Connect with us

Technology

eClinical Solutions Market to Grow by USD 12.77 Billion (2024-2028), Rising Drug Clinical Trials Drive Revenue, Report Highlights AI Impact on Trends – Technavio

Published

on

NEW YORK, Dec. 5, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global eclinical solutions market  size is estimated to grow by USD 12.77 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  15.26%  during the forecast period. Rise in clinical trials for drugs is driving market growth, with a trend towards increasing outsourcing of clinical trial processes. However, rising cost of clinical trials  poses a challenge. Key market players include Advarra Inc., Aixial, Anju Software Inc., ArisGlobal LLC, Castor Research Inc., Dassault Systemes SE, DATATRAK International Inc., eClinical Solutions LLC., eClinicalWorks LLC, eResearchTechnology GmbH, International Business Machines Corp., MedNet, Medrio Inc., OpenClinica LLC, Oracle Corp., Parexel International Corp., Saama Technologies Inc., Signant Health, Veeva Systems Inc., and YPrime LLC.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

End-user (Pharmaceutical and biotechnology companies, Contract research organizations, Consulting service companies, Medical device manufacturers, and Others), Deployment (Cloud-based and On-premises), and Geography (North America, Europe, Asia, and Rest of World (ROW))

Region Covered

North America, Europe, Asia, and Rest of World (ROW)

Key companies profiled

Advarra Inc., Aixial, Anju Software Inc., ArisGlobal LLC, Castor Research Inc., Dassault Systemes SE, DATATRAK International Inc., eClinical Solutions LLC., eClinicalWorks LLC, eResearchTechnology GmbH, International Business Machines Corp., MedNet, Medrio Inc., OpenClinica LLC, Oracle Corp., Parexel International Corp., Saama Technologies Inc., Signant Health, Veeva Systems Inc., and YPrime LLC

Key Market Trends Fueling Growth

The eClinical solutions market is experiencing significant growth due to the increasing emphasis on clinical trials and vaccine development for various chronic diseases such as cancer, cardiovascular conditions, and infectious diseases. The enormous data generated during these trials requires advanced software solutions for clinical data management (CDM) and clinical trial management systems (CTMS). EClinical solutions like Veeva Systems and PAREXE are gaining popularity due to their benefits of real-time access, error reduction, and cost efficiency. The rising number of clinical trials and observational studies, coupled with research funding, is driving the adoption of eClinical solutions. However, the lack of awareness and high costs are challenges for smaller enterprises and underdeveloped markets. The digitization of healthcare through the Internet of Things and information technologies is also influencing the market. Firms like TRIO and CROs are focusing on clinical randomization, supply management, and site performance to improve drug development and retention. Healthcare engineering, clinical researchers, and healthcare providers are also integrating eClinical solutions into their clinical trial processes, leading to growth opportunities for eClinical solution providers. The market is characterized by a firm concentration ratio, with major players like Veeva Systems and PAREXE dominating. The market also includes academic universities, hospitals, research centers, and process outsourcing firms. The development of medical devices and IT infrastructure, such as EDC, CDMS, and web-hosted or cloud-based clinical trials, are also contributing to the market’s growth. Consultancy services and licenced enterprise solutions are also available to support the market. 

The eClinical Solutions Market has witnessed significant changes in the past decade, with a shift towards outsourcing drug discovery processes to subcontract laboratories. This trend is driven by increased R&D investments and the focus on core competencies in manufacturing and marketing. Since 2011, the number of subcontract laboratories has grown rapidly, and this trend is expected to continue. The industry has transformed from a vertical reporting model with in-house clinical study teams to a matrix model involving both external and internal resources. Gradually, the bulk of the work has moved to Contract Research Organizations (CROs). This outsourcing trend enables companies to reduce costs, improve efficiency, and focus on their core competencies. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

