Overview of the Global E-Clinical Solution Market
The global E-Clinical Solution market will witness a CAGR of about 14% between 2013 and 2018 and will report market value worth $5 billion by the end of 2018. E-clinical solution is of prime importance in the world of medicine which is characterized by periodic clinical trials and research procedures that involve drug safety and efficacy testing, and testing of therapeutic goods and medical equipments for human use before these are introduced in the market.
E-clinical solution primarily refers to software that enables researchers to effectively analyze and manage clinical data. Numerous organizations pertaining to medical devices, pharmaceuticals, and biotechnology that are engaged in clinical research extensively use e-clinical solution software so that they can expand their investments in clinical research with the help of innovative technologies.
The growth of the clinical trial industry is a consequence of widespread availability of computers and the internet which create the foundation for developing e-clinical solution software. Higher efficiency of e-clinical solution software over paper documentation determines its popularity in the management processes of clinical trials.
Market Segmentation of the Global E-Clinical Solution Market
The categorization of the global e-clinical solution market is done on the basis of three main segments which include professional services, products and the mode of delivery. Electronic clinical outcome assessment (eCOA), electronic data capture/clinical data management system (EDC/CDMS), randomization and trial supply management (RTSM), clinical trial management system (CTMS) and safety solutions are the main product categories in the global e-clinical solution market.
The professional services segment in the e-clinical solution market involves support services, implementation services, consulting and training. Furthermore, this market is also segmented on the basis of the delivery mode which includes on-premise, cloud-based and web-based e-clinical solutions.
Growth Drivers and Inhibitors in the Global E-Clinical Solution Market
The factors that drive the global e-clinical solution market include widespread adoption of cloud-based e-clinical solutions, higher demand for low time consuming processes of clinical trials, cost minimization, grants and initiatives from the governments for drug development, high need for better data standardization for high quality clinical trials in order to meet the regulatory requirements. Another significant factor driving the e-clinical solution market is the huge investments of pharmaceutical and biopharmaceutical companies.
Amidst the growth drivers in the e-clinical solution market, there are glaring growth inhibitors as well which include, higher burden on research teams to introduce highly skilled and trained labor force and huge capital investments for implementing e-clinical systems.
Asia Pacific – The Fastest Growing E-Clinical Solution Market in the World
The North America and the Asia Pacific are the two main markets in the global e-clinical solution market with the former being the main center for clinical trials. However, the e-clinical solution market is witnessing a shift of the clinical trials market from North America to the Asia Pacific economies of China and India, due to legal and regulatory considerations. This has decreased the share of global clinical trials in North America.
Asia is an emerging player in the global e-clinical solution market mainly because of the implementation of the patent expiration and better industrial regulatory laws in countries like China, Japan and India. This has led to the expansion and growth of the clinical trials market in Asia. Furthermore, the Asian clinical trials market is driven by greater outsourcing of clinical trials to clinical research organizations and the low cost of carrying out clinical trials in the Asian economies. By the year 2020, it is expected that the e-clinical solution market in the Asia Pacific will witness a CAGR of approximately 20%.
Some of the key players in the global e-clinical solution market include BioClinica, A.G. Mednet Inc., Oracle Corporation, PHT Corporation, PAREXEL International Corporation, DATATRAK International Inc., OmniComm Systems and Medidata Solutions.
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