Global E-Clinical Solution Software Market Will Reach USD 6,515.3 Million in 2020: Persistence Market Research
New York, NY, August 28, 2014 --(PR.com
)-- Persistence Market Research Released New Market Report on "Global Market Study on E-Clinical Solution: Asia to Witness Highest Growth by 2020" the global e-clinical solution software market was valued at USD 3,005 million in 2014 and is expected to grow at a CAGR of 13.8% from 2014 to 2020, to reach an estimated value of USD 6,515.3 million in 2020.
E-clinical solution is software that helps researchers to analyze new ways to manage and analyze clinical data. Globally, the e-clinical solution software market is witnessing significant growth due to increasing clinical trials and R&D investments in pharmaceuticals and life science. Prevalence of diseases such as AIDS, diabetics and cancer are increasing in different regions of the world. It has resulted in an increase in pipeline drugs, which require clinical trials before getting approved. Various lifestyle associated diseases and genetic disorders in the Middle East and North African countries have also enhanced clinical trials in the respective regions. In addition, the pharmaceutical industry is facing immense pressure to reduce the time consumed during clinical trials and to raise the productivity of drugs. Presence of various end users such as pharmaceuticals, clinical research organizations (CRO) and healthcare providers has increased the acceptance of e-clinical solution software. However, unavailability of high-speed internet facility in remote areas negatively impacts the growth of the e-clinical solution software market. The global e-clinical solution software market is estimated at USD 3,005 million in 2014. It is likely to grow at a CAGR of 13.8% from 2014 to 2020 to reach USD 6,515.3 million in 2020.
North America is a traditional clinical trial region. The average cost of pharmaceutical research and development for a successful drug continues to increase from pre-clinical stage i.e. initial development stage of drug till FDA approval i.e. drug is launched in market. According to Oracle Corporation, an e-clinical software company, the percentage share of global clinical trials conducted in North America has reduced from 30% in 2006 to 19% in 2010. This was due to regulatory and legal considerations, which shifted the clinical trial market from North America to developing countries such as India and China. This may lead to sluggish growth of clinical trials in the region.
In Europe, countries in Central and Eastern Europe provide abundant opportunities to life science companies for clinical development. According to Oracle Corporation, the percentage of clinical trials conducted in Western Europe has decreased from 25% to 19% and in Eastern Europe; the percentage has increased from 10% to 13% during 2006-2010.
However, Asia has become one of the fastest-growing markets for pharmaceutical products. Improved industry regulatory laws and patent expiration laws in various countries including Japan, China and India, have led to the expansion of the clinical trials market in Asia. Asia has lower cost of conducting clinical trials compared to Europe or the U.S.
Oracle Corporation, Medidata Solutions, PAREXEL International Corporation, BioClinica, and OmniComm Systems are some of the major players of e-clinical solution software market.
Browse the full Global Market Study on E-Clinical Solution: Asia to Witness Highest Growth by 2020 report at http://persistencemarketresearch.com/market-research/e-clinical-solution-market.asp
The e-clinical solution software market is segmented as follows:
E-Clinical Solution Software Market, By Products
Clinical Data Management
Clinical Trial Management System
Electronic Clinical Outcome Assessment Solution
Randomization and Trial Supply Management
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
E-Clinical Solution Software Market, By End Users
Clinical Research Organizations
E-Clinical Solution Software Market, by Geography
Rest of the World (Row)
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