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Recent trends in the global eClinical solutions market are driven by the launch of new products by numerous industry participants. Citing an instance, in September 2020, leading cloud-based enterprise software services provider, eClinical Solutions LLC, announced the escalated adoption of its lately rolled out ASCEND Clinical Data Services and its forerunner elluminate Clinical Data Platform.Several life sciences players comprising those from mid-market, large pharma, and emerging biotechs collaborated with over 100 pharmaceutical innovators in utilizing elluminate for unifying diverse clinical data sources for real-time transformation, data visibility, and analysis. Similar developments are likely to push the demand for eClinical solutions through the ensuing years.
On this note, the market size is anticipated to surpass USD 14.5 billion by 2027, cites the latest research by Global Market Insights Inc.
This escalation is attributed to the CTMS (clinical trial management system) segment which is expected to account for nearly 15.4 per cent of the overall eClinical solutions revenue through the analysis period. CTMS capabilities enables oversight of associated clinical trials for every therapeutic area based on a set of specified clinical activities and offer tracking ability for site monitoring.
Few major trends propelling eClinical solutions market growth are as follows:
Surging preference for outsourcing clinical trials
The rising preference for advanced solutions in clinical trials coupled with diversified expertise of CROs will impel the demand for outsourcing clinical trials through 2027. These trials mainly include extensive research and tasks ranging from preclinical trials to late-stage development.
In addition, the deployment of digitization in clinical trials or research initiatives is poised to augment eClinical solutions revenue through the estimated span. Furthermore, low adoption in developing countries and the cost of maintenance and implementation will bolster industry expansion.
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Increasing requirement for clinical data tools in the Asia Pacific
The Asia-Pacific eClinical solutions industry is projected to depict an appreciable CAGR of 12.9 per cent through 2027. This growth is ascribed to the surging need for effective clinical data and process management tools in the region.
Several governments are also providing funds for drug discovery and related eClinical research studies. The emergence of severe diseases, huge patient population, rising clinical trials and R&D are some of the factors stimulating regional business growth.
Rising demand for eClinical solutions across medical device companies
Over the years, there has been a steady rise in the number of incidences of various diseases. This has increased the need for general surgical procedures and advanced treatments, further escalating the requirement of medical devices and propelling R&D investments.
Clinical trials play a key role in medical devices’ development. Various advanced devices are in the development stage and need efficient data management, fueling the demand for eClinical solutions.
Owing to the aforementioned factors, the overall eClinical solutions market revenue from medical devices companies was valued at USD 1.2 billion in 2020 and will record an 11.2% growth rate through the forecast period.
Escalating adoption of license enterprise (on-premises) solution
Licensed enterprise (on-premises) solution represents the conventional medium of implementing software that is purchased by end-users on the basis of their organizational requirements. The segment is anticipated to depict remarkable growth of 10.8 per cent over the assessment period.
In an on-premises environment, solutions are deployed in-house and within a business’ infrastructure. The resources help in effectively maintaining all the data associated with their specific premises only.
In a nutshell, the presence of several innovative devices that require the efficient management of data in the development process will spur eClinical solutions market size over the projected period.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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