E-Clinical Solutions Market – Analysis and Forecast To 2024 | Bio-Optronics, Inc., ERT.

The global e-clinical solutions market is predicted to grow at 11.9% CAGR during the forecast period with the market size reaching USD 10.4 billion by 2024. Different types of solutions such as electronic data capture (EDC) and clinical data management system (CDMS), clinical trial management system (CTMS), clinical analytics platforms, and randomization and trial supply management are majorly contributing to the e-clinical solutions market size. The market has witnessed significant demand for electronic data capture and clinical data management system over the last few years due to mounting demand for improved data standardization.

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On the basis of the end user, the market is segmented into pharmaceutical and biopharmaceutical companies, contract research organizations, consulting services companies, medical device manufacturers, hospitals, and academic research institute. Of all, the e-clinical solutions market size for contract research organizations is expected to grow at the fastest rate during the forecast period, globally. In addition, of all end users, pharmaceutical and biopharmaceutical companies accounted for the largest share of the market.

Key factors hindering the growth of the e-clinical solutions market are the high cost of implementation, the low adoption rate of the software, lack of high-speed broadband facility and long approval time. In addition, the dearth of skilled professionals is also having a negative impact on the growth of the market.

Asia-Pacific is observed to witness significant growth in the e-clinical solutions market during the forecast period, as the region comprises of a large population, easy patient recruitment, and the existence of less strict regulatory strategies. Moreover, mounting government sponsoring to strengthen clinical trials, the less operational cost for clinical trials, intensifying healthcare expenditure, increasing outsourcing of clinical trials, and growing number of pharmaceutical companies and CROs are also facilitating the significant growth of Asia-Pacific e-clinical solutions industry.

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Market players in the e-clinical solutions industry are investing capital to develop technologically advanced systems. In February 2018, OmniComm Systems, Inc. acquired Algorics, to enhance its product portfolio in a clinical analytics solution. 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 solutions for e-clinical solutions.

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