eClinical Solutions Market Size, Global Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: eClinical Solutions Market


The global eClinical solutions market size was estimated at USD 5.6 billion in 2019 and is expected to exhibit a CAGR of 13.8% over the forecast period. Increasing research and development activities by biopharma and pharma companies is one of the key trends escalating market growth. Besides this, growing incorporation of software solutions in clinical trials is projected to provide a fillip to the market.

Growing trend of outsourcing clinical trials to contract research organizations (CROs), along with rising number of CROs and life sciences organizations, is poised to help the market gain tremendous traction in the coming years. In addition, increasing number of research programs in Asian countries and development of cost-effective modules are anticipated to stir the demand for eClinical solutions.

Presence of stringent regulatory structure for clinical trials and heightened need for safety monitoring are also playing a vital role in the adoption of eClinical solutions in developed economies such as the U.S. For instance, the U.S. Department of Health and Human Services and the National Institutes of Health are tightening clinical trial registration requirements and promoting clinical data sharing.

Surging demand for software solutions for clinical trials by pharma and biopharma companies is one of the primary growth stimulants for the market. Apart from this, increasing government grants to substantiate trials and widening end-user base for eClinical solutions are likely to boost the market during the review period.

Product Insights of eClinical Solutions Market

Electronic Clinical Outcome Assessment (eCOA) is estimated to be the fastest growing segment during the forecast period owing to rising significance of high-quality clinical data. eCOA facilitates preservation of overall quality and is being increasingly incorporated in measurement of patient-reported, clinician-reported, and observer-reported outcomes. Data capturing process using eCOA platforms improves quality of information captured, streamline data collection procedures, and offers effective data analysis.

Soaring need for patient compliance is further pushing the usage of eCOA solutions, which can effectively meet challenges posed by paper-based records. Elimination of data variance risk streamlined information and lowering of site monitoring cost are key advantages associated with eCOA. These aforementioned benefits are expected to fuel its demand in the coming years. Moreover, need for integration of patient care with clinical research studies, which leads to a more patient-centric approach, is projected to supplement the growth of the segment.
Delivery Mode Insights

Web-hosted solutions dominated the market for eClinical solutions in 2019. The dominance of the segment can be attributed to associated benefits such as easy accessibility, usability, and lower investments required. Web-hosted products are easily customizable, owing to which, providers can customize presentation of information for different user groups. Additionally, these products have a greater level of interoperability. The segment is poised to maintain its position throughout the forecast period.

Cloud-based eClinical solutions are anticipated to exhibit a strong CAGR during the forecast period owing to integrated features such as flexibility, high accessibility, negligible handling costs, and easy data backup. Real-time data is available through these systems, which enables users to take quick decisions and provide high-quality information for risk-based monitoring. These associated advantages are anticipated to bolster the demand for cloud-based eClinical solutions in the coming years.

Development Phase Insights

On the basis of development phase, the phase III segment is likely to lead the eClinical solutions market throughout the forecast period. Spiraling need for incorporation of clinical data management software to curb overall cost and improve process efficiency is contributing to the growth of the segment. Increasing number of drugs successfully reaching phase III is providing a significant push to the growth of the segment. Phase III involves the study of efficacy of a drug by using a group of more than 1,000 patients. The complexity of the study increases with increase in the number of patients, which triggers the demand for computer-based systems for data management, thereby revving up the adoption of eClinical solutions.

Phase I is estimated to be the most promising segment during the forecast period owing to high significance of these systems to predict future outcomes and eliminate drug candidates possessing least probability of success. Developments in biological modeling systems and personalized medicine technologies are leading to a boom in development of newer drugs. A large number of phase I trials and complex management and analysis of data acquired during various studies is expected to propel segment growth in the market for eClinical solutions.

End-use Insights

The global market has been segmented on the basis of end use into academic institutes, medical device manufacturers, hospitals, CROs, and pharmaceutical and biotechnology companies. CROs held the largest share in the market in 2019. The segment is projected to expand at a remarkable CAGR during the forecast period owing to growing inclination of pharmaceutical companies to reduce overall expenditure. Rising usage of eClinical solutions in research is further widening the scope of the segment. Benefits of outsourcing clinical trials to CROs include cost advantages, increased efficiency of services, enhanced productivity, and higher focus on core areas of development critical to a companys growth.

Pharmaceutical and biotechnology companies are also expected to witness strong growth over the course of the forecast period. These companies use eClinical solutions during clinical trials for drug development. These solutions not only increase the efficiency of the trial but also help minimize cost and time utilized in drug development. Medical device manufacturers are also expected to increase the adoption of eClinical solutions through 2027 owing to the growing integration of IoT with medical devices. The shifting trend from paper to electronic medical records and automation of various medical equipment has resulted in the generation of massive volume of data. This has led to the need for efficient eClinical solutions.

Regional Insights of eClinical Solutions Market

North America was the leading revenue contributor in 2019. Increasing target population, coupled with rising prevalence of lifestyle-associated diseases such as diabetes and cardiac disorders, is poised to stimulate the growth of the regional market for eClinical solutions. Moreover, domicile of prominent players and availability of sophisticated infrastructure are anticipated to accentuate the growth of the regional market.

Asia Pacific is likely to register a noteworthy CAGR over the forecast period. High unmet medical needs and rising prevalence of target chronic diseases such as cancer, cardiovascular conditions, and infectious diseases are stoking the demand for eClinical solutions in the region. Increasing number of trials are outsourced to countries such as China, India, Korea, and Japan owing to a large patient population and low cost. This outsourcing has, thereby, boosted the adoption of eClinical solutions in these regions. As an emerging economy, the growth of the APAC market is largely driven by government funding related to research and drug discovery, which is estimated to enhance its growth over the forecast period.

Market Share Insights of eClinical Solutions Market

Some of the major players in the market are IBM Watson Health; Oracle Corporation; Medidata Solutions Inc.; BioClinica; DATATRAK International, Inc.; PAREXEL International Corporation; CRF Health; ERT; eClinical Solutions; and OmniComm Systems Inc. These players are involved in various growth strategies such as new product development, mergers and acquisitions, and collaborations, which are helping them consolidate their position in the market. For instance, in September 2019, OmniComm Systems acquired by Anju Software Inc. to enhance its portfolio of eClinical solutions with advanced data analytical capabilities.

Earlier in November 2019, eClinicalWorks entered into a collaboration with GuideWell; Humana Inc.; and Trusted Health Plan with an aim to provide bidirectional healthcare interoperability solutions to patients, providers, and payers. In September 2018, CRF Health and Bracket entered into a joint venture agreement. The newly formed company was named CRF Bracket and provides drug development companies technology and services for clinical research. The industry is expected to witness moderate competition over the forecast period. High operational cost, stringent regulatory framework, and capital requirement keep entry barriers at a higher level, owing to which, the threat of new entrants in the market for eClinical solutions is expected to be low.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of eClinical Solutions Market Research Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global eClinical solutions market report on the basis of product, delivery mode, development phase, end use, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  
eCOA
  
EDC & CDMS
  
Clinical data integration platforms
  
Safety solutions
  
CTMS
  
RTSM
  
eTMF
  
Clinical Analytics Platforms

Delivery Mode Outlook (Revenue, USD Million, 2019 - 2030)

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

Development Phase Outlook (Revenue, USD Million, 2019 - 2030)

  
Phase I
  
Phase II
  
Phase III
  
Phase IV

End-use Outlook (Revenue, USD Million, 2019 - 2030)

  
Hospitals
  
CROs
  
Academic institutes
  
Pharma & Biotech Organizations
  
Medical Device Manufacturers