As per a report by P&S Intelligence, the eClinical solutions industry will reach USD 22.35 billion, growing at a rate of 13.4%, by 2030. This is mainly due to the increasing investment and implementation of policies by governments to support clinical trials.
Moreover, the increasing research and development expenditure by biotechnology and pharmaceutical companies for drug development to treat chronic diseases will boost the growth in the years to come.
The scale of clinical research is increasing in developing countries as a result of the rising number of trials by pharmaceutical companies here. This is credited to the availability of a large number of patients, low operational costs, the focus of CROs on global trials, and the faster rate of recruitment.
Additionally, the increasing adoption of guidelines, stronger protections of intellectual property, and lower logistical problems are driving the clinical trial demand in developing nations. This offers numerous opportunities for the players in the industry.
In the past few years, the web-based delivery mode accounted for the largest share of the industry, of 70%. This is credited to the numerous advantages associated with this mode, such as smooth accessibility, less investment requirement, and ease of use. Additionally, because of the advanced level of interoperability of web-based solutions, this category will maintain its position in the years to come.
The cloud-based delivery mode demand will witness the highest CAGR, of around 14.9%, in the coming years, owing to its numerous benefits, for instance, low handling costs, simple backup of data, high accessibility, and flexibility.
Based on the clinical trial phase, the phase III category accounted for the largest eClinical solutions market share in recent years, of 54%. This is attributed to the growing need for data management software for phase III trials to improve trial efficiency and reduce costs. The phase I category will witness the highest CAGR in the years to come, on account of a growing number of clinical trials in their nascent stages.
Based on product, the eCOA category is expected to witness the highest CAGR in the coming years. This is because of the growing significance of better-quality data in the healthcare industry. Data on drug interactions withing trial subjects’ bodies is crucial in establishing the safety and efficacy of the drug candidate.
In the past few years, the CROs category had the largest industry size, due to the increasing adoption of eClinical solutions in pharmaceutical research and the advantages associated with trial outsourcing to CROs, for instance, better productivity, cost-effectiveness, and high service efficiency.
North America led the industry in recent years, owing to the increasing incidence of lifestyle-related and chronic disorders, such as diabetes and cardiovascular illnesses, presence of major industry players, rising launches of innovative products by IT vendors, and surging investments by government organizations.
Due to the increasing need for advanced data standardization and the rising expenses on R&D in the pharmaceutical and biotechnology industries, the demand for eClinical solutions will continue to rise in the years to come.
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