eClinical Solutions Market expected to grow from USD 4,009.6 million in 2017 to USD 12,985 Million by 2026, at a CAGR of 14.3% during the forecast period
BROOKLYN, NY, UNITED STATES, February 13, 2018 /EINPresswire.com/ — According to a new market study published by Polaris Market Research, the global eClinical Solutions market is anticipated to reach USD 12,985 Million by 2026 from USD 4,009 Million in 2017, at a CAGR of 14.1%.
The dire need of the hour to process enormous amounts of data in the least possible time is a major factor driving the growth of the eClinical solution market. In addition, the rapidly increase in incidence of various types of diseases across the globe, surge in the number of clinical trials in biotechnology and pharmaceutical companies, and the rising number of government sanctioned funds for novel drug development further augment the market growth. Furthermore, technological advancements in eClinical software such as use of cloud computing has led to the increased rate of adoption of various clinical data management systems worldwide. However, factors such as high cost of implementation and inadequacy of skilled professionals are limiting the market growth. Increasing number of clinical research programs, surge in outsourcing of clinical trials to contract research organizations, emergence of cost-effective modules are anticipated to provide lucrative opportunities to the market players in the near future.
The key market players profiled in the report include 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.
The eClinical Solutions market in the North American region holds a major share of the market. This report covers the following regions: North America, Europe, Asia-Pacific, Latin America and MEA. The eClinical Solutions market in Asia-Pacific is expected to grow at the highest CAGR between 2018 and 2024. China holds the majority share of the market in the Asia-Pacific region, whereas India is expected to be the fastest growing region in the Asia-Pacific region. The major factors governing the growth in the Asia-Pacific region include cheap labor and infrastructure, increasing foreign investments for research and development activities, large patient pool and easier procurement of government approvals.
• Based on product, CTMS accounts for 1/5th of the market share in 2018, whereas ECOA is predicted to exhibit the fastest growth.
• On the basis of delivery mode, web-hosted solutions dominate the global market by accounting for approximately 3/4th of the market share in 2018; however, Cloud-based solutions are anticipated to undergo the fastest growth during the forecast period.
• eClinical solution used in phase III of clinical trials would continue to dominate the world market in 2026 by accounting for more than 1/2 of the market share.
• Based on end-users, the others segment accounted for 1/2 the market share in 2018; whereas CROs would exhibit the fastest growth rate during the forecast period.
Segment 1 – By Deployment Type
Segment 2 – By Clinical Trial
2.1 Phase I
2.2 Phase II
2.3 Phase III
2.4 Phase IV
Segment 3 – By End-Users
3.1 Pharma and Biopharma Companies
Segment 4 – By Product & Solutions
4.1 Electronic Clinical Outcome Assessment (ECOA)
4.2 Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS)
4.3 Clinical Analytics Platforms
4.4 Clinical Data Integration Platforms
4.5 Safety Solutions
4.6 Clinical Trial Management Systems (CTMS)
4.7 Randomization and Trial Supply Management (RTSM)
4.8 Electronic Trial Master File (eTMF)
4.9 Other Solutions
Segment 5 – By Geography
5.1 North America
5.2.3 Rest of Europe
5.3.3 Rest of Asia-Pacific
5.4 Latin America
5.4.3 Rest of Latin America
5.5 Middle East & Africa
5.5.1 South Africa
5.5.2 Saudi Arabia
5.5.3 Rest of Middle East & Africa
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Source: EIN Presswire