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Key Companies Profiled in the Global eClinical Solutions Market Research Report by Kenneth Research are DATATRAK International, Inc., Oracle Corporation, Signant Health, Dassault Systmes S.E., eClinical Solutions LLC, IBM Corporation, Veeva Systems Inc., Mednet, Saama Technologies, Inc., and Parexel International Corporation, and Parexel International Corporation among others.

New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on the Global eClinical Solutions Market for the forecast period, i.e., 2022-2031 which includes the following factors:

Market growth over the forecast period

Detailed regional synopsis

Market segmentation

Growth drivers

Challenges

Key market players and their detailed profiling

Global eClinical Solutions Market Size:

The global eclinical solutions market is gathered an approximate revenue of USD 7.5 billion in 2021 and is estimated to grow at a CAGR of ~15% over the forecast period. The governments initiative to encourage clinical trials and research is responsible for the expansion of the market. Moreover, increasing investments in R&D by numerous pharma & biotech businesses are anticipated to contribute to the market growth. According to the European Federation of Pharmaceutical Industries and Association (EFPIA), the value of exports from the pharmaceutical business in Europe alone was around USD 469,450 million in 2018. Additionally, it is predicted that one of the key development factors for the market would be the increasing usage of software solutions by pharmaceutical businesses. In addition, the health sectors extensive data collection is thought to be a key factor in the market growth. Over 75% of the pharma sector clients polled believe that in 2022, smart technologies such as artificial intelligence (AI), machine learning (MI), and natural language processing would have the greatest impact on drug development (NLP).

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Global eClinical Solutions Market: Key Takeaways

North American region gains the largest portion of the revenue

The cloud segment to influence the revenue graph

The pharma & biotech segment retains a sizable presence in the market

Rising R&D Investments, Government Funding, and Growing Medicaments Trade to Boost the Market

Some of the key reasons propelling the global eclinical solutions market include new regulations, government funding to assist clinical trials, and rising demand for pharma-biotech businesses to invest more in R&D for drug development. For instance, the UK governments net spending on research and development (R&D) increased by USD 2.0 billion from 2019 to a record high of USD 18.77 billion in 2020. Electronic data capture, clinical trial management systems, which frequently use electronic patient diaries, and other applications are all included in eclinical solutions. The Indian ministry of science and technology has been given a budget of over USD 147 billiom for R&D activities in 2021.

Furthermore, the growing export value for medical drugs further drives market growth. For instance, the global export value for medicaments was USD 9,757,494 thousand in 2020.

Global eClinical Solutions Market: Regional Overview

The global eclinical Solutions market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Browse to access an in-depth research report on the Global eClinical Solutions Market with detailed charts and figures: https://www.kennethresearch.com/report-details/eclinical-solutions-market/10116988

Increasing Government funding for Clinical Trial Support to Fuel the North American Market

The market in North America had the biggest market share in 2021. The demand for eclinical solutions in this region is anticipated to increase as a result of rising government funding for clinical trial support, ongoing product development, and new product releases by vendors of eclinical solutions as well as an increase in the number of collaborations for novel drug development. The National Institute of Health (NIH) funded clinical research at a cost of about USD 17 billion in the fiscal year (FY) 2020.

Rising Chronic Diseases and Increasing Government Funding to Propel the Asia Pacific Market Growth

On the other hand, the market in the Asia Pacific region is anticipated to experience significant growth by expanding at a higher CAGR over the forecast period as a result of rising chronic diseases like cancer, cardiovascular conditions, and other infectious diseases, as well as an aging population and growing medical needs. The Asia Pacific region alone accounts for 60% of the worlds population, according to the United Nations Population Fund (UNFPA). A sizable fraction of the Chinese population had chronic illnesses in 2020. Overweight or obesity affected more than 525 million people, and high blood pressure affected more than 410 million people. In China, chronic diseases were responsible for over 89 percent of deaths in 2019. Government programs for drug discovery and research, as well as investments in clinical infrastructure, are also predicted to play a significant role in the expansion of the market in the region. For instance, the GDP for research and development in China was 2.4% in 2020 according to the World Bank Data.

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The study further incorporates Y-O-Y growth, demand & supply and forecasts future opportunities in:

North America (U.S., Canada)

Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)

Latin America (Brazil, Mexico, Argentina, Rest of Latin America)

Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)

Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Global eClinical Solutions Market, Segmentation by Delivery Mode

The cloud segment is predicted to hold the biggest market size in value and is estimated to grow at a significant CAGR over the forecast period. The preservation of client data on cloud servers rather than on internal servers at the facility is one benefit related to cloud solutions that is expected to boost the expansion of this market. Over 2.5 billion users are utilizing the Google Drive storage service in 2020. Additionally, over 120 Zettabytes of data are predicted to be in the cloud by 2025. Google Drive is currently the most prominent cloud storage platform in the world with a usage rate of 95.5 percent. The best cloud storage for collaboration, Dropbox comes in second with a still impressive 64 percent followed by One Drive with 40 percent and iCloud with almost 38 percent. Furthermore, it is projected that convenient customer access to data via the internet, which necessitates computer hardware and an internet connection, to contribute to the growth of the segment.

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Global eClincal Solutions Market, Segmentation by End-Users

The pharma & biotech segment is predicted to hold substantial market share over the forecast period. The pharmaceutical sector generates a variety of innovative products that provide valuable medicinal benefits. In 2019, the pharmaceutical sector spent USD 83 billion on research and development as per Congressional Budget Office. In addition to this, the number of new pharmaceuticals licensed for sale climbed by 60 percent during 2019 and 9 years back as compared to the prior decade, reaching a peak of 60% new drugs approved in 2018. Increased sales of new drugs and smart technologies, as well as increased spending by the pharmaceutical industry on R&D, boost the growth of the segment.

Global eClinical Solutions Market, Segmentation by Product Type

Clinical Data Management Systems (CDMS)

Electronic Data Capture (EDC)

Clinical Trial Management Systems (CTMS)

Electronic Clinic Outcome Assessment (eCOA)

Randomization and Trial Supply Management (RTSM)

Electronic Patient-Reported Outcome (ePRO)

Electronic Trial Master File (eTMF)

Clinical Analytics Platform

Few of the well-known market leaders in the global eclinical solutions market that are profiled by Kenneth Research are DATATRAK International, Inc., Oracle Corporation, Signant Health, Dassault Systmes S.E., eClinical Solutions LLC, IBM Corporation, Veeva Systems Inc., Mednet, Saama Technologies, Inc., and Parexel International Corporation.

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Recent Developments in the Global eClinical Solutions Market

On 01 March 2021, the collaboration between Saama Technologies, Inc. and Oracle Corporation was made public in order to integrate the Oracle Health Sciences Clinical One Platform. The alliance aims to give pharmaceutical businesses insights powered by artificial intelligence (AI).

On October 20, 2021, Parexel International Corporation and Kyoto University Hospital jointly announced a strategic partnership to expand the potential for clinical research and to provide successful clinical trials. The alliance intends to provide patients and pharmaceutical companies with improved clinical trial benefits.

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About Kenneth Research

Kenneth Research is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment, etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.

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Read more:
Global eClinical Solutions Market Garnered around USD 7.5 Billion in 2021 and Expected to Grow at ~15% CAGR during 2022-2031; Government Initiatives...