eClinical Solutions Market Is Projected To Reach $ 10.5 Billion By 2024: Grand View Research, Inc.
eClinical solutions market is expected to reach
USD 10.5 billion by 2024, according to a new report published by Grand View
Research Inc. The eClinical solutions market is anticipated to witness a
lucrative growth during the period 2016 to 2024. The factors attributing
towards the growth of the market are increase in the research and development
activities by numerous biopharma and pharma companies, increasing application
of software solutions in clinical trials, upsurge in the government funding to
promote clinical research programs, rise in the number of Contract Research
Organizations (CROs) and life sciences organizations, and increasing customer base.
Additionally, factors such as
increasing outsourcing of clinical trials to CROs, escalating clinical research
programs in Asian countries, as well as, the development of cost-effective
modules are expected to be opportunistic for the industry growth. However, the
shortage of skilled labor force, high implementation costs of the eClinical
solutions and the lack of awareness of clinical data sciences software in the
research community are likely to hinder the growth of the market in the near
future.
The eClinical solutions
market is segmented on the basis of product, delivery mode, clinical trial
phase, end-user, and region. Based on the product, the industry is categorized
into clinical analytics platforms, electronic Clinical Outcome Assessment (eCOA),
Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS),
clinical data integration platforms, safety solutions, Clinical Trial
Management Systems (CTMS), Randomization and Trial Supply Management (RTSM),
and electronic Trial Master File (eTMF).
The other segments of the market
include delivery mode (web-hosted, licensed enterprise, and cloud-based),
clinical trial phases (phase I, phase II, phase III, and phase IV), and
end-user application (consulting service companies, medical device manufacturers,
hospitals, contract research organizations, pharmaceutical, and
biopharmaceutical companies). On the basis of regions, the market is
categorized into North America, Europe, Asia-Pacific, Latin America, and the
Middle East and Africa).
Global eClinical solutions market, 2013 - 2024 (USD
Million)
Browse full research report on eClinical
Solutions Market
Further key findings from the report suggest:
- In 2016,
North America is estimated to lead the market with the largest share in
the eClinical solutions industry. The rising number of ongoing clinical
trials, high demand for technologically advanced products, and increasing
financial support from the government is anticipated to boost the industry
growth.
- The eCOA
segment is anticipated to witness the highest growth rate during the
forecast period, whereas the EDC and CDMS segment is estimated to lead the
market in the year 2016. Factors attributing to the growth of the industry
are the increasing application of mobile and digital technologies, as well
as, an upsurge in the demand for eDiaries in clinical trials for the
collection of patient’s self-reports by pharmaceutical companies.
- The eClinical
solutions industry comprises several local as well as global players. Some
of the major players in this industry include Oracle Corporation, Medidata
Solutions Inc., Parexel International, Inc., and Datatrak, among
others.
For more information: http://www.grandviewresearch.com
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