Global eClinical Solutions Market to Witness 14.0% CAGR During 2021 – 2027, ERT, MaxisIT Inc.


Posted October 9, 2021 by industryno1

VynZ Research is a global market intelligence company providing research reports.

 
The global eClinical solutions market is predicted to grow at 14.0% CAGR during the forecast period with the market size reaching USD 16.4 billion by 2027. The market is driven by the factors such as intensifying number of clinical trials, mounting implementation of software solution during clinical trials, increasing need for improved data standardization, the mounting requirement for analyzing and tracking data and intensifying research, and development expenditure by pharmaceutical and biotechnology companies. Expanding clinical trial outsourcing, expanding government grants to support clinical research, and amplified IT budgets for drug development are further fuelling the growth of the market.

The market for eClinical solutions is primarily driven by the increasing number of clinical trials. With the expanding geriatric population, and mounting occurrence of chronic and lifestyle associated diseases such as diabetes, cardiovascular diseases, cancer, and obesity has resulted in increased frequency of pipeline drugs, which further increases the number of clinical trials for the introduction of novel drugs. Moreover, pharmaceutical and biotechnology companies are investing comprehensively in research and development for the development of novel drugs for the treatment of chronic and lifestyle associated diseases. This offers market players immense opportunities for clinical trials, which will drive their revenue growth.

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North America accounted for the major share in the eClinical solutions industry in 2017, globally as the players in the region are continuously investing spends in research and development by pharmaceutical and biotechnology companies. In addition, mounting demand for improved data standardization, and home to a large number of industry players are some of the factors facilitating the growth of the North American e-clinical solutions market.

Moreover, Asia-Pacific is observed to witness the fastest growth in the e-clinical solutions market, owing to mounting government sponsoring to strengthen clinical trials, the existence of less strict regulatory strategies, and less operational cost for clinical trials. Mounting healthcare expenditure, easy patient recruitment, mounting outsourcing of clinical trials, and the growing number of pharmaceutical companies and CROs are some of the factors fuelling the growth of the Asia-Pacific eClinical solutions market.

Key players in the eClinical solutions industry are investing in the development of advanced, which is strengthening their position in the market., Oracle Corporation, PAREXEL International Corporation Medidata Solutions, Inc., DATATRAK International, Inc., eClinical Solutions, Inc., Bio-Optronics, Inc., ERT, MaxisIT Inc., and OmniComm Systems, Inc. are some of the key players offering e-clinical solutions.

Source: VynZ Research
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Last Updated October 9, 2021