•         The eClinical solutions market is experiencing significant growth due to the increasing emphasis on clinical trials and vaccine development for unmet medical needs in healthcare. The rising number of clinical trials for chronic diseases such as cancer, cardiovascular conditions, and infectious diseases, requires enormous data management. EClinical solutions like Veeva Systems and TRIO are addressing these challenges by providing software solutions for clinical data management (CDM), clinical trial management systems (CTMS), and clinical randomization. However, there are challenges such as high costs, lack of awareness, and integration issues with various systems like CDM, clinical research organizations (CROs), academic universities, hospitals, and research centers. The digitization of healthcare through the Internet of Things and information technologies is driving the need for data standardization and real-time access to clinical trial data. Smaller enterprises and developing markets face challenges in technology adoption due to the high costs and lack of internet connectivity. However, the benefits of eClinical solutions like cost efficiency, site performance, and error reduction make them an attractive option for clinical researchers and healthcare providers. Firms with a high firm concentration ratio, such as pharmaceutical companies and medical device manufacturers, are investing in eClinical solutions for clinical trial processes, supply management, and protocol matrices. Consultancy services like PAREXE are providing expertise in clinical trial processes and regulatory compliance to help firms navigate the complex clinical trial landscape. The growth opportunities in this market are vast, with a particular focus on clinical trial processes, drug development, and clinical research.

•         Clinical trials are a crucial part of bringing new drugs to market, but their cost has become a significant concern. Factors contributing to this increase include the complex and lengthy process of patient enrolment and retention. According to recent studies, the cost per patient in clinical trials rose by over 150% in the US between 2010 and 2015, and by 85-90% in the UK during the same period. These figures underscore the need for effective clinical trial management solutions to streamline processes, improve patient engagement, and reduce costs.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This eclinical solutions market report extensively covers market segmentation by

End-user 1.1 Pharmaceutical and biotechnology companies1.2 Contract research organizations1.3 Consulting service companies1.4 Medical device manufacturers1.5 OthersDeployment 2.1 Cloud-based2.2 On-premisesGeography 3.1 North America3.2 Europe3.3 Asia3.4 Rest of World (ROW)

1.1 Pharmaceutical and biotechnology companies-  Clinical trials are a crucial part of the drug development process for pharmaceutical and biotechnology companies. The success of these trials is essential for bringing new treatments to market. However, clinical trials are lengthy and expensive, and failures can result in significant financial and time losses. Regulatory scrutiny and the need for high-quality data have led to the increased adoption of eClinical solutions, such as Clinical Trial Management Systems (CTMS), among these companies. Mundipharma Research, a pharmaceutical research and development company, and GlaxoSmithKline, one of the largest pharmaceutical companies, are among those that have implemented eClinical solutions to enhance the efficiency and control of their clinical trials. These web-based systems provide real-time access to trial information, faster decision-making, decreased trial costs, and increased employee productivity and job satisfaction. With the rise in the number of clinical trials due to the increasing number of diseases and advanced treatments in development, the demand for eClinical solutions is on the rise. These solutions help companies manage the complexities of clinical trials, ensuring regulatory compliance, data accuracy, and operational efficiency. The market for eClinical solutions is expected to grow significantly during the forecast period as more companies recognize the benefits of these technologies in bringing new treatments to market.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The eClinical solutions market is experiencing significant growth due to the enormous data generated from clinical trials in healthcare. The rising number of clinical trials and emphasis on eClinical solutions for research is driving the market forward. Software solutions like ClinicalTrials.gov and TRIO are increasingly being adopted by cancer centers and healthcare institutions to streamline clinical research. Observational studies are also benefiting from eClinical solutions, allowing for more efficient data collection and analysis. The Internet of Things (IoT) is playing a major role in the technology adoption, enabling real-time patient monitoring and data collection. Research funding agencies are recognizing the value of eClinical solutions and are encouraging their use in clinical research. Minor trials are also benefiting from these solutions, making clinical research more accessible and efficient for all.

