eClinical Solutions Global Market Report 2024: Market Size To Reach $13.48 Billion By 2028

The Business Research Company's eClinical Solutions Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

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What is the Estimated eClinical Solutions Market Size in 2024 And the Growth Rate?

The eclinical solutions market size has grown rapidly in recent years. It will grow from $7.59 billion in 2023 to $8.47 billion in 2024 at a compound annual growth rate CAGR of 11.6%. The growth in the historic period can be attributed to the rise in healthcare digitalization, adoption of electronic health records ehr, increasing regulatory compliance, heightened need for efficiency and productivity, and increased healthcare integration.

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What is the eClinical Solutions Market Growth Forecast?

The eclinical solutions market size is expected to witness rapid growth in the next few years, growing to $13.48 billion in 2028 at a compound annual growth rate CAGR of 12.3%. The growth in the forecast period can be attributed to factors such as increasing interoperability and data exchange, rise of telehealth and remote care, adoption of value-based care models, growing demand for population health management, and increasing adoption of precision medicine. Key trends during the forecast period notably include the advent of artificial intelligence ai in healthcare, continual technological advancements, innovative solutions, strategic collaborations, and integration of healthcare solutions.

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What are the Major Growth Drivers of the eClinical Solutions Market?

Research and development activities are expected to propel the growth of the eclinical solutions market going forward. These are activities undertaken by firms to innovate and introduce new clinical products and services. Electronic clinical outcome assessment solutions aid these activities by electronically capturing outcomes data in clinical trials. For example, the Research and Development Survey 2021 conducted by Statistics NZ, a New Zealand-based public service department, revealed that the research and development R&D expenditure in the business sector reached $2.8 billion in 2021, marking a 5% rise from 2020 and an 18% increase from 2019. Thus, an increase in research and development activities is driving the growth of the eclinical solutions market in the forecast period.

Who are the Key Industry Players in the eClinical Solutions Market?

Major companies operating in the eclinical solutions market include Anju Software Inc., BioClinicia Inc., Parexel International Corporation, CRF Health, Dassault Systèmes SE, Datatrak International Inc., Eclinical Solutions LLC, ERT Clinical, IBM Watson Health, Medidata Solutions Inc., Omnicomm Systems Inc., and Veeva Systems Inc., among others. These companies lead the market growth by introducing novel and efficient solutions consistently.

What are the Notable Trends in the eClinical Solutions Market?

Technological advancements have emerged as the key trend gaining popularity in the eClinical solutions market. Companies in the sector are focusing on the use of advanced technologies to meet consumer demand and stay competitive. For instance, in July 2021, eClinical Solutions LLC, an India-based provider of cloud-based enterprise software and software-driven clinical data services, released the Elluminate Clinical Data Cloud. Based on cloud computing and real-time data analysis technologies, this platform has unique capabilities that improve the automation of both clinical and operational data streams across the platform, optimizing the clinical operations data pipeline for quicker decision making.

How is the eClinical Solutions Market Segmented?

The eclinical solutions market covered in this report is segmented:

1 By Product: Electronic Data Capture EDC and Clinical Data Management Systems CDMS, Clinical Trial Management Systems CTMS, Clinical Analytics Platforms, Randomization and Trial Supply Management RTSM, Clinical Data Integration Platforms, Electronic Clinical Outcome Assessment eCOA, Safety Solutions, Electronic Trial Master File eTMF
2 By Development Phase: Phase I, Phase II, Phase III, Phase IV
3 By Delivery Mode: Web-Based and Cloud-Based, Enterprise-Based
4 By End User: Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, Consulting Service Companies, Medical Device Manufacturers, Hospitals, Academic Research Institutions

What are the Regional Insights Into the eClinical Solutions Market?

North America was the largest regional market for eclinical solutions in 2023. The report also examines the eclinical solutions market in regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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