E-Clinical Solution Software Market to Exhibit 13.8 Percent CAGR
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 percent 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.
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
E-Clinical Solution Software Market Segmentation, by End Users
•Clinical Research Organization
E-Clinical Solution Software Market Segmentation, by Geography,
•Rest of the World (RoW)
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