E-clinical solution is a software that aids researchers in analyzing, tracking and managing clinical data. E-clinical solution is used in pharmaceutical sector, biotechnology, research organizations and for designing medical device in order to coagulate clinical research data with the help of modern cutting edge technology. Clinical trial is a practice of inspecting the efficiency and safety of drugs, therapeutic products and medical devices prior to their commercial launch in the market. Proliferation of the internet across the globe coupled with availability of easy access modes is expected to influence the overall market growth. Moreover, credible data analysis and higher efficacy compared to conventional process are alluring companies to adopt to e-clinical solution software for conducting clinical trials. The global e-clinical solution software market is estimated to be surpass USD 6,515 Mn by 2020, expanding at 13.8% CAGR over 2014 to 2020.
Key Market Dynamics
Increasing clinical trials and higher investments in R&D activities in the fields of life science and pharmaceuticals is expected to support the growth of global market. Moreover, growing prevalence of chronic disease across the globe is one of the major factor fueling the demand for e-clinical solutions. Lengthy clinical trials and increasing side effects of drugs are compelling the pharmaceutical industry to develop enhanced clinical infrastructure. PMR notes that the demand for e-clinical solution software is significantly high from various end user sections such as clinical research organizations (CROs), healthcare providers and pharmaceuticals companies.
The global e-clinical solution software market has been classified into product type, by mode of delivery and by end user
On the basis of product type, the market is segmented into clinical trial management system, safety solution, electronic clinical outcome assessment solution, randomization and trial supply management and clinical data management. In addition, the randomization and trial supply management segment is anticipated to surpass US$ 416 Mn by 2020, expanding at 9.2% CAGR over the forecast period. By mode of delivery, the market is segmented into, licensed enterprise e-clinical solution, web based e-clinical solution, and cloud based e-clinical solution. By end user, the market is segmented into healthcare providers, clinical research organizations and pharmaceutical.
On the basis of region, the global e-clinical solution software market is segmented into four key regions North America, Asia, Europe and Rest of the world (RoW). In addition, North America is the largest market for e-clinical solution software. The region is anticipated to expand at 12.6% CAGR over the forecast period to reach US$ 3,622.5 Mn by 2020. In Asia, the market is expected to grow the fastest during 2014 to 2020. Factor such as increasing awareness on healthcare, vast pool of consumers and arriving outsourced clinical trial projects from overseas, especially in countries such as China and India are expected to drive the e-clinical solution software market in the region. The market in North Africa and Middle East is growing due to higher incidence of genetic disorders and lifestyle-associated diseases in the respective regions.
Key Market Participants
Key participants identified in the global e-clinical solution software market include Medidata Solutions, BioClinica, Oracle Corporation, PAREXEL International Corporation and OmniComm Systems.
Persistence Market Research (PMR) provides key insights on the global e-clinical solution software market over the forecast period (2014-2020). The primary objective of the report is to provide in-depth analysis and future market estimations, including growth drivers, restraints, opportunities, trends, key segments, status of the regional markets and key market players operating in the global home infusion therapy devices market. Along with the provision of quality insights, quantification of data has been considered through discussions with, health experts, marketing managers and clinicians.
To understand and assess opportunities in the global market, the report is categorically split into four sections in terms of market value (US$ Mn), namely market analysis by product, by mode of delivery, by end user, and by geography. The report further provides comprehensive data on global market estimations, competitive landscape and forecast values. The aforementioned segments have been analyzed in terms of Basis Point (BPS) to understand each segment’s relative contribution to the overall market growth.
The geographical analysis studies the market on the basis of the regional opportunities and estimates the market value for each region during the forecast period. The report also considers a year-on-year growth based on regional market analysis, in order to identify right opportunities in each of the regions and to understand predictability of the market.
The last part of the report provides an exhaustive analysis on the global competitive landscape including leading market participants and a dashboard view. Market strategies of prominent players and their key developments are also included in the report.
To deduce the global e-clinical solution software market, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split by product, by mode of delivery, by end user and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global e-clinical solution software market.
The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on the supply side and demand side drivers and other key dynamics of the global e-clinical solution software market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.
Another key feature of this report is an analysis of the global e-clinical solution software market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global e-clinical solution software market. Further, to understand key segments in terms of their growth and overall global e-clinical solution software market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global e-clinical solution software market.