Hospitals produce almost 50 petabytes of data yearly, according to projections from the World Economic Forum for 2019. Clinical notes, test findings, imaging studies, sensor readings, genomes, and operational and financial data make up the data. It is projected that e-clinical solutions would significantly affect this field. Huge volumes of data are generated by the Internet of Things (IoT) and the digitalization of healthcare, and this data contains information that was previously unreachable with paper records but is now quickly recovered using electronic data mining.
Clinical knowledge and technical improvements are combined to create e-clinical solutions, which are used to handle and analyse data to accelerate the clinical development process. In the future years, the market is anticipated to acquire substantial pace thanks to the rising trend of outsourcing clinical trials to contract research organisations (CROs). The market is being driven by factors like an increase in clinical trials, an increase in the use of technological solutions during clinical trials, an increase in the demand for better data standardisation, an increase in the need for data processing and monitoring, an increase in research intensity, and an increase in the amount of money that pharmaceutical and biotechnology companies spend on expansion.
Market trends of eClinical solutions market
- Clinical laboratories saw a significant increase in demand for COVID-19 testing during the COVID-19 epidemic. These laboratories were helped by eClinical technologies, such as clinical data management systems, to manage the daily massive intake of specimens with ease. In the upcoming years, the market is expected to be driven by technological advances such Wi-Fi connectivity and electronic data capturing.
- Effective clinical solutions are required as the necessity for recording and interpreting clinical data grows. During the course of the projected period, unmet demands to manage effective clinical development processes are expected to drive market growth. Also, the market is receiving a major boost from the digital transformation in the field of clinical trials and the desire for data-centric strategies.
- The vast amount of data produced during clinical development procedures is driving the demand for integrated clinical IT solutions. By minimising on-site verification and source data verification, eliminating duplicate data input, and providing a single source of information, eClinical solutions can save costs. Growing awareness of these benefits is anticipated to fuel market growth.
- The potential for clinical development procedures is great as eClinical workflows are adopted more often in trials. The decision-making process may be aided by these solutions at every level of development. By the use of seamless designs and the detection of failed compounds, it also aids in reducing cost and time between the development phase.
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Impact of COVID-19 Pandemic on Global eClinical Solutions Market Growth:
The COVID-19 pandemic has had a favourable effect on the eClinical solutions market. The crisis’ effects on the biopharmaceutical sector have boosted patient-centricity and expanded the use of digital platforms called eClinical to oversee clinical trial development initiatives. The number of Phase II and Phase III clinical trials is rising as a result of many financial expenditures and the co-development of new products aimed at the advancement of clinical assets. In comparison to 2019, the overall number of open trials (recruiting and enrolling through invites) quadrupled in 2021. Integrated platforms, randomization and trial supply management (RTSM), interactive response technology (IRT), and cloud-based electronic data capture (EDC) are giving biopharmaceutical sponsors a single picture of the trial process and increasing efficiency.
Challenges in eClinical solutions market
When tailored medications are created and virtual pharma organizations companies without the traditional large-scale pharma capabilities become more prevalent, it is predicted that this tendency will accelerate. The expenses and dangers associated with creating innovative therapeutics, which are mostly connected to drug trials, are continuously rising. The creation of customised medications and the growth of virtual pharma organizations companies lacking the traditional large-scale pharma capabilities—are expected to accelerate this trend.
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