A rapid surge in the research and development activities by numerous pharma and biopharma companies is influencing the demand growth in eClinical solutions market. The increasing application areas of clinical trial software solutions and an upsurge in government funding to promote clinical research programs are opportunistic for the industry. Furthermore, the increasing outsourcing of clinical trials to CROs, escalating clinical research programs in Asian countries, and the development of cost-effective modules aid in expanding the market potential. However, the high implementation costs of eClinical solutions and the lack of awareness of clinical data sciences software in the research community are likely to hinder the growth of the industry.

Trials and Phases:

Over the last two decades, ClinicalTrials.gov has held ~75% of the overall clinical trials at a global level, which showcases the steady increase in new clinical trials registered every year. In the past 10 years, ~17,000 new clinical trials were registered annually. Mentioned below are the different phases of clinical trials:

• Phase I trials are conducted on a small number of individuals (mostly less than 100); it costs less for investigators. These trials are performed to determine the tolerability, safety, pharmacodynamics, and pharmacokinetics of a drug.
• Phase II study enrolls 100–500 volunteers. This study is performed to assess the dosage response and efficacy of a drug and the short-term side effects of the drug treatment. Drugs that are identified safe and effective in both Phase I and II clinical testing are forwarded to Phase III study.
• The Phase III clinical study involves enrolling 1000–5000 patients across various clinical trial sites. This phase takes several years to complete. Regulatory authorities require positive data to justify market approval submission.
• Phase IV clinical trials are conducted to test the long-term effects of drugs and are required by regulatory authorities as a condition for approval.

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Technological Landscape and Trends:

Technological advancements, including easy Wi-Fi connectivity access and electronic data capture, are driving the market growth. With the surge in demand for analyzing and tracking clinical data, the demand for effective clinical solutions is also increasing.

• Digital transformation and shifting preferences toward a data-driven approach are anticipated to contribute significantly to market growth in the coming years. The demand for cohesive clinical IT solutions is increasing owing to the increasing veracity and volume of data generated during the clinical development process.
• Consistent software upgradation is expected to create opportunities for new market entrants. For instance, in November 2021, Oracle for Research introduced Oracle Open Data, a new cloud service to accelerate scientific innovation.
• eClinical solutions in clinical trial workflows deliver enormous growth opportunities in clinical development processes. These solutions enable enhanced decision-making in every stage of drug development. They also help reduce cost and time in the development phase by utilizing seamless designs and determining failing compounds.
• eClinical solutions provide rapid access to data and patient safety information, which facilitates quick decision-making. Easier and faster implementation of changes in the clinical development process helps sponsors save energy and time. Various development platforms are available in the market that are used in clinical trials. The EDC, ECOA, CDMS, Clinical Analytics Platforms, Clinical Data Integration Platforms, Safety solutions, CTMS, RTSM, and eTMF are the most commonly used platforms in clinical trials.

The Market at a Glimpse:

According to a study by Grand View Research, the global eClinical solutions market was estimated at USD 9.2 billion in 2023 and is projected to grow at a CAGR of 14.1% from 2024 to 2030. The eClinical solutions industry is highly competitive and a considerable number of companies possess a certain level of dominance over the global market revenue. The most remarkable market participants include Oracle Corporation and Medidata Solutions, which occupy a substantial share of the market owing to their exceptional portfolios. Market leaders are involved in wide-ranging research for the development of cost-efficient and technologically advanced eClinical solutions. Subsequently, the introduction of such cutting-edge technologies is expected to provide this market with lucrative growth opportunities.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.