Global Statistics Representing E-Clinical Solution Software Market Scenario
E-clinical solutions aid researchers in analyzing, managing and tracking clinical data used in the pharmaceutical sector, and research organizations for designing medical devices, and biotechnology equipment to consolidate clinical research data through cutting-edge technology. Digital transformation in the medical sector is expected to fuel the demand for e-clinical solutions in the near future with technological advancements in the field of clinical trials, such as electronic data capture, clinical analytic platform and prevalence of Wi-Fi connectivity. Integrated clinical software solutions are expected to witness accelerated demand, owing to the large amount of data being generated during the clinical development process. These solutions offer centralized information management, which minimizes cost by eliminating redundant data, and reducing the on-site verification and source data verification rate. Growing awareness regarding such benefits is expected to provide positive impetus to market growth in the future.
The current trend of adopting innovative technologies in the medical industry to better engage with patients, coordinate care and secure collaborations enabled by essential technological solutions from point-of-care to data centers is expected to present an opportunity for growth in the coming years. Accelerating digital transformation in the healthcare sector and a data centric approach in the field of e-clinical solutions are expected to tremendously provide a fillip to market growth in years to come. E-clinical solutions facilitate better decision making during the development stage while reducing cost and time by utilizing flawless designs and identifying failing compounds.
The global e-clinical solution software market is expected to grow at a CAGR of 13.8% during the forecast period, 2019–2026.
The global e-clinical solution software market is expected to witness significant growth with the adoption of e-clinical workflows in trials offering immense prospects in clinical development processes. Clinical research organizations are expected to greatly benefit from outsourcing clinical research operations. The cloud-based delivery mode approach is expected to be the key driver due to the benefits associated with remote access to data and secure data management.
Growing number of clinical trials, coupled with investments in R&D activities across medical and life science fields, are projected to drive the growth of the e-clinical solution software market. Additionally, increasing prevalence of chronic diseases is also expected to be a major factor positively influencing the demand for e-clinical solutions. Prolonged clinical trials and growing side effects of drugs are shifting the focus of pharmaceutical companies in developing enhanced clinical infrastructure.
Intelligence and advanced insights over a platform which influences cloud computing offering a single hub for unified access to all clinical data is further expected to grow the demand for e-clinical solution market. It integrates with company’s present infrastructure to reorganize the complete process of combined data sources from disparate systems by delivering improved data solutions which would impel the growth of business in e-clinical solution software market.
The global e-clinical solution market can be segmented by product, delivery mode, end user, and region.
On the basis of product, the e-clinical market can be segmented into clinical analytic platform, clinical trial management system (CTMS), clinical data integration platform, safety solutions, and others. CTMS and electronic data capture (EDC) are expected to be the most prominent e-clinical solutions. By means of these solutions, sponsors and trial managers are actively managing a massive amount of data as they offer the flexibility and speed required to execute emerging trial concepts, thereby allowing them to pursue effective commercialization. Moreover, automation and streamlining clinical trial processes are likely to be the key factors resulting to optimized ROI in novel drug development procedures. Moreover, CTMS offers centralized end-to-end management of activities related to clinical trials, real-time status stacking, and maintenance of informative data, which will improve overall clinical trial efficiencies.
Based on delivery mode, the e-clinical solution software market can be segmented into cloud based, on-premise. The on-premise or web hosted e-clinical solutions are expected to fuel the market because of complete control and access to information within the premises. Additionally, on account of its cost effectiveness, scalability and flexibility to access of the cloud-based solution are also expected to observe a healthy growth for global e-clinical solution software during the forecast period.
By end user, the e-clinical solution software market can be segmented into hospitals, contract research organizations (CRO), medical device manufacturers, and others. The end user segment is expected to witness significant growth in the e-clinical solution software market due to the increased clinical trial process outsourcing, ranging from industrial researchers to CRO. Additionally, government funding and rising adoption of technological advancements in clinical research are projected to drive market growth.
Geographically, the global e-clinical solution software market has been segmented into North America, Europe, Asia Pacific, and Latin America, the Middle East & Africa (LAMEA).
North America is expected to witness dynamic growth in the e-clinical solution software market during the forecast period, 2019–2026, due to the increasing number of clinical trials being conducted in the region. Apart from this, the factors impacting the growth of e-clinical solution software market are on-going R&D activities, development & launch of new products, and growing government grants for clinical trials.
Europe is expected to witness significant market growth, due to an increasing number of government grants, which are fostering a favorable environment for conducting clinical trials in the European Union. Furthermore, the region also focuses on clinical trials with the highest safety standards for participants and increased transparency of trial information. Thus, the region is expected to observe marked improvement in clinical trial efficiency with various benefits for those operated in the member states. Additionally, regional regulations are striving to foster research and innovation by avoiding duplication of clinical trials or repetition of failed trials.
In Asia Pacific, according to International Journal of Pharmaceutical Sciences Review and Research, the e-clinical solution market was valued at USD 4.1 billion in 2015. The rising demand for clinical software solution by biopharmaceutical and pharmaceutical companies, expanding research and development, government grants to substantiate clinical trials and increasing number of customers for e-clinical solutions are further expected to boost market growth. Furthermore, the presence of a large population, strong customer base, low operating costs, and shifting of resources from sponsor companies to CROs are positively influencing market growth in Asia Pacific. Countries such as Korea, China, Taiwan, and India are some of the indulging destinations for outsourcing clinical trials owing to minimized service costs and the presence of a large population.
The LAMEA region is expected to witness substantial market growth, owing to the fact that more than 20 countries that make up Latin America propose immense collection of subjects for trials and patients for marketed drugs. According to Pharm-Olam, a CRO performing international clinical trials, nearly 600 million people live in Latin America that expands from Mexico in North to Chile and Argentina in the South. Companies that are perceptive to the differences in demographics and regulations ranging from one country to other are expected to find Latin America an attractive region with multiple opportunities for clinical research. Furthermore, Latin American countries have adopted the International Conference for Harmonization (ICH) Good Clinical Practice (GCP) guidelines, which is expected to further accelerate the growth of the e-clinical solution software market in the region.
Some of the players operating in e-clinical solution software market are MedNet Solutions, Inc. (U.S.), PAREXEL International Corporation (U.S.), Bioclinica Inc. (U.S.), Medidata Solutions, Inc. (U.S.), KOEHLER eClinical GmbH (Germany), Oracle Corporation (U.S.), OmniComm Systems, Inc. (U.S.), CRF Health (U.S.), DATATRAK Int. (U.S.), and eClinical Solutions, Inc. (U.S.).
E-Clinical Solution Software Market Segmentation