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The eclinical solutions market size is estimated to grow by USD 12.76 billion at a CAGR of 15.26% between 2023 and 2028. There has been a notable increase in clinical trials for drugs, accompanied by a growing adoption of clinical trial management systems and integrated service offerings within the healthcare sector. This surge in drug trials reflects a proactive approach toward advancing medical research and development. The rise in CTMS adoption underscores the industry's move towards streamlining trial processes, enhancing data management, and ensuring regulatory compliance. Integrated service offerings in healthcare highlight a trend towards comprehensive solutions that cater to diverse needs, from patient care to operational efficiency. Together, these developments signify a concerted effort to innovate and improve healthcare delivery through enhanced clinical research capabilities and integrated service delivery models.
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The market is witnessing significant growth driven by advancements in data management and technological innovation. These solutions streamline clinical trial management systems, including randomization and trial supply management, ensuring compliance and authentication of data integrity. With a focus on personalized medicines and emerging markets, life sciences organizations benefit from efficient decision-making processes and reduced drug development time. Despite initial capital investment and maintenance costs, eClinical solutions enhance operational data management and enable compliant submissions. They also address challenges such as patient recruitment backlog and ensure patient compliance through innovative eConsent methods. Skilled professionals and government emphasis further drive adoption, shaping the regulatory structure for improved healthcare essentials delivery. There are multiple factors influencing market growth analysis. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
Rise in clinical trials for drugs is driving the growth of the market. The availability of a skilled workforce, favorable market reforms, access to the world's fastest-growing pharmaceutical market, strong intellectual property, and improved clinical trial infrastructure have contributed to an increase in the number of clinical trials in developing countries. This will increase the use of eClinical solutions at different stages of drug development. Millions of compounds are reviewed and evaluated in the R&D process, only a few of which will eventually receive approval.
Moreover, the overall probability of clinical success, that is, the chance of a drug being approved, is estimated to be less than 12%. As a result, companies with ongoing clinical trials need eClinical solutions to manage data loads generated during different phases of clinical trials. As a result, the growing number of clinical trials has led to an increase in demand for them worldwide. Hence, the increasing number of clinical trials for the drug will fuel the growth of the global market during the forecast period.
High adoption of cloud computing is the primary trend in the market. Cloud adoption brings many benefits to eClinical solutions, involving the use of technology to streamline and improve clinical research processes. Cloud computing allows it to scale up or down resources as needed. Cloud computing reduces the need for large investments in hardware and infrastructure. Organizations can pay for cloud services based on usage, making it a more cost-effective option, especially for small research institutes or startups.
Moreover, eClinical's cloud-based solutions can easily integrate with other cloud services and third-party applications, such as EHRs, lab systems, or wearables, facilitating exchange data exchange and interoperability. Cloud adoption can accelerate this by improving accessibility, scalability, cost-effectiveness, data management, analytic capabilities, and security, which is expected to fuel the growth of the market during the forecast period.
Cost and resource constraints of eClinical solutions are the challenge that affects the growth of the market. They often involve significant upfront costs, including licensing, deployment, and hardware infrastructure. Small organizations with limited budgets can find it difficult to make these initial investments. Cloud-based eClinical solutions are typically priced on a subscription basis, which can be an ongoing cost for organizations.
Moreover, depending on the size of use and the functionality required, subscription fees can become burdensome for smaller organizations. Cost constraints can slow the adoption of such solutions among healthcare providers and research institutions. This slow adoption could result in missed opportunities to improve clinical trial efficiency, data quality, and patients engagement. As a result, cost constraints may impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Veeva Systems Inc.: The company offers eClinical solution such as Veeva Vault CTMS which provides end-to-end study management and monitoring capabilities for insourced and outsourced trials.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the Pharmaceutical and biotechnology companies segment will be significant during the forecast period. Pharmaceutical and biotechnology companies face many issues regarding the scrutiny of their clinical trials, which can result in a huge loss of time and money. The need for data management has led these companies to increasingly adopt eClinical solutions, such as CTMS. Market players have entered into longstanding partnerships with companies to enhance the clinical trial experience.
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The Pharmaceutical and biotechnology companies segment was valued at USD 2.60 billion in 2018. eClinical solutions offer many benefits, including easy access to real-time testing information, making faster, well-informed decisions, lower trial fees, lower R&D costs, and increase employee productivity and job satisfaction. Thus, an increase in the number of diseases has led to an increase in the number of clinical trials. These trials focus on introducing advanced drugs for effective treatment. Currently, many drugs from the major pharmaceutical and biotech companies are in the clinical development/preparation phase. Therefore, with the increase in clinical trials, the need to administer them to improve business operations is increasing, thus increasing the demand.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The easy regulatory process, a large number of pharmaceutical and biotech companies as well as CRO in the region, and large investments in clinical trial research are the main factors driving the growth of the company. market. The main contributors to revenue in North America are the US, followed by Canada and Mexico. The growing prevalence of chronic diseases in the region has led to an increase in health spending. The national healthcare budget in the US is projected to grow at an average annual rate of 5.4% from 2019 to 2028 and reach USD 6.2 trillion by 2028. Hence, such factors are expected to drive the growth of the CTMS market in North America during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Clinical Trial Management System (CTMS) Market: Clinical Trial Management System (CTMS) Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, China, Canada, UK - Size and Forecast
Electronic Health Records (EHR) Market: Electronic Health Records (EHR) Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, UK, Germany, China - Size and Forecast
Healthcare Information Software Market: Healthcare Information Software Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast
The market is experiencing significant growth driven by advancements in vaccine development and the increasing adoption of ClinicalTrials management systems. This growth is fueled by the need to manage enormous data generated from a rising number of clinical trials, with an emphasis on clinical and observational studies. Research funding supports initiatives like TRIO trials at leading cancer centers, leveraging the Internet of Things and digitization of healthcare to address unmet medical needs across cancer, cardiovascular conditions, and infectious diseases. Challenges such as high costs and minor errors in clinical data management underscore the importance of technology adoption and data standardization for improved cost efficiency and protocol matrices. This evolving landscape offers growth opportunities for smaller enterprises focusing on realtime access and site performance, particularly in developing and underdeveloped markets with improving Internet connectivity and IT infrastructure.
Furthermore, the market addresses various challenges and opportunities within the healthcare sector. Lack of awareness about advanced solutions such as Clinical Data Management (CDM) and Integration capabilities drives the need for education and adoption. Technologies like Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS) support clinical randomization and enhance drug candidates management. Healthcare engineering and diabetes clinical trials benefit from information technologies and specialized platforms like Patient Recruitment Systems (PRS) for optimizing participant enrollment and retention. Academic institutions (AMCs, academic universities, hospitals, and research centers) increasingly rely on eClinical solutions for process outsourcing and consultancy services in both developed and developing markets. Web-hosted and licensed enterprise solutions cater to diverse needs, including managing medical devices data efficiently in compliance with regulatory standards.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.26% |
Market growth 2024-2028 |
USD 12.76 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.43 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advarra Inc., Aixial, Anju Software Inc., ArisGlobal LLC, Castor Research Inc., Dassault Systemes SE, DATATRAK International Inc., eClinical Solutions LLC., eClinicalWorks LLC, eResearchTechnology GmbH, International Business Machines Corp., MedNet, Medrio Inc., OpenClinica LLC, Oracle Corp., Parexel International Corp., Saama Technologies Inc., Signant Health, Veeva Systems Inc., and YPrime LLC |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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