The global eClinical solutions market was valued at USD 4,009.6 million in 2017 and is anticipated to grow at a CAGR of 14.1% during the forecast period to reach USD12,985 million by 2026. E-clinical solution refers to the management and optimization of the clinical development processing web-based tools. Moreover, they aid in efficient planning, tracking, and execution of huge amount of clinical data from different geographies. These solutions assist in acquiring and processing analytics and clinical research data. Some of the attributes of e-clinical solutions include integrated eCRF note changing, real-time notifications and reporting, and configurable report building, and device & drug tracking.
The global eClinical solutions market is driven by factors such as surge in the number of clinical trials in pharmaceutical and biotechnology companies, focus on offering innovative solution, concerns about expiring drug patents, and grants from government to substantiate clinical trials. However, high cost of implementation and dearth of skilled professionals hamper the market growth. Further, growth in outsourcing of clinical trials to contract research organizations, spiraling number of clinical research programs, advent of cost-effective modules, are expected to provide lucrative opportunities to the market players in the near future.
The eClinical solutions market is segmented based on product & solutions, deployment type, clinical trial, product, end user, and geography. Based on deployment type, the market is divided into on-premise and cloud based. Based on clinical trial, it is segmented into Phase I, Phase II, Phase III, and Phase IV. The market is divided based on product & solutions into ECOA, EDC & CDMS, clinical analytics platforms, clinical data integration platforms, safety solutions, CTMS, RTSM, eTMF and other solutions. Based on the end user, the market is segmented into pharma and biopharma companies, hospitals, CROs, and others.
The market is analyzed based on five geographical regions, which include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is further divided into U.S. and Canada. Europe comprises Germany, UK, and Rest of Europe. Asia-Pacific is divided into China, India, and Rest of Asia-Pacific. Latin America includes Brazil, Mexico, and Rest of Latin America. Middle East & Africa is categorized into South Africa, Saudi Arabia, and Rest of Middle East & Africa.North America accounted for the largest share in the eClinical solutions market in 2017.
The key players in the market have adopted various strategies such as M&As, product innovation, product portfolio expansion, and focus on R&D to sustain the intense competition in the industry. The prominent players operating in the industry are Oracle Corporation, Parexel International Corporation, Medidata Solution, Inc., DataTrak International, Inc., CRF Health, OmniComm Systems, BioClinica Inc., eResearch Technology, eClinical Solutions, Inc., and PHT Corporation.