eClinical Solutions and Software Industry Soars with 12.1% CAGR, Projected to Reach US$29.1 Billion by 2033 | FMI

In 2023, this eClinical solutions and software industry is projected to skyrocket to an estimated US$29.1 billion from its 2023 value of US$9.3 billion, marking an impressive three-fold increase in a decade. The robust growth story began in 2017 and continued through 2022 with a compelling Compound Annual Growth Rate (CAGR) of 10.6%.

Looking ahead, the future holds even greater promise, as forecasts predict a remarkable CAGR of 12.1% from 2023 to 2033, further propelling this market to new heights.

This exceptional growth can be attributed to the surge in funding for clinical research and life sciences, enabling the widespread adoption of eClinical solutions and software. This, in turn, will be a significant catalyst for the overall market’s expansion throughout the forecast period.

The increasing investment in research and development activities by biopharmaceutical and pharmaceutical enterprises will drive the utilization of eClinical solutions and software across a spectrum of clinical trials, fostering substantial market growth. This shift is driven by the necessity for comprehensive eClinical platforms that can seamlessly adapt to the evolving needs of businesses, especially in addressing contemporary eClinical trial management requirements.

In light of these developments, the future prospects for the eClinical solutions and software industry shine brightly in the years to come, offering a compelling narrative of progress and innovation.

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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 industry 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 industry forward during the projection period.

Key Takeaways:

• High costs and constant maintenance expenditure will prevent the growth of the eClinical solutions and software industry 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 industry 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.

More Insights Into eClinical Solutions And Software Industry

In its latest report, FMI offers an unbiased and detailed analysis of the global eClinical solutions and software industry, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of solution, delivery mode, clinical trial, end-user, and region.

According to the same reports, based on segmentation, the CROs category will make substantial contributions to the overall market growth in terms of end-users. In terms of clinical trials, the phase III segment will account for 46.7% of the global market share in 2023.

Based on region, the eClinical solutions and software industry will present strong growth in the US. The target market in this region will account for 39.3% of the market share in 2023 and will likely continue this growth during the forecast period. Favorable government policies and rising funds from the government as well as increasing product launches from key players will push the market forward in the US. Germany and China, too, will make notable contributions to the global growth of the eClinical solutions and software industry during the forecast period.

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Key Players:

1. Oracle
2. Datatrak International, Inc.
3. Dassault Systemes
4. CRF Health
5. eClinicalWorks
6. Parexel International Corporation
7. Bioclinica
8. eClinical Solutions
9. IBM Watson Health
10. Anju Life Sciences Software
11. ERT Clinical

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

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