eClinical Solutions and Software Market Poised to Achieve ~US$ 29.1 Billion Valuation by 2033 | Future Market Insights, Inc.

NEWARK, Del, Oct. 25, 2023 (GLOBE NEWSWIRE) -- By the end of 2023, the global eClinical solutions and software market is projected to be valued at US$ 9.3 billion, and by 2033, it is projected to grow at a compound annual growth rate (CAGR) of 12.1% to reach a valuation of approximately US$ 29.1 billion. Clinical data management systems (CDMSs) are expected to hold the largest market share in the global market in 2023, with an approximate 22.6% share, according to a recent study by Future Market Insights.

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, fostering 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.

The eClinical Solutions and Software Market is a dynamic sector that encompasses a range of software applications and platforms designed to streamline and enhance clinical trial processes. These solutions offer researchers, pharmaceutical companies, and healthcare organizations tools for efficient data management, patient engagement, and regulatory compliance, facilitating more effective and cost-efficient clinical trials,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI) analyst.

Key Takeaways:

• High costs and constant maintenance expenditure will prevent the eClinical solutions and software market growth 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 US eClinical solutions and software market 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.
  

eClinical Solutions And Software Market Report Coverage:

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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. 

eClinical Solutions and Software Market Segmentation:
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
  

Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• The Middle East and Africa (MEA)
  

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

Explore Future Market Insights, Inc. Extensive Coverage in Healthcare Market Domain:

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• Clinical Trial Biorepository & Archiving Solutions Market Outlook: A market analysis report by Future Market Insights shows that global sales of the Market in 2021 were held at US$ 3.5 Billion. 
• Clinical Trials Market Forecast: The global market is expected to enjoy a valuation of US$ 115.4 Billion by the end of the year 2023 and further expand at a CAGR of 4.41% to reach a valuation of ~US$ 177.7 Billion by the year 2033. 
• Rare Disease Clinical Trials Market Revenue: The market size is projected to be valued at US$ 12,566.14 million in 2023 and is expected to rise to US$ 31,715.25 million by 2033. 
  

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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