eClinical solutions market is expected to reach USD 10.5 billion by 2024, according to a new report published by Grand View Research Inc. The eClinical solutions market is anticipated to witness a lucrative growth during the period 2016 to 2024. The factors attributing towards the growth of the market are increase in the research and development activities by numerous biopharma and pharma companies, increasing application of software solutions in clinical trials, upsurge in the government funding to promote clinical research programs, rise in the number of Contract Research Organizations (CROs) and life sciences organizations, and increasing customer base.

Additionally, factors such as increasing outsourcing of clinical trials to CROs, escalating clinical research programs in Asian countries, as well as, the development of cost-effective modules are expected to be opportunistic for the industry growth. However, the shortage of skilled labor force, high implementation costs of the eClinical solutions and the lack of awareness of clinical data sciences software in the research community are likely to hinder the growth of the market in the near future.

The eClinical solutions market is segmented on the basis of product, delivery mode, clinical trial phase, end-user, and region. Based on the product, the industry is categorized into clinical analytics platforms, electronic Clinical Outcome Assessment (eCOA), Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS), clinical data integration platforms, safety solutions, Clinical Trial Management Systems (CTMS), Randomization and Trial Supply Management (RTSM), and electronic Trial Master File (eTMF).

The other segments of the market include delivery mode (web-hosted, licensed enterprise, and cloud-based), clinical trial phases (phase I, phase II, phase III, and phase IV), and end-user application (consulting service companies, medical device manufacturers, hospitals, contract research organizations, pharmaceutical, and biopharmaceutical companies). On the basis of regions, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).

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Further key findings from the report suggest:

• In 2016, North America is estimated to lead the market with the largest share in the eClinical solutions industry. The rising number of ongoing clinical trials, high demand for technologically advanced products, and increasing financial support from the government is anticipated to boost the industry growth.
• The eCOA segment is anticipated to witness the highest growth rate during the forecast period, whereas the EDC and CDMS segment is estimated to lead the market in the year 2016. Factors attributing to the growth of the industry are the increasing application of mobile and digital technologies, as well as, an upsurge in the demand for eDiaries in clinical trials for the collection of patient’s self-reports by pharmaceutical companies.
• The eClinical solutions industry comprises several local as well as global players. Some of the major players in this industry include Oracle Corporation, Medidata Solutions Inc., Parexel International, Inc., and Datatrak, among others.

For more information: http://www.grandviewresearch.com