13-Mar-2023

Sleep Aid Devices Market is expected to reach a valuation of US$ 29.1 Billion at a CAGR of 12.4% by 2033 | FMI

The global eClinical solutions and software market is anticipated to reach a valuation of US$ 29.1 billion in 2033, rising up from an estimated US$ 9.3 billion in 2023. Valued at US$ 8.4 billion in 2022, the market witnessed a CAGR of 10.6% from 2017 to 2022. It is gauged that the eClinical solutions and software market will expand at a stellar CAGR of 12.1% from 2023 to 2033.

This growth can be attributed to the surge in funding for clinical research and life sciences will enable the widespread usage of eClinical solutions and software which, in turn, will promote the overall market growth during the forecast period.

The expansion of research and development activities by biopharmaceutical and pharmaceutical businesses will prompt the use of eClinical solutions and software in various clinical trials which will foster growth for the market. This is primarily due to the fact that in order to address certain contemporary eClinical trial management needs, many businesses will require a comprehensive eClinical platform that will adapt to required needs. Hence, the prospects for the eClinical solutions and software market look bright in the upcoming years.

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With the surge in the amount of data produced via the clinical development process, the need for efficient tracking and evaluation of clinical data will also rise. As a result of this, the demand for eClinical solutions and software amplifies in clinical trials which, in turn, supplements the overall market growth. The eClinical solutions and software increase efficiency, lessen the expenditure, and errors like duplicate entry are avoided due to the use of eClinical technologies. This factor bodes well for the expansion of the eClinical solutions and software market size. Other factors that will aid the market growth are the progress witnessed in the life sciences field and the outsourcing of clinical trials to contract research organizations (CROs). All of these factors propel the eClinical solutions and software market forward during the projection period.

Key Takeaways:

High costs and constant maintenance expenditure will prevent the growth of the eClinical solutions and software market during the assessment period.
Based on the service, the clinical data management systems (CDMS) category will dominate the global market with an estimated share of 22.6% for 2023 and 2033.
By delivery mode, the web-hosted (on-demand) will lead the market with a share of 67.3%.
The eClinical solutions and software market in the US will hold about 39.3% of the market share in 2023 due to increasing product launches by key players.
China’s eClinical solutions and software market will expand at a strong CAGR of 8.7% owing to greater medical needs.

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Competitive Landscape

Oracle, Datatrak International, Inc., CRF Health, eClinicalWorks, Parexel International Corporation, Bioclinica, IBM Watson Health, and Anju Life Sciences Software, among others, are some of the dominant players in the eClinical solutions and software market profiled in the full version of the report.

In an intensely competitive environment, leading market players are concentrating on the swift adoption of advancing technology. These businesses employ various expansion strategies including mergers, collaborations, partnerships, and acquisitions, while also engaging in product development to enhance their market positions.

Key Companies Covered:

Oracle
Datatrak International, Inc.
Dassault Systemes
CRF Health
eClinicalWorks
Parexel International Corporation
Bioclinica
eClinical Solutions
IBM Watson Health
Anju Life Sciences Software
ERT Clinical

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Key Market Segments Covered in eClinical Solutions and Software Industry Research

Solution:

Randomization & Trial Management (RTSM)
Clinical Data Management System (CDSM)
Clinical Trial Management System (CLMS)
Electronic Clinical Outcome Assessment (eCOA)
Electronic Trial Master File (eTMF)
Electronic Data Capture
Others

Delivery Mode:

Licensed Enterprise (On-premise) Solution
Cloud-based (SAAS) Solution
Web-hosted (on-demand) Solution

Clinical Trial:

Phase I
Phase II
Phase III
Phase IV

End User:

Contract Research Organization
Medical Device Companies
Pharma/Biotech Companies
Hospitals & Clinics
Others

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Last Updated: 13-Mar-2023