The global eClinical solutions market was valued at USD 3.5 billion in 2017 and is projected to exhibit a CAGR of 11.2 percent during 2018 – 2026. The eClinical solutions market is expected to gain significant traction, due to increasing R&D by biotechnology and pharmaceutical companies. Pharmaceutical and medical device companies face a number of challenges to commercialize existing and developing new products, such as patent expiry, competitive pricing pressure, and rising regulatory burden imposed due to increasing clinical trial complexity, development costs, and data volumes. The risks and costs associated with developing new treatments, mainly related to drug trials continue to increase. All these factors collectively increase the demand for eClinical solutions software. eClinical solutions software reduce drug development costs and improve efficiency by streamlining and automating the clinical trial process, and optimizing return on investment in new drug development.
Electronic data capture (EDC) and clinical trial management systems (CTMS) are the most prominent eClinical solutions software. These software allow individuals to manage increasing data volumes while aiding the flexibility and speed required to execute emerging trial concepts that offer more effective commercialization. A CTMS can improve the management of the drug development process by providing a single, centralized system to manage operational and administrative activities and a real-time view of trial data that can be shared across the organization. However, high implementation cost of software, lack of skilled professional, data privacy issues, and low awareness about the software are the major factors hampering eClinical solutions market growth.
Key industry players operating the eClinical solutions market include BioClinica Inc., CRF Health, DATATRAK International Inc., eClinical Solutions Inc., MaxisIT Inc., Medidata Solutions Inc., Merge Healthcare Inc., OmniComm Systems Inc., Oracle Co., and PAREXEL International Co. Major industry players are adopting strategies such as product enhancement, partnerships, and agreements for new product development strategies to sustain and progress in eClinical solutions market. For instance, in 2018, Medidata and eClinical Solutions LLC expanded their technology partnership to further enhance clinical trial processes and help life sciences researchers deliver new therapies to patients with the adoption of Rave Imaging. Companies such as Veeva Systems, Oracle, and Medidata Solutions are offering integrated and unified eClinical solution software to improve trial efficiency and compliance processes across the R&D value chain. – Coherent Market Insights