Market Research Overview

The eClinical Solutions Market is experiencing significant growth due to the increasing emphasis on clinical trials and vaccine development in healthcare. With an enormous amount of data being generated in clinical research, there is a rising need for software solutions to manage this data effectively. EClinical solutions, such as TRIO and PAREXE, are gaining popularity in cancer centers, clinical research organizations (CROs), pharmaceutical companies, and academic universities. The digitization of healthcare and the Internet of Things are driving the adoption of eClinical solutions, which offer benefits like real-time access to clinical trial data, improved clinical trial processes, and increased cost efficiency. However, the lack of awareness and high costs associated with these solutions pose challenges for smaller enterprises and underdeveloped markets. The market is characterized by a firm concentration ratio, with major players like Veeva Systems dominating. Growth opportunities exist in developing and underdeveloped markets, where there is a high demand for clinical trials in chronic diseases such as diabetes, cancer, cardiovascular conditions, and infectious diseases. EClinical solutions include Clinical Trial Management Systems (CTMS), Clinical Data Management Systems (CDMS), Electronic Data Capture (EDC), and Clinical Randomization Systems. These solutions help manage clinical trial processes, supply management, site performance, and retention. The benefits of eClinical solutions include error reduction, data standardization, and improved communication between clinical researchers, healthcare providers, and academic universities. However, the adoption of these solutions requires IT infrastructure and internet connectivity, which can be a challenge in some markets. Medical devices and consultancy services are also integral to the eClinical Solutions Market, offering additional benefits like protocol matrices, drug development, and clinical research. Overall, the market is expected to continue growing as unmet medical needs and the importance of clinical trials in drug development increase.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userPharmaceutical And Biotechnology CompaniesContract Research OrganizationsConsulting Service CompaniesMedical Device ManufacturersOthersDeploymentCloud-basedOn-premisesGeographyNorth AmericaEuropeAsiaRest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/eclinical-solutions-market-to-grow-by-usd-12-77-billion-2024-2028-rising-drug-clinical-trials-drive-revenue-report-highlights-ai-impact-on-trends—technavio-302322403.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Lexmark Showcases New Printers and Technology Solutions for Retailers at NRF 2025

Published

on

By

NEW YORK, Jan. 12, 2025 /PRNewswire/ — Lexmark, a global imaging and IoT solutions leader, will showcase its cutting-edge, retail-ready printers and solutions at NRF 2025, Retail’s Big Show and Expo, Jan. 12 to 14, at the Jacob K. Javits Center in New York. The Lexmark showcase will be in booth #6321.

“Lexmark kicks off the year with a bang by showcasing our latest 9-Series family of A3 printers and MFPs at NRF for the first time,” said Tim Speller, Lexmark’s head of retail and manufacturing. “These sophisticated devices will usher in a new era of opportunity for retailers to maximize operational efficiency while increasing sales.”

Here’s what will be on display in Lexmark booth #6321:

New Lexmark 9-Series printers and MFPs are designed for challenging retail environments

Built by evolving Lexmark’s renowned A4 technology, the 9-Series delivers versatility, simplicity and sustainability. These solutions are easy to use and manage – perfect for any retail salesfloor or back office.

Key highlights of 9-Series:

Versatile and easy to use. The 9-Series offers a broad range of media size support (A6 to SRA3), high-volume duty cycles, a common set of modular paper-handling options, finishing capabilities and professional color features including PANTONE® calibration.Simple and easy to manage. The 9-Series’ intuitive interface streamlines workflows by providing simple instructions and prompts. For routine maintenance, toner cartridges can be replaced with one hand, easily understood visual cues are displayed, and serviceable areas are easy to access and identify.Sustainable and easy to feel good about. The 9-Series’ total post-consumer recycled (PCR) content is 56% by weight for all base-model MFPs and 73% by weight for the line’s base-model printer, based on IEEE calculation procedures. *Built to last. The 9-Series is designed and built to last seven years or more. Having few components helps reduce the likelihood of technical failure while also minimizing the service time required for repairs and maintenance. Experienced technicians can perform most common service actions, even highly complex tasks, in less than 15 minutes, according to Lexmark testing.

Lexmark Engagement Automation Platform (LEAP) helps retailers drive sales and foot traffic with hyper-local social media ads

LEAP automates one-to-one promotions that drive footfall to local stores. Store leaders can trigger hyper-personalized sale posts and boost ads based on individual store inventory conditions through loyalty program apps and social media platforms like Facebook and Instagram. With advanced analytics and reporting capabilities, LEAP provides the insights needed to measure success and make data-driven decisions.

Key highlights of LEAP:

Engagement: To engage shoppers, center promotions around customer buying patterns with an engagement automation platform that posts localized content – such as store-specific offers, events and locally grown produce initiatives.

Automation: Schedule and manage automatic localization and delivery of corporate promotional messaging with an engagement automation platform to reach consumers through social media with hyper-local content around each store or audience region.

Loyalty: Attract local customers with an engagement automation platform that sends store- and corporate-initiated offers to geo-fenced social media apps like Facebook and Instagram and loyalty program applications.

Supporting resources

Learn more about Lexmark’s booth at NRF 2025.

