New York, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Rising government funding for clinical trials, increased application of software solutions in clinical trials and clinical research, the growing customer base for e-Clinical solutions, are key factors contributing to the high CAGR of eClinical Solutions during the forecast period.
According to the current analysis of Reports and Data, the global eClinical Solutions market was valued at USD 4,267.6 Million in 2018 and is expected to reach USD 12,329.2 Million by the year 2026, at a CAGR of 13.9% from 2019-2026.
Clinical trials are the most time-consuming phase of drug development. The increasing demand for clinical trials by pharmaceutical giants and biotech companies propels the eClinical Solutions market growth. eClinical Solutions provide administrations to an enormous client base at a low working expense. Additionally, they help with tracking of information from different geographic areas, arranging, and execution of this information and drive the procedure of clinical advancement. E-clinical solutions are advantageous to reduce the time spent on assembling and analyzing data in clinical trials
Rise in appropriation of software solutions in eClinical research in trials offer various potential in clinical development processes. It can help in lowering the cost and reducing the time between development phase by identification of failing compounds. Moreover, it also offers data standardization and fast retrieval of data, which is beneficial in making quick decisions at every stage of development.
Key market players in the eClinical Solutions market are adopting strategies such as product development, partnerships, mergers, and acquisitions to maintain their position in the market. For instance, Oracle solutions offer eClinical software as a service platform solution for core administrations. In 2018, Medidata and eClinical Solutions LLC expanded their technology partnership to improve clinical trial processes.
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Further key findings from the report suggest
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the eClinical solutions market on the basis of product, development phase, mode of delivery, end use, and region:
Product (Revenue, USD Million; 2016–2026)
Development Phase (Revenue, USD Million; 2016–2026)
Mode of Delivery (Revenue, USD Million; 2016–2026)
End Use (Revenue, USD Million; 2016–2026)
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Regional Outlook (Revenue in USD Million; 2016–2026)
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