E-clinical solution software helps researchers to easily analyze and manage clinical data. E-clinical solutions assist the pharmaceutical companies, clinical research organizations, medical device manufacturers, and biotechnology firms to magnify clinical research investments by using innovative technologies. Clinical trials are conducted to inspect the efficiency and safety of drugs, therapeutic products, and medical devices before they are introduced in the market.
Increasing penetration of the Internet and computers is expected to drive the application of e-clinical software in the clinical trials industry in the years to come. Recently, in the U.S., eClinical Solutions, a provider of data management technologies and services, released the upgraded version of its end-to-end clinical data repository, Elluminate. As per the company’s representatives, the latest release is expected to expand the liberty of visualizations that support centralized monitoring and safety signal detection. Elluminate will offer its users the capacity to organize their information by using ADaM and CDISC SDTM for streamlined report submission. Also, Elluminate is featured with metadata management, document management, and standard governance capacities in a cloud-based environment.
In the years to come, increasing clinical trial outsourcing is predicted to contribute largely towards the growth of the global e-clinical solution software market. The global e-clinical solution software market is expected to grow from US$3.0 bn in 2014 to US$6.51 bn by 2020, progressing at a 13.80% CAGR from 2014 to 2020. The global e-clinical solution software market is segmented on the basis of geography, end-user, product, and mode of delivery.
North America E-clinical Solution Software Market to Reach US$3.622 bn by 2020 owing to Growing Clinical Trials
By geography, the global e-clinical solution software market is divided into North America, Asia Pacific, Europe, and Rest of the World. Currently, North America dominates the global e-clinical solution software market and is expected to maintain its dominant position in the years to come. North America is expected to progress from US$1.77 bn in 2014 to US$3.62 bn by 2020, at a 12.60% CAGR from 2014 to 2020. Oracle Corporation, PAREXEL International Corporation, OmniComm Systems, and Medidata Solutions are the leading players in the global e-clinical solution software market.
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Mergers and Acquisitions to Create Growth Opportunities in Untapped Regions
Lack of skilled personnel, high costs of e-clinical solution software, and the high cost of implementation of the software are some of the factors expected to restrict the growth of the global e-clinical solution software market during the forecast period. Biopharmaceuticals and pharmaceuticals companies need approvals from competent regulatory authorities in every nation before starting their clinical trials. The scarcity of high-speed broadband internet connections in remote areas is expected to restrict the growth of the global e-clinical solution software market. However, the increasing number of acquisitions and mergers are predicted to minimize the restrictions and create new growth opportunities for the global e-clinical solution software market in the years to come.
Some of the important factors driving the global market for e-clinical solution software are the increasing number of clinical trials, increased spending on medical research and development activities, and the growing need for enhanced data standardization. The global randomization and trial supply management in the e-clinical solution software market is predicted to progress from US$231.1 mn in 2014 to US$416.5 mn by 2020, at a 9.20% CAGR from 2014 to 2020.