E-Clinical Solutions Market Overview
By 2020, the global e-clinical solutions market is expected to cross $6.4 billion with a CAGR of 13.7% during 2015–2020. This is attributed to the increasing expenditure on clinical research and development in the pharmaceutical and biotechnology industry, rising number of clinical trials, surging need for improved data standardization, and growing clinical trial outsourcing.
The e-clinical solutions market is divided into cloud-based, web-based, and on-premises solutions on the basis of delivery mode. The web-based e-clinical solution division held the largest share in the market during the historical period (2011–2014), and is expected to account for over 70.0% share by 2020. The cloud-based division is predicted to grow at the fastest pace during the forecast period.
The major end-users in the e-clinical solutions market are contract research organizations (CRO), healthcare providers, and pharmaceutical and biotechnology companies. Pharmaceutical and biotechnology companies held the largest share of the market during the historical period, and are predicted to hold 41.0% share by 2020. During the forecast period, CROs are expected to witness the fastest growth and ultimately account for the major share of the market (50.0%).
On the basis of geography, North America held the largest share of the e-clinical solutions market, in 2015 and it is expected to retain its position during the forecast period as well, accounting for over 50.0% of the market share by 2020. This is due to the rising expenditure on research and development by pharmaceutical and biotechnology companies. However, the Asia-Pacific (APAC) region is predicted to register the fastest growth during the forecast period due to the increasing clinical trial outsourcing and the rising number of trials in countries such as China and India.
E-Clinical Solutions Market Dynamics
Some of the major trends in the e-clinical solutions market are the increasing number of product launches, partnerships and collaborations, and mergers and acquisitions.
The increasing number of product launches to cater to customers’ demands and build more-advanced and innovative solutions for managing electronic information-related problems is one of the key trends in the e-clinical solutions market. For example, CRF Health, which offers electronic clinical outcome assessment (eCOA) solutions across the world, introduced the TrialMax eCOA solution specifically for oncology trials in August 2015.
The increasing expenditure on clinical research and development in the pharmaceutical and biotechnology industry, growing number of clinical trials, rising need for improved data standardization, and growing clinical trial outsourcing are the key factors driving the growth of the e-clinical solutions market.
The attempts to invent treatments for numerous diseases, such as diabetes, cancer, and AIDS, are leading to an increasing spending by pharmaceutical, life sciences, clinical research, and biopharmaceutical firms, which is further driving the growth of the e-clinical solutions market. For instance, more than $1.0 billion is invested in pharmaceutical research and development by the Australian medicine industry every year.
Other factors driving the progress of the e-clinical solutions market are the increasing prevalence of chronic and lifestyle-related diseases and the growing geriatric population. These have led to the rising number of drugs in the pipeline, which is further resulting in a surge in clinical trials. In order to have a large pool of patients and reduce the cost, countries such as China, India, and Poland have become popular destinations for clinical trials among pharmaceutical firms.
Factors, such as a long approval time for clinical trials, lack of broadband facilities and IT professionals in remote areas, high implementation costs, and less-skilled manpower, are hindering the growth of the e-clinical solutions market.
The e-clinical solutions are expensive, which obstructs CROs, healthcare providers, and pharmaceutical and biotechnology industries from adopting the technology. The drug development process requires high investment, and the cost is further increased by the implementation of software, which makes it inconvenient for healthcare professionals to afford it, thereby hindering the growth of the e-clinical solutions market.
The increasing adoption of cloud technology for the development of e-clinical suits and the growing clinical research in emerging economies provide opportunities for players looking to invest in the e-clinical solutions market. The surging frequency of clinical trials in developing countries due to the availability of a large number of patients, low operational cost, and faster recruitment rates provide key players with more opportunities.
E-Clinical Solutions Market Competitive Landscape
Several players in the e-clinical solutions market are receiving contracts for their solutions. For instance, Medidata Clinical Cloud was selected by Boehringer Ingelheim to bring innovations in the latter’s drug development programs in December 2015. The same firm was also selected by Infinity Pharmaceuticals Inc. for help with the latter’s oncology research, a month earlier.
Key companies operating in the global e-clinical solutions market include OmniComm Systems Inc., ERT, BioClinica, CRF Health Inc., DATATRAK International Inc., Medidata Solutions, Oracle Corporation, and PAREXEL International Corporation.