The global eClinical Solutions market size is expected to reach USD 15.98 Billion by 2028, registering a CAGR of 13.9% over the forecast period, according to the current analysis of Reports and Data. Major factors driving eClinical solutions market revenue growth are increasing government funding for clinical trials, increased application of software solutions in clinical trials and clinical research, the growing customer base for e-Clinical solutions.
Clinical trials take the longest in the medication development process. Pharmaceutical and biotech businesses are expanding their demand for clinical trials, propelling the eClinical Solutions market forward. eClinical Solutions offers administrations to a large client base at a cheap cost of operation. They also assist in the tracking, organizing, and execution of information from various geographic regions, as well as driving the clinical advancement process. Clinical trials benefit from e-clinical solutions because they reduce the time spent compiling and interpreting data.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global eClinical Solutions Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and RD activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as RD investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Key participants in the eClinical solutions market include Oracle Corporation, Medidata Solutions, PAREXEL International Corporation, BioClinica, CRF Health, DATATRAK International, ERT, eClinical Solutions
eClinical Solutions Market Segmentation:
Product Outlook (Revenue, USD Billion; 2018 – 2028)
- Electronic Clinical Outcome Assessment (ECOA)
- Electronic Data Capture (EDC) Clinical Data Management Systems (CDMS)
- Clinical Analytics Platforms
- Clinical Data Integration Platforms
- Safety Solutions
- Clinical Trial Management Systems (CTMS)
- Randomization and Trial Supply Management (RTSM)
- Electronic Trial Master File (eTMF)
Development Phase Outlook (Revenue, USD Billion; 2018 – 2028)
- Phase I
- Phase II
- Phase III
- Phase IV
Mode of Delivery Outlook (Revenue, USD Billion; 2018 – 2028)
- Web Hosted
- Licensed Enterprise
End Use Outlook (Revenue, USD Billion; 2018 – 2028)
- Contract Research Organizations (CROs)
- Academic Institutes
- Pharmaceuticals Biotech Organizations
- Medical Device Manufacturers
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global eClinical Solutions market over the forecast period?
- What are the major factors driving the growth of the Global eClinical Solutions Market?
- What are the key challenges impacting the global eClinical Solutions market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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