Read Lexmark’s NRF blog.

Schedule a booth meeting with our retail experts during NRF 2025.

Get more details about the Lexmark 9-Series.

Get more details about the Lexmark Engagement Automation Platform (LEAP).

Watch a video about LEAP.

Get the details on NRF 2025.

Follow us on LinkedIn for live NRF updates.

About Lexmark

Lexmark creates cloud-enabled imaging and IoT technologies that help customers worldwide quickly realize business outcomes. Through a powerful combination of proven technologies and deep industry expertise, Lexmark accelerates business transformation, turning information into insights, data into decisions, and analytics into action.

Lexmark and the Lexmark logo are trademarks of Lexmark International, Inc., registered in the United States and/or other countries. All other trademarks are property of their respective owners.

* PCR content measured in accordance with IEEE Std 1680.2a™ – 2017 Standard for Environmental Assessment of Imaging Equipment – Amendment 1 — which is the standard used by EPEAT.

View original content to download multimedia:https://www.prnewswire.com/news-releases/lexmark-showcases-new-printers-and-technology-solutions-for-retailers-at-nrf-2025-302348628.html

SOURCE Lexmark

Continue Reading

Technology

Pricer and Focal Systems Announce Strategic Collaboration to Drive the Next Step in Physical Store Digitalization

Published

on

By

Pricer, a global leader in digital shelf-edge solutions, and Focal Systems, a leader in shelf-edge AI, today announced a strategic collaboration to accelerate the digitization and optimization of the physical store for retailers worldwide.

STOCKHOLM, Jan. 12, 2025 /PRNewswire/ — This collaboration brings together Pricer’s innovations in dynamic pricing and shelf-edge communication with Focal Systems’ advanced computer vision and product availability solutions to maximize shopper satisfaction while optimizing retail operations.

As a pioneer in enabling dynamic pricing and digitizing shelf-edge shopper communication, Pricer has led the first step of the retail digitalization journey. Focal Systems has pioneered the application of computer vision to digitizing what products are available on-shelf or not in near real-time. Together, Pricer and Focal Systems will empower retailers to improve labor efficiency, reduce out-of-stocks, increase sales, and enhance shopper satisfaction like never before.

Enhancing the Shelf Edge Through Collaboration

By integrating Focal Systems’ AI-powered shelf vision cameras with Pricer’s leading electronic shelf label (ESL) platform, retailers will benefit from:

Real-Time Shelf Insights: Automated detection and alerting of out-of-stock or low items powering rapid replenishment and increased shopper satisfactionDynamic Task Automation: Streamlined workflows and prioritized tasks to improve operational efficiency for store staff.Patented Innovation: Camera-based out of stock detection and communication, flashing ESLs, alternate location communication.Seamless Integration: Standardized API connections that deliver out-of-the-box value, offering synchronized ESL flashes, messaging updates, and shelf-edge intelligence.

Together, Pricer and Focal Systems demonstrate that the combined offerings deliver measurable value for the retailers by enabling a fully digitalized shelf-edge ecosystem.

Strategic Collaboration for the Future of Retail

“We are proud to combine our leadership in ESL technology with Focal Systems’ AI-powered shelf vision,” said Chris Chalkitis, CDO at Pricer. “Both companies share a belief in the digitalization of the physical store. Pricer has been a pioneer in dynamic pricing and shelf-edge communication. With Focal Systems, we take the next step, digitizing what’s on the shelf – and what’s not – to drive greater efficiency and performance for retailers.”

Focal Systems’ AI technology transforms retail operations through real-time shelf monitoring and replenishment task optimization.

“Partnering with Pricer, a global leader with groundbreaking ESL technology and innovation, creates tremendous value for retailers,” said Kevin H. Johnson, CEO at Focal Systems. “Together, we deliver an integrated, data-driven solution that reduces operational complexity, automates workflows, and enhances the in-store experience. We look forward to demonstrating this powerful collaboration to retailers and their customers.”

Showcasing the Future at NRF 2025

The collaboration will officially debut at the National Retail Federation (NRF) Big Show in January 2025, where Pricer and Focal Systems will showcase the integrated solution at Pricer’s booth. This marks the beginning of an exciting journey to redefine the shelf edge and set new standards for retail innovation.

