E-Clinical Solutions Market Overview
The global e-clinical solutions market size is projected to cross $6.4 billion by 2020, growing at a CAGR of 13.7% during the forecast period. The increasing number of clinical trials, increasing spends on clinical research and development in pharmaceutical and biotechnology industry are the major growth drivers of the market. In addition, growing clinical trial outsourcing and increasing need for improved data standardization are few of the other factors fueling the growth of the e-clinical solutions industry.
Based on delivery mode, the e-clinical solutions market is segmented into web based, cloud based, and on-premise e-clinical solutions. The web-based e-clinical solutions segment accounted for the major market share during the historical period and by 2020, it is expected to hold a market share of over 70%. The cloud-based e-clinical solutions segment is expected to witness the fastest growth during the forecast period.
Based on end user, the e-clinical solutions market is segmented into pharmaceutical and biotechnology companies, CROs and healthcare providers. The pharmaceutical and biotechnology companies segment accounted for the major market share during the historical period and by 2020, it is expected to hold a market share of 41%. However, the CROs segment is expected to be the largest market by 2020, with a market share of 50%. The segment is also expected to witness the fastest growth during the forecast period.
Geographically, North America is the largest global e-clinical solutions market and it is expected to retain its dominance in the global market with a share of over 50% by 2020. The North American market is growing due to the increasing need for standardization of data and increase in spends on research and development by pharmaceutical and biotechnology companies. The Asia-Pacific e-clinical solutions market is expected to witness the fastest growth during the forecast period. The growth of the Asia-Pacific market is attributed to the increasing clinical trials and increasing clinical trial outsourcing in countries, such as India and China.
E-Clinical Solutions Market Dynamics
E-clinical solutions companies are dynamically immersed in collaborations and partnerships to build an innovative approach for offering advanced tools to manage drug studies and clinical trials. Most of these partnerships and collaborations are focused on accelerating and streamlining the clinical trial data collection and management process. It ensures regulatory compliances, standardizing processes, for providing a range of services to hospitals and pharmaceutical companies and improving business intelligence. Thus, the increasing number of collaborations and partnerships is a major trend in the e-clinical solutions market.
Clinical trial is the most time-consuming phase of drug development. E-clinical solutions is beneficial to reduce the time spent on analyzing and gathering data in clinical trials. It helps to make the analysis faster than on paper and introduce those drugs more rapidly in the market. Thus, the increasing need for enhanced data standardization and decrease in the time spent during the clinical trial process is driving the growth of the global e-clinical solutions market.
The lack of high-speed internet facility in distant areas is inhibiting the growth of the global e-clinical solutions market. The transmission of data from hospitals to CROs and pharmaceutical companies requires high speed broadband connectivity systems. However, remote areas in both developed and developing countries do not have well-connected internet facility and there is less usage of mobile devices for the transmission of information from the physician to the end-user. Moreover, the lack of IT professionals to deal with the technological support needed for the complete execution of e-clinical solutions in the rural and remote areas confines the adoption of technology.
E-Clinical Solutions Market Competitive Landscape
The key companies operating in the global e-clinical solutions market include PAREXEL International Corporation, Oracle Corporation, OmniComm Systems Inc., ERT, BioClinica, CRF Health Inc., Medidata Solutions and DATATRAK International Inc.