LOS ANGELES, Dec. 05, 2019 (GLOBE NEWSWIRE) -- The Global eClinical Solutions Market is expected to grow at a CAGR of around 9.7% during the forecast period 2019 to 2026 and reach the market value of around US$ 9,756 million by 2026.
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North America dominated the global eclinical solutions market in the year 2018. The region has experienced the potential growth owing to the presence of eclinical Solutions companies such as Oracle Corporation, Medidata Solutions, Inc. and Parexel International Corporation among others. The presence of a large pool of patients suffering from various diseases that are caused by changing lifestyles and high stress along with favorable policies implemented by various governments is further boosting the regional market growth. The North America region is expected to exhibit the largest share in the eclinical solutions market. The increasing number of investments in clinical trials in the region is expected to contribute to market growth. Additionally, according to a survey done in 2018 by the Tufts Center for the Study of Drug Development, an average of $2.6 billion is spent on new drug approvals which cover the cost of failures, and cost of research & develop which may take 10 to 15 years. Moreover, only one of every 10 drugs that initiate clinical trials is approved by the Food & Drug Safety Authority.
Electronic data capture and clinical data management systems in eclinical solutions have dominated the product segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. Electronic data capture and clinical data management system is a computerized method of clinical data collection for human clinical trials. It is stored in an electronic format for further reporting and analysis of the collected information. In 2015, Dr. ASM Mosa conducted a study on Online Electronic Data Capture and Research Data for various user groups that include super users and primary users.
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Phase I Clinical Trials segment dominated the eclinical solutions market on the basis of delivery mode in the year 2018. It is the most common type of clinical trials in medical and drug science. Phase I clinical trials involve a small number of human volunteers, usually less than 100, on whom the clinical trials are conducted in a small number of human volunteers in order to determine the safety and pharmacokinetics and pharmacodynamics of the drug. Parameters such as the relation between drug’s chemical properties and its effects on human bodies are determined through these trials.
Some of the leading competitors are Oracle Corporation, Medidata Solutions, Inc., Parexel International Corporation, Bioclinica, Inc. (A Subsidiary of Cinven), Datatrak International, Inc., CRF Health, ERT Clinical, Merge Healthcare Incorporated, Omnicomm Systems, Inc., Maxisit Inc., Bio-Optronics, Inc., and eClinical Solutions, LLC.
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Some of the key observations regarding eclinical solutions industry include:
- In September 2019, Datatrak International, Inc., collaborated with NTT Data to expand their foothold in the Asia Pacific and Japan region
- Datatrak International, Inc. (OTC Markets: DTRK), showcased the Datatrak Enterprise Cloud at the 16th DIA Japan Annual Meeting in Tokyo, Japan in October 2019.
- August 2018, Datatrak International, Inc. raised USD 8 million from TabaFund for research in advancement of eclinical solutions.
- In December 2015, Boehringer Ingelheim partnered with Medidata Clinical Cloud to innovate drug development programs.
- In November 2015, Infinity Pharmaceuticals Inc. selected Medidata Clinical Cloud for research in oncology program.
- In February 2019, eClinical Solutions LLC, a leading provider for cloud based products for clinical research, initiated elluminate Validation Accelerator which helps life science companies in taking risk based approach to system validation.
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