Market Trends of eClinical Solutions Industry
Clinical Data Management Systems Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Clinical Data Management (CDM) is a critical phase in clinical research, which leads to the generation of high-quality, reliable, and statistically sound data from clinical trials. This helps to reduce the time from drug development to marketing drastically.
A significant trend driving this segment is the integration of the CDMS with clinical randomization, supply management, trial, and patient recruitment solutions. Companies are also developing their existing eClinical tools to extend the capabilities and ease the whole clinical trial conduction. Furthermore, according to the study published in the Journal of Healthcare Engineering in February 2022, the use of clinical data management systems in diabetes clinical trials appears inevitable, given the complexity of data management processes in diabetes clinical trials and the widespread use of information technologies in research. A clinical data management system is software that aids in the data management process during clinical trials and helps to eliminate errors that can occur when data is managed manually. Thus, the benefits of clinical data management in clinical trials are anticipated to drive segment growth over the forecast period.
Additionally, the developments by key market players are also enhancing segment growth. For instance, in February 2022, Veeva Systems reported that Idorsia Pharmaceuticals Ltd had expanded its use of Veeva Vault Clinical Suite applications to include Veeva Vault CDMS for electronic data capture (EDC) and coding.
Thus, the aforementioned factors, such as the rising advantages of clinical data management systems and the increasing developments by key market players, are expected to boost the segment growth.
Asia-Pacific is Expected to Have Significant Growth Over the Forecast Period
Asia-Pacific is likely to register a promising CAGR over the forecast period due to the high unmet medical needs and rising prevalence of chronic diseases such as cancer, cardiovascular conditions, and infectious diseases.
Increasing government research and development activities is also creating avenues for growth. For instance, According to the data published by Policy Research Studied (PRS) Legislative Research in 2022, the Ministry of Health and Family Welfare (MoHFW) of India was allocated Rs 86,201 crore (USD 10.5 billion) during 2022-23, out of which the Department of Health Research in India was allocated Rs 3,201 crore (USD 391 million) for research purposes in 2022. Thus, government funding growth related to research and drug discovery is triggering overall market growth.
Additionally, the developments by various market players are also enhancing market growth. For instance, in February 2023, 3H Medi Solution Inc., one of the leading Japanese clinical trial companies, reported that it had selected THREAD to expand decentralized research capabilities and improve access to clinical research for patients in Japan. 3H Medi's deep recruitment, home visit support, and overall clinical study delivery capabilities, combined with THREAD's proven technology platform and consulting services, offer clients enhanced offerings.
Thus, all the aforementioned factors, such as the rising research and development and the increasing developments by market players, are anticipated to boost the market over the forecast period.
