PUBLISHER: Grand View Research | PRODUCT CODE: 1404755
PUBLISHER: Grand View Research | PRODUCT CODE: 1404755
The global eClinical solutions market size is expected to reach USD 22.7 billion by 2030, growing at a CAGR of 14.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing R&D activities by biopharma and pharma companies, application of software solutions in clinical trials, and expanding customer base are anticipated to fuel market growth. During COVID-19, clinical laboratories experienced high demand for COVID-19 tests. Clinical data management systems assisted these laboratories to seamlessly manage the huge influx of specimens daily. Technological advancements such as electronic data capture and Wi-Fi connectivity are projected to drive the market in the forthcoming years.
As the demand for tracking and analyzing clinical data increases, the need for effective clinical solutions rises. Unmet needs to manage efficient clinical development processes are poised to boost market growth over the forecast period. Moreover, digital transformation in the field of clinical trials and preference for data-centric approaches are providing a tremendous push to the market. Demand for integrated clinical IT solutions is increasing due to the massive volume of data generated during clinical development processes. eClinical solutions offer a single source of information that helps optimize the cost by eliminating redundant data entry and by reducing on-site verification and source data verification. Rising awareness regarding these advantages is projected to propel the market.
Increasing adoption of eClinical workflows in trials offers enormous potential in clinical development processes. These solutions can facilitate decision-making in each stage of development. It helps reduce cost and time between the development phase by utilizing seamless designs and identifying failing compounds. It offers rapid access to data and patient safety information, which helps make quick decisions. Market players engage in new product development and strategic alliances including partnership, agreement, promotional activities, etc. to keep market rivalry high. In August 2023, Sitero acquired Clarios eClinical technology suite to enhance clinical trial delivery. This acquisition demonstrates Sitero's dedication to remain at the forefront of innovation and offering its clients the best possible support and services.