Global E-Clinical Solution Software Market: Drug Trials and Trial Outsourcing on the Rise, reports TMR
Oracle Corporation, PAREXEL International Corporation, and Medidata Solutions have been the leading players in the global e-clinical solution software market over the recent years. Oracle has been known for its extensively diverse array of products and services when it comes to clinical research and has also established itself as a globally prominent entity.
According to a research report released by Transparency Market Research, the scope of competitive rivalry in the global e-clinical solution software market is expected to stay at a medium level over the coming years. A key reason for this is the high cost of switching between players for users. Additionally, the threat of new entrants is also mild owing to the high entry barriers from a financial perspective and the increasingly stringent government regulatory control.
The global e-clinical solution software market is being projected at a CAGR of 13.8% within a forecast period from 2014 to 2020, in terms of revenue. This revenue is expected to reach US$6.51 bn by the end of 2020, after closing at US$3.87 bn by the end of 2016. The web-based e-clinical solution software mode of delivery has been regarded to remain the popular one and is expected to reach US$4.84 bn by 2020. Meanwhile, the massive advantages that cloud computing offer are putting cloud-based e-clinical solution software at a leading blistering CAGR of 17.0% from 2014 to 2020.
North America E-clinical Solution Software Market Sluggish but Dominant
North America, with its dominant and early demand for e-clinical solution software, is expected to remain the key region in terms of size over the report’s forecast period. By 2020, it is expected to reach US$3.62 bn. A large number of clinical trials in North America are traditional in nature and the average drug development cost is increasing at a lightning fast pace. Due to these high costs, the overall percentage of trials conducted within North America had fallen to 19% in 2010, from its previous high of 30% in 2006. While the rate of advancement of drug trials has continued to be sluggish in this region, new doors have opened for the e-clinical solution software market and all its players as the demand for their services is consequently increasing.
Asia Pacific is expected to be the leading region in terms of growth rate, armed with a predicted CAGR of 19.6% from 2014 to 2020. This region holds the extremely wanted advantage of lower clinical trial costs and a leading pharmaceutical industry in terms of growth rate.
Pharma Spending on Clinical Trials to Increase
“One of the key factors attributed to the growth of the global e-clinical solution software market is the growing rate of expenditure in it by the pharmaceutical industry. Many big pharma names are shoveling in heavy investments on the research and development of new drugs and their clinical trials, thus increasing the demand for e-clinical solution software,” states a TMR analyst. A lot of these trials and research efforts are aimed at finding feasible cures to some of the top health issues in the world today, such as cancer, AIDS, and diabetes.
Additionally, a growing number of pharmaceutical companies and healthcare research organizations in the developed economies are seeing the advantages of availing outsourcing solutions. This has not only improved the scope of the healthcare outsourcing industry in emerging economies, but also boosted the global e-clinical solution software market in terms of rate of development.
Lack of Skilled Labor and Resources Hinder Market Growth
A leading factor impeding the growth of the global e-clinical solution software market is the very high bar for implementation of these software, in a financial sense. The extremely high cost of e-clinical solution software has deterred a lot of small and medium end users from taking advantage of the market offerings. The limitation also continues into the amount of skilled labor available, as there are still several regions that are not able to procure enough skilled labor to suffice for the growing demand.
“Players in the global e-clinical solution software market can create a much high chance of success by teaming up. There is already a great deal of activity happening in this market in terms of partnerships and collaborations,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “E-Clinical Solution Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
Key segments of the Global E-Clinical Solution Software Market
Global E-Clinical Solution Software Market, by Mode of Delivery
- Web based e-clinical solution software
- Licensed Enterprise e-clinical solution software
- Cloud based e-clinical solution software
Global E-Clinical Solution Software Market, by Product
- Clinical Data Management
- Clinical Trial Management System
- Electronic Clinical Outcome Assessment Solution
- Randomization and Trial Supply Management
- Safety Solution
Global E-Clinical Solution Software Market, by End Users
- Clinical Research Organization
- Healthcare Providers
Global E-Clinical Solution Software Market
- North America
- Asia Pacific
- Rest of the World
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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