The global e-clinical solution software market is witnessing a high degree of competition as the companies are making constant efforts in research and development activities, as analyzed by Transparency Market Research (TMR). The companies are making high investments in clinical research made in pharmaceuticals and life sciences industries. Furthermore, strategic acquisitions and collaborative developments are largely adopted by the leading companies. Some of the key players in the market are PHT Corp., OmniComm Systems Inc., Merge Healthcare Inc., ERT, PAREXEL International Corp., CRF Health Inc., BioClinica, Medidata Solutions Inc., Oracle Corporation and DATATRAK International Inc. Companies are focusing in investing in emerging economies especially in India and China to gain a substantial share by outsourcing the clinical operations.
According to TMR, the global e-clinical solution software market is expected to reach US$ 6.51 bn by the end of the forecast period in 2023. The market is estimated to expand at a CAGR of 13.8% during the forecast period from 2014 to 2023. On the basis of end user, the pharmaceuticals industry is expected to emerge as the leading segment due to the rising adoption for e-clinical solutions software. In addition, chemical research organizations (CROs) are also expected to rise at a dominating pace during the same course of period. As per the regional study, North America is leading the market and is expected to reach US$ 3.62 bn by the end of 2023. Meanwhile, Asia Pacific is also considered as lucrative option because companies are expanding their business for e-clinical solution software in that region.
Centralization of Healthcare Data to increase the Demand for E-Clinical Solution Software Market
The global market for e-clinical solution software is expected to witness high growth due to high demand for e-clinical solution software on web-based model as a reason for increasing popularity for cloud based solution. Increasing demand for data standardization and reduced time taken in clinical trial process have also boosted the market for e-clinical solution software. Moreover, the medical data and results can be shared across the globe through a centralized healthcare platform, which is considered as a major factor propelling the demand for e-clinical solution software market. Rising expenditure on clinical research and development in pharmaceutical industry and growing clinical trial outsourcing will also boost the market.
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Insufficiency of Appropriate Surrounding To Act as a Hindrance
The fierce competition among the players in e-clinical solution software market have led in reduction of prices of several e-clinical solutions. The price reduction is beneficial for the several players, as it will help them in tapping the growing opportunity in the emerging nations. Moreover, high cost of implementation and less availability of skilled manpower is projected to restrict the market from growing at its full potential. Insufficiency of high-speed broadband and limited presence of IT professional in remote areas is also predicted to restrict the growth of e-clinical solution software market. However, increasing efforts for clinical research organizations and raising pressure on pharmaceutical companies to reduce operational cost will boost the market.
The information presented in this review is based on a TMR report, titled “E-Clinical Solution Software Market (Mode of Delivery – Licensed Enterprise, Cloud-Based, and Web-Based e-Clinical Solution Software; Product – Electronic Clinical Outcome Assessment, Clinical Data Management, Trial Supply Management, Clinical Trial Management, Randomization, and Safety Software Solutions; End User – Chemical Research Organizations, Healthcare Providers, and Pharmaceutical) – Global Industry Analysis, Size, Share, Trends, Growth and Forecast 2014–2020.”