Artificial Intelligence
From Patient Recruitment to Real-World Evidence: The Power of E-Clinical Trials Solutions
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Westford USA, April 13, 2023 (GLOBE NEWSWIRE) — To forecast a compound annual growth rate (CAGR) of over 13.65% during the forecast period (2022-2030), the E-Clinical Trials Solutions or Suite or Technologies market is expected to reach a value of USD 23.90 billion by 2030. This growth is driven by factors such as the increasing prevalence of chronic diseases, technological advances, cost savings, efficiency gains, growing demand for personalized medicine, regulatory requirements, and recent pandemics.
More efficient and effective clinical trial solutions are needed to bring new treatments to market faster and at a lower cost. A Tufts Center for the Study of Drug Development study revealed that the average cost of developing a new drug from discovery to market approval is approximately $2.6 billion. SkyQuest’s global research indicates that e-clinical trial solutions can help reduce the time and cost required to conduct clinical trials. According to SkyQuest, e-clinical trial solutions can reduce the time required for clinical trials by 20% and save up to $1.2 million per clinical trial.
Clinical trial solutions, including e-clinical trial solutions, play a crucial role in supporting the development of personalized medicine by enabling efficient patient recruitment and data collection. According to SkyQuest’s study, 72% of clinical trial professionals believe that e-clinical trial technologies will play a critical role in developing personalized medicine
Browse in-depth TOC on “E-Clinical Trials Solutions or Suite or Technologies Market”
- Pages – 242
- Tables – 124
- Figures – 67
The healthcare industry is increasingly relying on e-clinical trial solutions to optimize and streamline clinical trial processes. These solutions have the ability to enhance patient recruitment, data collection, and trial management, resulting in more efficient and cost-effective clinical trials. The growing prevalence of chronic diseases and the demand for personalized medicine are driving the need for more effective and efficient clinical trial solutions. The market for e-clinical trial solutions is projected to grow due to technological advancements and the adoption of digital health solutions.
Prominent Players in E-Clinical Trials Solutions or Suite or Technologies Market
- Oracle Corporation
- PAREXEL International Corporation
- Medidata Solutions, Inc.
- Bioclinica, Inc.
- Merge Healthcare, Inc.
- OmniComm Systems, Inc.
- ERT Clinical
- ArisGlobal
- Veeva Systems Inc.
- Bio-Optronics, Inc.
- Clinipace Worldwide
- DSG, Inc.
- IBM Watson Health
- PHT Corporation
- Anju Software, Inc.
- IQVIA
- Mednet Solutions, Inc.
- DATATRAK International, Inc.
- CRF Health
- YPrime LLC
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Clinical Data Management System (CDMS) Segment to Drive Higher Sales due to the increasing prevalence of chronic diseases
The increasing demand for personalized medicine and the rising prevalence of chronic diseases are expected to drive the growth of the Clinical Data Management System (CDMS) segment in the E-Clinical Trials Solutions or Suite or Technologies market from 2022 to 2030. As per a recent analysis, the CDMS segment emerged as a significant contributor to the market’s rapid development in 2021, which is projected to continue. SkyQuest predicts that the CDMS segment will continue to fuel the sales of e-clinical trial solutions, with a projected CAGR of 14.1% from 2022 to 2030.
SkyQuest has forecasted that North America will dominate the E-Clinical Trials Solutions market with a projected CAGR of 13.82% from 2022 to 2030. The region’s well-developed healthcare infrastructure and increasing adoption of digital health solutions are driving this growth. Furthermore, the U.S. Food and Drug Administration (FDA) has recently introduced an action plan to promote the use of digital health technologies and artificial intelligence in clinical trials. This initiative aims to streamline the drug development process and encourage innovation in the field.
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Pharmaceutical and Biotechnology Industries Segment to Exhibit Strong Growth Due to Increasing Number of Clinical Trials Being Conducted by Pharmaceutical and Biotechnology Companies
From 2022 to 2030, the Pharmaceutical and Biotechnology Industries segment is expected to maintain its dominant position in the E-Clinical Trials Solutions or Suite or Technologies market, according to recent analysis. The increasing demand for new drugs and treatments for various diseases has led to a rise in the number of clinical trials conducted by pharmaceutical and biotechnology companies, driving this trend. SkyQuest’s report projects that the pharmaceutical and biotechnology companies’ end-use segment will continue to lead the e-clinical trial solutions market with a CAGR of 11.5% during the forecast period.
SkyQuest has projected significant growth in the E-Clinical Trials Solutions or Suite or Technologies market for the Asia Pacific region, with a projected CAGR of 16.97% during the forecast period, and the region has emerged as a significant market force poised to retain its leading position by 2030. The increasing number of clinical trials and adoption of digital health solutions, particularly in China and India, drive this expansion. Additionally, Lupin, an Indian pharmaceutical company, recently partnered with US-based Evidation Health to leverage their e-clinical trial technology platform, which is expected to improve Lupin’s clinical trial speed and efficiency, ultimately aiding in the company’s efforts to bring new treatments to market.
A comprehensive analysis of the major players in the E-Clinical Trials Solutions or Suite or Technologies market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in E-Clinical Trials Solutions or Suite or Technologies Market
- Clinion, a provider of eClinical solutions, is launching a new AI-powered medical coding solution to streamline and improve the medical coding process for clinical trials. The solution offers a more efficient and accurate way to code medical data, a critical component of clinical trials. The current medical coding process can be error-prone, time-consuming, and costly, leading to delays in the clinical trial process. Clinion’s new solution is designed to address these challenges and improve the overall efficiency and accuracy of medical coding.
- EvidentIQ, a clinical data science group that provides end-to-end eClinical and Patient Insights solutions, has announced the acquisition of DACIMA Software, a clinical software company based in Canada. EvidentIQ offers a comprehensive platform of eClinical solutions, including eConsent, EDC, CTMS, and eCOA, which enables its customers to plan and execute hybrid/decentralized and traditional clinical trials efficiently. With its global patient platform, Carenity, the group has access to real-world patient insights, which supports sponsors and CROs with innovative offerings such as eFeasibility, eRecruitment, and Real-World Evidence data collection and analysis.
Key Questions Answered in E-Clinical Trials Solutions or Suite or Technologies Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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