(Australia-NewsWire.Com, March 27, 2018 ) The global eClinical solutions market is estimated to reach 7.61 Billion by 2022, at a CAGR of 12.4% within the forecast period of 2017 to 2022. Increasing operational costs and regulatory requirements associated with clinical research studies, government grants to support clinical trials, and increasing R&D expenditure by pharma-biotech companies with augmented IT budgets for drug development are some of the major driving factors for the global eClinical solutions market. However, the low adoption rate in certain geographies due to a lack of awareness related to the benefits of eClinical solutions is the major factor restraining the growth of this market.
The web-based delivery mode segment commanded the largest share of the global eClinical solutions market. A number of factors such as easy user access, reductions in cost, and faster retrieval of data are responsible for its prominent market share. The cloud-based delivery mode segment is estimated to register the highest growth rate during the forecast period. The ease of integration, quicker deployment, and flexible scalability with a fixed monthly fee offered by cloud-based models are expected to drive the demand for these solutions.
On the basis of geography, this market is classified into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America dominated the global eClinical solutions market; the market in Asia-Pacific is expected to grow at the highest CAGR. This is primarily attributed to the increasing outsourcing of clinical trials by large pharmaceutical and biopharmaceutical organizations to developing Asia-Pacific countries, growth in government funding to support clinical research, presence of less stringent regulatory guidelines compared to developed nations to conduct clinical trials, presence of a large patient base, and faster patient recruitment for clinical trials in the region.
Oracle Corporation (U.S.), Medidata Solutions, Inc. (U.S.), PAREXEL International Corporation (U.S.), BioClinica, Inc. (U.S.), CRF Health (U.S.), DATATRAK International, Inc. (U.S.), ERT (U.S.), eClinical Solutions, Inc. (U.S.), MaxisIT Inc. (U.S.), Bio-Optronics, Inc. (U.S.), Merge Healthcare Incorporated (U.S.), and OmniComm Systems, Inc. (U.S.) are some key players operating in the global eClinical solutions market.
Partnerships, agreements, and collaborations are key growth strategies adopted by major players to enhance their positions in this market. Strategies such as product launches, enhancements, and deployments; mergers, and acquisitions; and geographic expansions were also adopted by a significant number of market players to strengthen their product portfolios and expand their geographic presence in the global eClinical solutions market.
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