Growing Significance of Clinical Research Organizations Presents Lucrative Options
Transparency Market
Research (TMR) has recently published a market study on the global E-clinical
solution software market, estimating the
market to expand at a CAGR of 13.80% during the period from 2014 to 2020 and
reach a market value of US$6.8 bn by the end of the forecast period.The
research report, titled “E-Clinical Solution Software Market - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, states that
the worldwide E-clinical solution software market stood at US$3 bn in 2014. The
rising number of clinical trials has been considered as the key driving force
behind the growth of this market.
The surge in
clinical research activities in recent years and the subsequent need for
standardization of data and sophisticated data management have greatly fueled
the global e-clinical solution software market in recent times. With the use of
innovative technologies, e-clinical software solutions aid medical device
companies, biotechnology firms, clinical research organizations, and
pharmaceutical companies in effectively managing and analyzing large amounts of
clinical data.
Growing Significance of Clinical Research
Organizations Presents Lucrative Options
There are three
major kinds of e-clinical solution software based on the mode of delivery:
licensed enterprise, cloud-based, and web-based. Owing to its easy upgradation
and deliverability, web-based software is the most widely used e-clinical
solution software and also generates the most revenue. In 2014, the value of
the web-based e-clinical solution software segment was pegged at US$2.1 bn and
this will grow to US$4.8 bn by 2020 at a 14.20% CAGR therein. Cloud-based
software, however, is projected to witness remarkable growth over the next few
years owing to the benefits associated with it such as secure data management
and remote access to data.
E-clinical solution software is used by
pharmaceuticals, healthcare providers, and clinical research organizations
(CROs). Owing to massive investments made by prominent pharmaceutical companies
in clinical research and development, the segment of pharmaceuticals holds the
largest share in the e-clinical solution software market. However, healthcare
entities across the globe are realizing the importance of clinical research
organizations and outsourcing clinical research operations and as a result, the
segment of CROs is anticipated to witness the highest growth by 2020.
Asia Makes the
Most of North America’s Shortcomings
The global e-clinical
solution software market comprises four key segments: Europe, North America,
Asia, and Rest of the World. North America dominates the overall market owing
to a number of factors such as the high number of large enterprises focused on
the development of new drugs, availability of developed infrastructure, growing
demand for computer applications for drug development, and availability of
highly configured computer systems and high-speed internet. The value of the
North America e-clinical solution software market was pegged at US$1.7 bn in
2014. Expanding at a strong CAGR of 12.60%, this value is anticipated to rise
to US$3.6 bn by 2020. However, the presence of strict regulatory norms in the
region is projected to greatly reduce its share in the clinical trials market,
thereby impacting the e-clinical solution software market as well.
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This will result
in a growing focus of market players on major developing economies in Asia.
Support from government initiatives, the improvisation and modernization of
healthcare policies and systems in the region, the rising demand for
sophisticated technologies, and surge in healthcare spending and developed
infrastructure are anticipated to greatly boost the e-clinical solution
software market in Asia. The growing investments by prominent players in
countries such as China and India and the increasing number of mergers and
acquisitions in the region are also projected to fuel the Asia e-clinical
solution software market. This region is forecast to expand at the fastest pace
from 2014 to 2020.
E-Clinical
Solution Software Market Segmentation, by Mode of Delivery:
•Web based
e-clinical solution software
•Licensed
Enterprise e-clinical solution software
•Cloud based
e-clinical solution software
E-Clinical
Solution Software Market Segmentation, by Product
•Clinical Data
Management
•Clinical Trial
Management System
•Electronic
Clinical Outcome Assessment Solution
•Randomization
and Trial Supply Management
•Safety Solution
E-Clinical
Solution Software Market Segmentation, by End Users
•Pharmaceutical
•Clinical
Research Organization
•Healthcare
Providers
E-Clinical
Solution Software Market Segmentation, by Geography,
•North America
•Europe
•Asia
•Rest of the
World (RoW)
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