EClinical Solutions Market Expected To Witness A Substantial Growth Of .7 Billion By 2030: Grand View Research Inc.Posted by Mrudula Anil Karmarkar on June 18th, 2024 A rapid surge in the research and development activities by numerous pharma and biopharma companies is influencing the demand growth in eClinical solutions market. The increasing application areas of clinical trial software solutions and an upsurge in government funding to promote clinical research programs are opportunistic for the industry. Furthermore, the increasing outsourcing of clinical trials to CROs, escalating clinical research programs in Asian countries, and the development of cost-effective modules aid in expanding the market potential. However, the high implementation costs of eClinical solutions and the lack of awareness of clinical data sciences software in the research community are likely to hinder the growth of the industry. The global eClinical solutions market size is expected to reach USD 22.7 billion by 2030, growing at a CAGR of 14.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing R&D activities by biopharma and pharma companies, application of software solutions in clinical trials, and expanding customer base are anticipated to fuel market growth. During COVID-19, clinical laboratories experienced high demand for COVID-19 tests. Clinical data management systems assisted these laboratories to seamlessly manage the huge influx of specimens daily. Technological advancements such as electronic data capture and Wi-Fi connectivity are projected to drive the market in the forthcoming years. Trials and Phases: Over the last two decades, ClinicalTrials.gov has held ~75% of the overall clinical trials at a global level, which showcases the steady increase in new clinical trials registered every year. In the past 10 years, ~17,000 new clinical trials were registered annually. Mentioned below are the different phases of clinical trials:
Increasing research and development activities by biopharma and pharma companies are among the key factors escalating market growth. Besides, the growing incorporation of software solutions in clinical trials is also projected to provide a fillip to the market. The COVID-19 pandemic boosted the adoption of the market, as companies in the market were investing in better healthcare IT solutions to help in tackling the pandemic. 𝐆𝐞𝐭𝐚𝐅𝐫𝐞𝐞𝐒𝐚𝐦𝐩𝐥𝐞𝐆𝐮𝐢𝐝𝐞:eClinical Solutions Market As the demand for tracking and analyzing clinical data increases, the need for effective clinical solutions rises. Unmet needs to manage efficient clinical development processes are poised to boost market growth over the forecast period. Moreover, digital transformation in the field of clinical trials and preference for data-centric approaches are providing a tremendous push to the market. Demand for integrated clinical IT solutions is increasing due to the massive volume of data generated during clinical development processes. eClinical solutions offer a single source of information that helps optimize the cost by eliminating redundant data entry and by reducing on-site verification and source data verification. Rising awareness regarding these advantages is projected to propel the market. Technological Landscape and Trends: Technological advancements, including easy Wi-Fi connectivity access and electronic data capture, are driving the market growth. With the surge in demand for analyzing and tracking clinical data, the demand for effective clinical solutions is also increasing.
The Market at a Glimpse: According to a study by Grand View Research, the global eClinical solutions market was estimated at USD 9.2 billion in 2023 and is projected to grow at a CAGR of 14.1% from 2024 to 2030. The eClinical solutions industry is highly competitive and a considerable number of companies possess a certain level of dominance over the global market revenue. The most remarkable market participants include Oracle Corporation and Medidata Solutions, which occupy a substantial share of the market owing to their exceptional portfolios. Market leaders are involved in wide-ranging research for the development of cost-efficient and technologically advanced eClinical solutions. Subsequently, the introduction of such cutting-edge technologies is expected to provide this market with lucrative growth opportunities. Like it? Share it!More by this author |