Change is the only thing constant in technology. There is never a dull moment, which is what makes the world of e-clinical solutions so dynamic and effervescent. Not so long ago, the pharmaceutical industry was at loggerheads trying to collate the large volume of clinical trial data. Moreover, as a response to the continuous growth of clinical trials in the global scenario, the volume of data was also expanding exponentially. Hence, a solution to simplify clinical data acquisition and aggregation has emerged as the need of the hour. The e-clinical solutions market owes its advent to the high demand for simplified clinical data aggregation, analytics, and standardization. According to a recent report by Persistence Market Research, the global e-clinical solutions market, which was valued at US$3,005 million in 2014, is likely to be worth US$6,515.3 million by 2020, growing at a progressive 13.8% CAGR between 2014 and 2020.
The pharmaceutical industry has undertaken the aim of magnifying its investments in clinical research. The drive is anticipated to encourage the use of innovative technologies in the industry, so that more accurate and prompt results can be obtained. A boost in the number of clinical trials and research and development investments in conjunction with a multitude of advances offered by e-clinical technologies are propelling the global e-clinical solutions market.
E-Clinical Solutions – Offering a Multitude of Technological Advances
Apart from mounting levels of complexity in clinical trials, the increase in the volume of clinical trial data worldwide has been phenomenal. It is a daunting task to manage, configure, and keep record of such volumes of data sans technological support. E-clinical solutions offer a multitude of benefits that help proactively manage clinical data for actionable insights. The inherent advantages of the technology are mentioned below:
Driving self-sufficiency: E-clinical solutions provide seamless access to organizations to standardize and aggregate data for analysis.
Data Conversion: The technology allows organizations to convert disparate clinical data to meet regulatory requirements.
Ensures Cost Efficiency: E-clinical solutions allow life sciences organizations to build scalable data management systems, thereby offering time and cost efficiency in data management.
Clinical Trial Outsourcing to Boost Market Growth Opportunities
Growth of the e-clinical solutions market is attributed to many factors, such as the rising adoption of cloud computing technology to facilitate prompt and accurate e-clinical solutions, and rapid growth in outsourcing to clinical research organization (CRO) based in emerging economies. For instance, Asia Pacific boasts significantly lower cost of conducting clinical trials compared to the U.S. and European countries. Brisk growth in the number of clinical trials and increasing investment on research and development across countries like China, India, and South Korea are presenting lucrative opportunities for e-clinical solution vendors.
However, it is important to note that North America is the largest market for e-clinical solutions at present. Back in 2014, the e-clinical solutions market in North America was worth US$1,773.9 million, and it is expected to reach US$3,622.5 million by 2020, registering a compound annual growth rate of 9.2% from 2014 to 2020. The pharmaceutical industry in North America is the largest e-clinical software solutions end user. This obviously accounts for the expanding market for the web-based e-clinical software solution in the region.
In the future, increasing penetration and acceptance of e-clinical solutions will be greatly benefitted by the user-friendly and easy access of software and growing awareness pertaining to compliance benefits.