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(Medical-NewsWire.com, June 16, 2022 ) Overview of This Study:
This study involved four major activities in estimating the size of eClinical solutions market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
Major Growth Influencing Factors:
Increasing operational costs and changing regulatory requirements through all the regions associated with clinical research studies, new policies and government grants to support clinical trials, and growing need for R&D expenditure on drug development by pharma-biotech companies are some of the major driving factors for the global eClinical solutions market. However, High implementation cost associated with eClinical solutions and limited awareness of advantages of these solutions among the researchers will restrain the growth of this market.
Revenue Growth Expectations:
The global eClinical Solutions market is projected to reach USD 15.4 billion by 2026, at a CAGR of 13.3%.
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Market Size Estimation:
Both top-down and bottom-up approaches were used to estimate and validate the total size of eClinical solutions market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
# The key players in the industry and markets have been identified through extensive secondary research
# The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides, in the provider, payer, and other industries.
Opportunities: Increasing clinical research activities in emerging Asian countries
Asian countries are emerging as key outsourcing destinations for clinical trials primarily due to the presence of a large and genetically diverse population, high chronic disease prevalence, and easily available low-cost outsourcing services. A significant number of clinical trials are outsourced to CROs based in China and India. The growing number of pharmaceutical companies in developing Asian countries such as China, India, Taiwan, and Korea has also opened up growth opportunities for the eClinical solutions market in this region.
China is the key emerging market for pharma and biopharmaceutical companies. According to a survey, more than 1,000 clinical trials were conducted in 2019 in China as compared to 339 trials in 2015. Phase I trials top the list each year, amounting to 486 trials in 2019. Funding support from governments, private entities, and other non-profit organizations in the region is also expected to aid market growth in the next 5 to 10 years.
Challenge: Patient privacy issues
Data integration raises the issue of patient privacy; the increase in the exchange of databases among research institutions, CROs, partners, and software companies increases the risk of data leakage. Law passed in 2009 i.e Health Information Technology for Economic and Clinical Health Act (HITECH Act) states that the covered entities must protect individual health records and other important health information by acquiring appropriate safeguards to protect privacy. The application of electronic tools for patient databases increases concerns about privacy issues related to patient records; this creates a key challenge for pharmaceutical enterprises in terms of complying with privacy policies while using eClinical software solutions.
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North America To Witness Significant Growth From 2021 To 2026
North America commanded the largest share of the eClinical solutions market in 2020. Increasing government regulations to support clinical trials, continuous product enhancement and new product launches by key players in eClinical solution market, and growth in the number of partnerships for new drug development are increasing the demand for eClinical solutions in this region.
Mr. Aashish Mehra