip logic to help ensure rapid and precise data entry. Data is then instantly available for review, analysis, and collaboration with Contract Research Organization (CRO) and site partners. Additionally, Medrio DDC, an eSource solution, has shown to reduce transcription errors by 90%.
Moreover, it is important for market players to offer solutions which are creative and adaptable in the clinical environment. For instance, iMednet by MedNet Solutions Inc., is designed to make study builds easy, while also providing the flexibility and functionality to enable experienced research teams to leverage knowledge and creativity to swiftly adapt to changes and evolving requirements.
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Covid-19 has caused negative repercussions on the entire global population. Despite a common goal, which is causing unified resources and efforts, there have been an overwhelmingly large number of clinical trials that have been registered and have questionable methodologies. The FDA released guidelines on the conduct of clinical trials for medical products during the Covid-19 pandemic, which upholds the safety of trial participants, maintains compliance and minimizes risks to trial integrity and are pressing issues for sponsors to manage in their ongoing studies. For instance, Elluminate, an eClincal platform by eClinical Solutions has complied with FDA recommendations by enabling sponsors to identify missed visits and forecast upcoming future visits which include those for dosing and have a greater likelihood to be missed based on a variety of data sources. This allows clinical teams to identify the sites and patients that may need additional resources and support like remote visits and additional supplies to help sustain ongoing participation in studies. This has led to a growth in the usage of eClinical Solutions during the Covid-19 pandemic.
Based on Product, the eClinical Solutions Market is segmented into CDMS/EDC Solutions, CTMS Solutions, eCOA Solutions, RTMS Solutions, Safety Solutions, Analytics and Reporting Platforms, Integration Platforms, eTMF, and Others. CTMS is the clinical trial management system which is the essential set of tools to effectively plan, manage and track your clinical study portfolio. It is a specialized, comprehensive project management application that takes the study team from startup, through enrollment and monitoring, to study close. In recent years, clinical trials have become even more intricate as R&D costs have increased to an average of $1.4 billion USD per clinical trial.
For a detailed analysis of the Delivery Mode in the eClinical Solutions Market browse through – https://univdatos.com/report/eclinical-solutions-market/
Based on Delivery Mode, the eClinical Solutions Market is segmented into Web-based (on-demand) Model, Licensed enterprise (on-premise) Model, and Cloud-based (SAAS) Model. In 2018, technology giant Oracle launched a new holistic, unified cloud-based eClinical solution which was intended to bring new drugs to the market in a timely manner, while maintaining quality and safety. The new “Clinical One Platform” will unify clinical development operations and information in a single environment with shared functions and an easy-to-use interface for sites, clinical coordinators and their counterparts. The holistic, unified cloud solution is being built from the ground to address the needs of the entire drug development lifecycle –everyone and every process required to get a drug to the market.
Based on Clinical Trial Phase, the eClinical Solutions Market is segmented into Phase I, Phase II, Phase III, and Phase IV. The need for clinical data management software to curb overall cost and improve process efficiency is contributing to the growth of the segment. Increased number of drugs successfully reaching phase III is providing a significant push to the growth of the segment. Phase III involves the study of the efficacy of a drug by using a group of more than 1,000 patients. The complexity of the study increases with an increase in the number of patients, which triggers the demand for computer based systems for data management, thereby revving up the adoption of eClinical solutions.
Based on End-User, the eClinical Solutions Market is segmented into Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, Consulting Service Companies, Medical Device Manufacturers, Hospitals, and Academic Research Institutions. According to Research a 7.4% compound annual growth rate is predicted for the CRO market through 2019 and a market penetration rate of 72% by 2020. This growth is due to the growing demand for outsourcing clinical trial to various CROs to maximize the R&D expenses by Pharma and Biotech companies. Furthermore, electronic data capture (EDC) and clinical data management system (CTMS) which is the most prominent eClinical solution adopted by various CROs companies will fuel the market growth.
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Additionally, the report provides detailed initiatives that are being taken in the field of EClinical Solutions globally. The report provides a detailed analysis of regions including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. North America dominated the market in 2020, with XX% share.
Oracle Corporation, Medidata Solutions, Inc., Parexel International Corporation, BioClinica, Inc., Signant Health, Datatrak International, Inc., ERT, eClinical Solutions, Inc., MaxisIT Inc., and Bio-Optronics, Inc. are some of the prominent players operating in the eClinical Solutions market. Several M&As along with partnerships have been undertaken by these players to make eClinical Solutions as cost-effective and as widely available as possible.
EClinical Solutions Market Segmentation
Market Insight, by Product
- CDMS/EDC Solutions
- CTMS Solutions
- eCOA Solutions
- RTMS Solutions
- Safety Solutions
- Analytics and Reporting Platforms
- Integration Platforms
Market Insight, by Delivery Mode
- Web-based (on-demand) Model
- Licensed enterprise (on-premise) Model
- Cloud-based (saas) Model
Market Insight, by Clinical Trial Phase
- Phase I
- Phase II
- Phase III
- Phase IV
Market Insight, by End-User
- Pharmaceutical and Biopharmaceutical Companies
- Contract Research Organizations
- Consulting Service Companies
- Medical Device Manufacturers
- Academic Research Institutions
Market Insight, by Region
- NORTH AMERICA E-CLINICAL SOLUTIONS
- United States
- Rest of North America
- EUROPE E-CLINICAL SOLUTIONS
- United Kingdom
- Rest of Europe
- ASIA-PACIFIC E-CLINICAL SOLUTIONS
- Rest of Asia-Pacific
- REST OF THE WORLD E-CLINICAL SOLUTIONS
Top Company Profiles
- Oracle Corporation
- Medidata Solutions, Inc.
- Parexel International Corporation
- BioClinica, Inc.
- Signant Health
- Datatrak International, Inc.
- eClinical Solutions, Inc.
- MaxisIT Inc.
- Bio-Optronics, Inc.