E-clinical Solutions Market - Major Factors Driving the Industry
Posted by Aman Jaiswar on December 18th, 2019
E-clinical is a term used in a clinical study with reference to electronic applications which are web-based tools employed to capture live data from clinical trials for faster and better execution. Additionally, e-clinical solutions aid efficient planning, tracking, and execution of this data from different geographic areas. Furthermore, they also improve relationships within departments such as site coordinators of medical affairs and clinical investigators.
E-clinical solutions refer to a technology which helps accelerate the process of clinical development and aggregate & standardize the collected data for analysis at an individual patient level as well as for cross trail views. The use of e-clinical solutions has simplified the acquisition of analytics and clinical research data. Device & drug tracking, integrated eCRF note changing, real-time notifications, real-time reporting, and configurable report building are a few important features of e-clinical solutions.
The global e-clinical solutions market is expected to expand substantially due to the increasing operational costs & regulatory requirements related to clinical research studies, the rising acceptance of software solutions during clinical trials, and the surge in R&D expenditure in pharmaceutical companies.
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In addition, e-clinical solutions in Asia Pacific are on the rise owing to the growing number of clinical trials especially across developing countries. Developing markets including India, China, Korea, and Taiwan have become good destinations for the outsourcing of clinical trials due to the low service costs and presence of a large population. However, concerns over patient data privacy and the lack of skilled research professionals are hampering the implementation of e-clinical solution. On the other hand, high operational costs associated with e-clinical solutions are constraining the e-clinical solutions market.
The e-clinical solutions market is segmented by product into the following categories: clinical analytics platforms, Electronic Data Capture (EDC), Clinical Data Management Systems (CDMS), safety solutions, Randomization & Trial Supply Management (RTSM), Electronic Clinical Outcome Assessment (ECOA), clinical data integration platforms, Clinical Trial Management Systems (CTMS), and electronic Trial Master File (eTMF).
EDC and CDMS hold a large market share, whereas ECOA is likely to witness a high growth rate during the forecast period. On the basis of delivery mode, this market is segregated into three groups: web-based, cloud-based solutions, and on-premise. Furthermore, the market is divided based on clinical trial phase into the following segments: phase I, phase II, phase III, and phase IV. Finally, in terms of end-user application, the market is classified into the following divisions: medical device manufacturers, contract research organizations, hospitals, consulting service companies, pharmaceutical & biotechnology industries, and others.
Geographically, E-Clinical Solutions market is distributed over North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America dominated this market because of the increasing number of clinical trials conducted in the region, rising investment in R&D resulting in the development of new products, growing prevalence of lifestyle diseases, and increasing government support for clinical trials. However, Asia Pacific is projected to grow at a rapid rate during the forecast period on account of the increasing number of R&D projects and the region’s developing economic status.
Key players operating in this market include Parexel International Corporation, Oracle Corporation, Merge Health Incorporated, Datatrak International, Inc., BioClinica, CRF Health, ERT, E-Clinical Solutions, OmniComm Systems Inc, and Medidata Solution, Inc. In order to gain a competitive advantage in the industry, these players are actively involved in organic and inorganic growth strategies. Collaborations, partnerships, agreements, and new product launches are some of the important strategies followed by them.
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About the AuthorAman Jaiswar
Joined: May 14th, 2019
Articles Posted: 1,020
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