For further information, please contact:
Chris Chalkitis, Chief Digital Officer, +46 70 4849812
Finn Wikander, Chief Product Officer, +46 705 233077
info@pricer.com

About Pricer

Pricer is a leading global provider of digital shelf-edge solutions, helping retailers optimize pricing, improve operational efficiency, and enhance the customer experience. With patented innovations like camera-based product identification by ESL, Pricer continues to set the standard for dynamic, intelligent shelf-edge solutions. For more information, visit www.pricer.com.

About Focal Systems

Focal Systems is a leading provider of AI-powered computer vision solutions, helping retailers automate operations and optimize product availability through real-time shelf monitoring. Its advanced technology delivers actionable insights that drive efficiency and profitability. For more information, visit www.focal.systems.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/pricer/r/pricer-and-focal-systems-announce-strategic-collaboration-to-drive-the-next-step-in-physical-store-d,c4090287

The following files are available for download:

View original content:https://www.prnewswire.com/news-releases/pricer-and-focal-systems-announce-strategic-collaboration-to-drive-the-next-step-in-physical-store-digitalization-302348632.html

SOURCE PRICER

Continue Reading

Technology

Blue Owl Capital Expands Tennis Player Sponsorship to All Grand Slam Tournaments in 2025

Published

on

By

Blue Owl to place logo patches on dozens of athletes competing across the Australian Open,
French Open, Wimbledon, and US Open

Jordan Thompson named as Blue Owl’s dedicated athlete ambassador for the Australian Open

NEW YORK, Jan. 12, 2025 /PRNewswire/ — Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL), a leading alternative asset manager, announced today a marquee sponsorship agreement to expand their presence at all Grand Slam tournaments in 2025 and become the exclusive financial services partner for professional tennis’ Player Patch Program.

Blue Owl’s logo will be featured on the shirt of select players competing across men’s singles, women’s singles, mixed doubles, men’s doubles and women’s doubles competitions at this year’s Australian Open, French Open, Wimbledon, and US Open tournaments. In addition to Blue Owl’s presence on the courts, the firm will be featured in iconic Melbourne transit hubs, social media and digital media during the Australian Open in an effort to raise brand awareness within the country and the broader APAC market.

Blue Owl Chief Marketing Officer Suzanne Escousse said, “Just as Blue Owl is redefining alternative investing, we are supporting established and emerging professional players who are redefining the game of tennis. Tennis is a truly worldwide sport requiring peak performance in critical, high-pressure moments. This is the same ethos that underpins Blue Owl and allows us to focus on delivering results for our international client base. Following the success of our involvement with the Patch Program at the 2024 US Open, and given Blue Owl’s established presence within the country, Australia is the perfect place to kick off our presence across Grand Slam tournaments.”

Blue Owl has also partnered with Australian tennis professional Jordan Thompson, who will serve as the firm’s Athlete Ambassador at the 2025 Australian Open – January 12-26 in Melbourne. Most recently, Thompson won the men’s doubles at the 2024 US Open, where he was wearing a Blue Owl patch, and was a men’s doubles finalist at Wimbledon in 2024. He has also registered victories over several top-10-ranked opponents in singles competitions and previously represented Australia at the Olympics and the Davis Cup. Thompson will be one of several competitors wearing Blue Owl’s logo throughout the tournament.

Jordan Thompson said: “Blue Owl is focused on delivering excellence for its clients, which makes it a great fit for a partnership with professional tennis players. Support from firms like Blue Owl is tremendously beneficial for players who are preparing for career-defining events, especially the four Grand Slams. Our shared core values, including striving for success in every step of our journeys, whether that be in the financial services industry or competing as a professional athlete, is a perfect match. Alongside my coaches, my doubles teammate(s) and tennis fans, Blue Owl will play a key role for me here in Melbourne at the 2025 Australian Open.”

About Blue Owl

Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives.

With $235 billion in assets under management as of September 30, 2024, we invest across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Estate. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 1,050 experienced professionals, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com.

Media Contact

Nick Theccanat
Principal, Corporate Communications & Government Affairs
Nick.Theccanat@blueowl.com

View original content:https://www.prnewswire.com/news-releases/blue-owl-capital-expands-tennis-player-sponsorship-to-all-grand-slam-tournaments-in-2025-302348626.html

SOURCE Blue Owl Capital

Continue Reading

Trending