CHICAGO, July 30, 2024 /PRNewswire/ -- The global
eClinical Solutions Market is expected to grow from USD 11.6 billion in 2024 to USD 22.1 billion by 2029, at a CAGR of 13.7%.
eClinical solutions have significantly enhanced clinical trial
efficiency, site performance, and cost-effectiveness compared to
traditional methods, driving their market growth. These solutions,
including electronic data capture (EDC) and clinical data
management systems (CDMS), streamline operations and ensure
regulatory compliance, benefiting contract research organizations
(CROs), researchers, and pharmaceutical companies. Despite high
implementation costs and concerns over patient privacy, the market
is expanding due to increased adoption of novel software, rising
clinical trials in developing countries, and the growing need for
efficient data management. The electronic clinical outcome
assessment (eCOA) solutions segment is expected to grow the
fastest, driven by improved data accuracy and patient engagement.
Web-hosted and cloud-based models currently dominate the market due
to their flexibility and security features. North America led the market in 2023, while
Asia Pacific is projected to
experience the highest growth rate during the forecast period,
driven by a burgeoning healthcare sector and increasing clinical
trials. Key market players include Medidata, Veeva Systems, IQVIA,
ICON plc, and Oracle.
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Medidata (A Dassault Systèmes Company): Leader in End-to-End
Clinical Data Management
Medidata excels in global clinical data capture and management
with extensive functionality tailored for diverse clinical study
needs. The company's robust market position is reinforced by its
comprehensive organic development efforts, including the release of
the myMedidata app in December 2022.
This native mobile app enhances patient experience by offering
features such as electronic diaries, patient-reported outcomes, and
informed consent through a single sign-on. This innovation aims to
improve patient engagement and data quality by providing easy
access to trial activities from smartphones. Medidata also
strengthens its market presence through strategic partnerships,
collaborations, and acquisitions.
Veeva Systems: Premier Provider of Cloud Solutions for Life
Sciences
Veeva Systems is a leading provider of cloud-based solutions
tailored to the global life sciences sector, offering software,
data, and consulting services across critical business areas from
R&D to commercialization. The company's revenue is derived from
two main product categories: Commercial Solutions, including Veeva
Commercial Cloud and Veeva Claims Solutions, and R&D Solutions,
encompassing Veeva Development Cloud, Veeva RegulatoryOne, and
Veeva QualityOne Solutions. Veeva's solutions are built on the
proprietary Veeva Vault platform, supporting clinical, regulatory,
quality, and safety tasks within life sciences organizations.
IQVIA Inc.: Leader in eClinical Solutions and Research
Outsourcing
IQVIA Inc. is a key player in life sciences research and
commercial outsourcing, known for its advanced eClinical solutions
that enhance data quality, patient experience, and clinical trial
efficiency. The company's market leadership is bolstered by
strategic acquisitions and collaborations, including its expansion
in China, India, Russia, Turkey, and Japan. Notable developments include the
May 2021 expansion of IQVIA Biotech
in Japan and APAC and the
acquisition of Q2 Solutions, which broadens its Research &
Development Solutions offerings. IQVIA's efforts are focused on
improving clinical and commercial solutions for biotech and
emerging biopharma companies.
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Product Segmentation: EDC and CDMS Dominate the eClinical
Solutions Market
The eClinical solutions market in 2023 is primarily driven by
Electronic Data Capture (EDC) and Clinical Data Management Systems
(CDMS). These segments are expected to hold the largest market
share due to their ability to shorten clinical trial durations and
costs, meet data standardization requirements, and accommodate
increased R&D expenditures by pharmaceutical companies. EDC
systems, for instance, have demonstrated significant cost savings
in clinical trials. A notable example is Novartis, which used an
open-source EDC platform across over 400 clinical trials, resulting
in operational cost savings of USD
347,600 during a 12-month phase II trial conducted at 20
sites.
Regional Insights: North America Leads the Market
In 2023, North America is set
to dominate the eClinical solutions market, followed by
Europe and the Asia-Pacific region. Key drivers for
North America's leading position
include increased government funding for clinical trials, a high
volume of ongoing clinical studies, continuous product advancements
by eClinical solution providers, and numerous partnerships for drug
development. The region also benefits from a high incidence of
lifestyle diseases and an expanding aging population.
Growth Forecast: Asia-Pacific to Experience Highest
Growth
The Asia-Pacific region is
anticipated to achieve the highest growth rate in the eClinical
solutions market during the forecast period. This growth is
supported by increased outsourcing of clinical trials, less
stringent regulatory environments compared to developed markets,
and a large patient base. Additionally, significant investments and
reforms are focused on modernizing healthcare infrastructure in
China, growing the health industry
in India, and adopting IT programs
in Australia and New Zealand.
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Related Reports:
Healthcare Analytics Market
Healthcare IT Market
Healthcare Cloud Computing Market
Bioinformatics Market
Clinical Trial Management System Market
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Companies and eClinical Solutions Market Share
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