eClinical solutions market to hit USD 17.32B by 2028

eClinical solutions market value is projected to reach USD 17.32 billion by 2028, according to a new research report by Global Market Insights Inc. Increasing prevalence of chronic diseases and attempts to develop treatment will boost the overall market revenue.

Rise in government funding grants for clinical trials is one of the major contributing factors to the market expansion. The grants help companies to cater the growing demand of clinical trials. The clinical trials activity initiative helps researchers and patients test new treatments through national and international clinical trials in Australia, thereby supplementing the market progression.

Clinical trial management system (CTMS) segment accounted for about 15.5% revenue share in 2021. Owing to the benefits associated with CTMS such as elimination of dependency on manual processes, end-to-end management of clinical trials activities and real-time status tracking of trails will boost the business landscape. Moreover, CTMS maintain multiple databases, which improves the efficiency of clinical trials, thereby supplementing the industry expansion.

Some major findings of the eClinical solutions market report include:

• Rise in government funding grants for clinical trials is driving the business expansion.
• Benefits associated with CTMS will foster the adoption of various eClinical solutions.
• Huge patient population, increasing clinical trials and R&D will propel the Asia Pacific market demand.
• Industry players are focusing on various strategies such as acquisition, business expansion and novel service launches to consolidate their market presence.

eClinical solutions market from licensed enterprise (on-premises) solution segment is probable to register 11.3% CAGR during the analysis period. Licensed enterprise (on-premises) solution is the traditional mode of software implementation wherein end users purchase a software license that is installed and used within an enterprise’s infrastructure. The end users have complete control and ownership for any configurations, changes, and upgrades in the solution, thus, the data is protected in licensed enterprise. This will increase the demand for on-premises enterprises.

Phase II segment is set to witness 12.4% gains through 2028. Phase II trials assess efficacy and safety of drugs in a larger patient’s pool as compared to Phase I, thus requiring more accurate management tools. Furthermore, abilities of advanced software to process larger database during Phase II trials will accelerate the market forecasts.

eClinical solutions market from medical device companies accounted for USD 1,314.3 million in 2021 and is expected to progress at 11.7% CAGR during the analysis period. Increasing prevalence of chronic diseases and the attempts to discover treatments for diseases such as cancer, diabetes, and AIDS, is driving the demand of the e-clinical solutions. Moreover, rising adoption of eClinical solutions in medical device companies, will spur the industry statistics.

Asia-Pacific eClinical solutions market is estimated to show robust CAGR of 13.4% between 2022 and 2028. Increasing number of clinical trials are outsourced to Asia Pacific countries such as India, Korea, Japan, and China due to the availability of large patient population, thus, fostering the regional business outlook. Moreover, few Indian companies are partnering, acquiring, and launching tools in eClinical solutions to build up their position on a regional and global level. Additionally, increasing government funding for drug discovery and related research studies will propel the business development in APAC. Global Market Insights