LOS ANGELES, Feb. 18, 2020 /PRNewswire/ — Recently Published Report On “eClinical Solutions Market Size, Share & Growth 2019 – 2026”: Acumen Research and Consulting.
The eClinical solutions market is expected to grow at a CAGR of around 13.5% during the forecast period 2019 to 2026 and reach the market value of around US$ 13.6 Bn by 2026.
North America held the maximum share of the global eClinical solutions market in 2018 and is also anticipated to observe its dominance during the forecast period. North America consists of the U.S. and Canada. Both countries have high admeoption of innovative software solutions for clinical research. Furthermore, high government funding to support clinical trials, local presence of prominent players, presence of sophisticated infrastructure, and increasing prevalence of chronic diseases such as diabetes and cardiac disorders are some of the other factors that contributed to the dominance of the region in 2018.
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However, Asia Pacific is witnessing the fastest growth during the forecast period. This can be attributed to increasing outsourcing number of trials to countries such as India, China, Korea, and Japan due to the low cost and presence of a large patient population. Thereby, this outsourcing boosted the adoption of eClinical solutions in these regions. Presence of emerging economies, government funding for the research & development, and investment by multinational players are expected to propel the market growth during the forecast period.
Based on the product the market has been segmented into ECOA, EDC & CDMS, Clinical Analytics Platforms, Clinical data integration platforms, Safety solutions, CTMS, RTSM, and eTMF. The electronic data capture (EDC) and clinical data management system (CDMS) accounted for the maximum share of the eClinical solutions market in 2018. However, the electronic clinical outcome assessment (eCOA) is anticipated to observe the fastestgrowth during the forecast period.This can be attributed to the increasing importance of high-quality clinical data. Collecting data by using eCOA platforms enhance the quality of derived information, streamline data collection procedures, and offers effective data analysis.
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Based on the delivery mode, eClinical solutions market is divided into the web-hosted, licensed enterprise (on-premise), and cloud-based mode. The web-hosted segment dominated the market in 2018 and is expected to maintain its dominance during the forecast period. This can be attributed to benefits associated with a delivery mode such as lower investment, easily customizable, a greater level of interoperability, and easy accessibility. The cloud-based system is anticipated to drive the market at the fastest rate in the coming years. Easy data backup and availability of real-time data are some of the advantages of a cloud-based system.
Based on the development phase of the clinical trial, phase III segment accounted for the largest share of the market in 2018. The complexity of the phase increases with an increase in the number of patients, which enhance the demand for computer-based solutions for clinical data management, thereby the adoption of eClinical solutions for phase III clinical trial is more.
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Key players operating in the eclinical solutions market are IBM Watson Health; Oracle Corporation; Medidata Solutions Inc.; Cinven; DATATRAK International, Inc.; PAREXEL International Corporation; CRF Bracket; ERT; eClinical Solutions; and OmniComm Systems Inc.Partnerships or collaboration between technology and CRO, pharmaceutical or biopharmaceutical companies and acquisitions are the key strategies being adopted by the market players to accelerate their growth in recent years.
Some of the key observations regarding the eClinical solutions market include:
- In June 2019, DassaultSystemes, a France based software company acquired Medidata Solutionsto expand its client base in the life-science industry. Medidata’s market experience in clinical trials complements the company’s life sciences solutions on the 3DEXPERIENCE collaborative platform.
- In May 2019, Great Point Partners, an equity firm, invested in Axiomto increase service offerings for phase I to Phase III clinical trials. Axiom is a Toronto based growing firm specializes in data management, electronic data capture, electronic patient-reported outcomes, and clinical trial management systems for pharmaceutical and biotechnology clinical trial sponsors, invested in growing eClinical solution company.
- In September 2018, Genster merged its clinical research tech companies CRF Health and Bracket. The newly formed company named a CRF Bracket. Combining the experience of both the teams in clinical trial technology is expected to help in accelerative innovation, maintaining focus on expert service, and scaling a powerful business.
- In July 2018, OmniComm Systems, Inc., a global provider of clinical data management technology, launched its new subsidiary called OmniCommeClinical Solutions Pvt. Ltd. and established its office in Bengaluru, India to expand international presence. Launch of the new subsidiary was a result of the company’s acquisition of the Acuity advanced clinical analytics platform from Algorics.
- In October 2016, Cinven acquired Bioclinica to enter in the clinical trial sector. Bioclinica provides clinical trial services and technology to pharmaceutical companies and CROs.
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