The eClinical solutions market was valued recording a CAGR of 12.86% over the forecast period. The costs and risks associated with developing new therapeutics, which are majorly related to drug trials, are continuing to rise. This trend is expected to gain momentum with the advent of personalized medicine and the proliferation of virtual pharma companies, which are emerging as entities, without the traditional large-scale pharma capabilities.
With the advent of eClinical solutions, the amount of data produced is huge and contains information that can be easily accessed with electronic data mining, which was earlier impossible with paper records. It is reported that the typical tertiary care hospital generates about 100 terabytes (TB) of data per year. Health systems in low- and middle-income nations continue to face many challenges in providing high-quality, affordable, and universally-accessible care. In response, policy-makers, donors, and program implementers are searching for innovative approaches to eliminate the geographical and financial barriers to health.
Hence the need to maintain transparency and eliminate redundancy and forgery of the medical research-related data are the primary reasons for the widespread adoption of these solutions in the market.
Key Market Trends
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Clinical Data Management Systems Segment Dominates the Market
The clinical data management system is a tool used in clinical research to manage the data of a clinical trial. There has been a robust increase in the adoption of electronic medical records in hospitals, and private practices have been buoyed by the penetration of digital technologies in healthcare institutes, biotechnology and pharmaceutical companies, and regulatory standards.
With the adoption of electronic medical records, a growing amount of data is being generated through automated medical equipment and monitoring devices. The adoption of IoT in medical devices necessitates the need for efficient data management systems.
A major trend driving this segment is the integration of the CDMS with clinical randomization, supply management, trail, and patient recruitment solutions. Additionally, the developing economies are expected to drive the growth of the market, due to the increasing adoption of these systems, government funding to support clinical trials, and the presence of a large patient base.
Asia-Pacific is Anticipated to be the Fastest Growing Region During the Forecast Period
Asia Pacific is likely to register a high CAGR over the forecast period due to the high unmet medical needs and rising prevalence of target chronic diseases such as cancer, cardiovascular conditions, and infectious diseases are stoking the demand for eClinical solutions in the region.
Owing to its rising urban population, Asia-Pacific is one of the preferred destinations associated with clinical trials. In addition, the region contains about 53% of the urban population and is rising at a rapid pace than its counterparts by 1.5% per year. The presence of a robust urban population and the exposure to prevalent health risks are expected to increase susceptibility of the population to diseases and infections. This can drive the number of admissions into hospitals, which, in turn, is expected to increase the amount of data being generated.
North America is also one of the leading revenue contributor due to the increasing target population, coupled with rising prevalence of lifestyle-associated diseases such as diabetes and cardiac disorders, that is poised to stimulate the growth of the regional market for eClinical solutions.
Competitive Landscape
The eClinical solutions market is highly competitive, price-sensitive, and growing, due to greater adoption from smaller and mid-sized sponsors. The firm concentration ratio is expected to increase in the emerging markets, like APAC and South America, offering growth opportunities for smaller enterprises. The players are also found to be involved in various growth strategies such as new product development, mergers and acquisitions, and collaborations, which are helping them consolidate their position in the market.
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1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Enormous Data Mounting from the Healthcare Industry
4.2.2 Rising Number of Clinical Trials
4.2.3 Government Emphasis on Clinical Research
4.3 Market Restraints
4.3.1 Lack of Awareness and Infrastructure in Developing Countries
4.3.2 High Implementation Costs
4.4 Porter’s Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Clinical Data Management Systems (CDMS)
5.1.2 Clinical Trial Management Systems (CTMS)
5.1.3 Randomization and Trial Supply Management
5.1.4 Electronic Data Capture (EDC)
5.1.5 Electronic Clinical Outcome Assessments (eCOA) and Electronic Patient-reported Outcomes (ePRO)
5.1.6 Other Product Types
5.2 By Deployment Mode
5.2.1 Web-based hosted eClinical Solutions
5.2.2 Cloud-based eClinical Solutions
5.2.3 Licensed Enterprise (On-premise)
5.3 By End-user
5.3.1 Hospitals
5.3.2 Contract Research Organizations (CROs)
5.3.3 Other End-users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle-East & Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle-East & Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Oracle Corporation
6.1.2 BioClinicia Inc.
6.1.3 PAREXEL International Corporation
6.1.4 Anju Software, Inc. (OmniComm Systems)
6.1.5 ERT Clinical
6.1.6 Datatrak International Inc.
6.1.7 eClinical Solutions Inc.
6.1.8 Dassault Systèmes (Medidata Solutions Inc.)
6.1.9 IBM Watson Health (Merge Healthcare Incorporated)
6.1.10 CRF Health Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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