pharmatechoutlook

A Phenomenal Growth in eClinical Solutions Market: A Forecasted $13 Billion by 2024

By Pharma Tech Outlook | Friday, November 30, 2018

The increasing rate of tests conducted by the pharma and biopharma companies has prompted the growth of the eClinical Solutions market. The boost in the customer base, shift of resources from AMCs to CROs and cost-effective operating costs promote the growth of this market. Countries like Korea, China, Taiwan, and India, with their large population and low operating costs, are favorable destinations for the outsourcing of clinical trials. The growth of medical research programs in Asian countries has led to an improvement in the market growth.

Extended support provided by the government to sponsor the trials has accelerated the success rate of eClinical solutions. The eClinical Solutions market is divided into Latin America, North America, Asia Pacific, Europe, Africa and the Middle East. As of now, the North American market is predicted to be on the top due to its ever growing number of clinical trials.

The Electronic Clinical Outcome Assessment (ECOA) is estimated to witness the maximum growth rate till 2024. Since there is a rise in the rate of lifestyle diseases, the launch of new and innovative products in the market has sparked an increase in the number of trials conducted. At a CAGR of 12 percent, the eClinical Solutions market will witness a significant growth till 2024. The key players in the market encourage both organic and inorganic growth strategies. Partnerships, agreements, and new product launches are the prominent strategies applied by the market players. Parexel International Corporation, CRF Health, BioClinica, DataTrank International are some of the leading companies in the market.

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