eClinical Software and Solutions Market Will Grow at 12.1% CAGR from 2023 to 2033 | Report by Future Market Insights, Inc.

Published Via 11Press : NEWARK, Del: It is predicted that the worldwide sales of the eClinical software and solutions market will surge at a favorable compound annual growth rate (CAGR) of 12.1% from 2023 to 2033. Rising from a value of US$ 9.3 billion in 2023, the market will acquire a value of US$ 29.1 billion by 2033. The market is experiencing growth acceleration due to two major trends. Firstly, biopharma and pharmaceutical companies are ramping up their research and development efforts. Secondly, there is increasing adoption of software solutions in clinical trials, which is expected to further boost the market. A surge in funding for clinical research and life sciences will also boost the demand for eClinical software and solutions across the globe. 

During the historic period of 2017 to 2022, the market expanded at a CAGR of 10.6% and achieved a value of US$ 8.4 billion by 2022. FMI estimates strong growth for the market during the forecast period of 2023 to 2033. ​​The market for eClinical solutions is expected to experience tremendous growth in the coming years due to several factors.

The trend of outsourcing clinical trials to contract research organizations (CROs) is on the rise, and there has been a significant increase in the number of CROs and life sciences organizations. Additionally, the growing research programs in Asian countries and the development of cost-effective modules are expected to drive the demand for eClinical solutions.

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Stringent regulatory structures for clinical trials and an increased need for safety monitoring are also playing a vital role in the growth of the market in developed economies like the U.S. Governments all over the world are strengthening clinical trial registration requirements and encouraging clinical data sharing. The surging demand for software solutions for clinical trials by pharma and biopharma companies is another significant growth factor for the market. Furthermore, increasing government grants to support trials and expanding the end-user base for eClinical solutions are expected to further boost the market during the review period.

Key Takeaways:

• High initial costs and additional maintenance expenditure may stymie the growth of the eClinical software and solutions market.
• By service, the clinical data management systems segment (CDMS) will lead the market with a share of 22.6% in 2023.
• Based on delivery mode, the web-hosted (on-demand) solutions will hold a 67.3% share of the overall market.
• In 2023, the US eClinical software and solutions market will account for a share of 39.3%; driven by new product launches and easy adoption of technologically advanced tools.
• China’s eClinical software and solutions market will grow at a CAGR of 8.7% from 2023 to 2033.

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Competitive Landscape 

Oracle, Dassault systems, IBM Watson Health, ERT Clinical, CRF Health, Datatrak International Inc., Bioclinica, and Anju Life Sciences Software, among others, are a few of the primary participants in the eClinical software and solutions market profiled in the full version of the report.

In a competitive environment, important market players are focusing on adopting and utilizing advanced technologies to develop new products. These enterprises concentrate on launching new products and employing strategic partnerships, collaborations, mergers, and acquisitions to gain a competitive edge.

Key Market Segments Covered in eClinical Solutions and Software Industry Research

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 Organizations, Medical Device Companies, Pharma/Biotech Companies, Hospitals & Clinics, and Other
Region: North America, Latin America, Europe, South Asia, East Asia, Oceania, The Middle East and Africa (MEA)

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More Insights Into eClinical Software And Solutions Market 

FMI presents an impartial study of the global eClinical software and solutions market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2030. This report encompasses an in-depth analysis of a ten-year sales forecast, important market drivers, restraints, prevalent trends, and opportunities. For a complete understanding of the worldwide eClinical software and solutions market potential and scope, the market is segmented into solution, delivery mode, clinical trial, end-user, and region.

According to the reports, based on segmentation, the contract research organizations will offer the most opportunities to the market. This segment will account for 35.8% of the overall market share. As CROs are expanding their areas of expertise, it is expected that they will offer lucrative opportunities to the market. In terms of clinical trials, the phase III category will hold 46.7% of the overall market share. The increasing number of drug development activities will drive the growth of this segment, which in turn, will aid the growth of the overall market.

Based on the country, the eClinical software and solutions market in the US will exhibit remarkable growth. In 2023, the target market in this region accounted for 39.3% of the market share and will continue to demonstrate similar growth during the forecast period. The surge in the target population, increasing incidences of lifestyle diseases, high rate of product innovation, and rising number of clinical trials will supplement the growth of the eClinical software and solutions market in the US. Other countries like China and Germany will also present considerable growth in this market, contributing to the global growth of the eClinical software and solutions market.

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Explore Wide-ranging Coverage of FMI’s Healthcare Landscape

Healthcare Interoperability Solutions Market: is forecasted to expand at 14.5% CAGR to reach a market valuation of US$ 16.2 billion by the end of 2033, up from US$ 3.7 billion that was recorded for 2022.

Clinical Trial Biorepository & Archiving Solutions Market: analysis report by Future Market Insights shows that global sales of Clinical Trial Biorepository & Archiving Solutions Market in 2021 was held at US$ 3.5 Billion With 12.1%, the projected market growth during 2022 to 2032.

Preclinical Medical Device Testing Services Market: garnered a market value of US$ 2.8 Billion in 2022 and is expected to accumulate a market value of US$ 6.63 Billion by registering a CAGR of 9% in the forecast period 2022-2032. 

Preclinical Imaging Market:  is expected to enjoy a valuation of US$ 3.3 Billion in 2022, and further expand at a CAGR of 3.5% to reach a valuation of US$ 4.7 Billion by the end of the year 2032.

About Future Market Insights, Inc.

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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