According to the research report titled ‘eClinical solutions Market Size By Solution, By Clinical Trial Phase (Phase I, Phase II, Phase III, Phase IV), By End-use (Contract Research Organizations (CROs), Medical Device Companies, Pharma/Biotech Companies, Hospitals & Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027’, available with Market Study Report, global eClinical solutions market is anticipated to record a healthy growth rate over 2021-2027.
 

Rising digitalization in healthcare, escalating demand for clinical data management system, and increase in government grants for clinical trials are the major factors driving global eClinical solutions market growth. Moreover, rising inclination towards outsourcing clinical trials to contract research organizations is enhancing the industry remuneration scope.
 

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On the contrary, lack of awareness and low adoption of technology, particularly in developing economies, is negatively impacting the business dynamics, claims the study.
 

Elaborating further on the subject, eClinical solutions involve utilization of computerized solutions like hardware or/and software together with other linked processes to facilitate clinical trial through automation of manual operations. These generally combine clinical technology and expertise to accelerate the clinical development process.
 

Based on solution, worldwide eClinical solutions industry size from clinical data management system segment held over USD 712.2 million in 2020 and is anticipated to record substantial growth in the upcoming years. The demand for clinical data management solutions can be credited to their critical role in data collection phase of clinical research.
 

In terms of delivery mode, web-hosted (on-demand) solutions segment grabbed 51.2% market share in 2020 and is slated to exhibit a healthy growth over the forecast timeframe. Enhanced performance and reliability, along with reduced upfront investment are the benefits favoring the adoption of this mode.
 

Considering clinical trial phase, Phase IV segment is projected to accumulate a revenue of over USD 2.9 billion by the end of 2027.
 

Speaking of the end-use spectrum, hospital & clinics segment is touted to amass a valuation of USD 1.7 billion by the end of the forecast period.
 

On the geographical front, Latin America eClinical solutions market represented 8.5% of the overall industry share and is expected to record strong gains over the assessment period. Meanwhile, Middle East & Africa market is reckoned to showcase 12.1% CAGR through 2027.
 

Prominent players in this domain are OpenClinica LLC, Ennov Group, Parexel International Corp., Anju Software Inc (OmniComm System Inc.), Oracle Corp., IBM Watson Health (Merge Healthcare), Veeva Systems Inc., ERT Clinical, Datatrak International Inc., Signant Health, Bio-Optronics Inc., and Bioclinica among others.