This report helps to analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global E-Clinical Solutions Market.
Dallas, United States – February 13, 2018 —
In 2017, the Global Eclinical Solutions Market Was Valued At USD 4.48 Billion And Is Expected To Reach A Value Of USD 9.26 Billion By 2023, Registering A CAGR Of 12.86%, During 2018-2023 (The Forecast Period). According to the National Institute of Health’s Clinical Trials registry in the United States, the number of clinical trials underway each year has been increasing consistently. In the last five years, over 75,000 federally and privately supported trials have been registered. Clinical testing of new drugs is an expensive, a complex and lengthy process. These aspects are fueling the need for electronic data capture and remote data entries, thus, augmenting the growth of the global eclinical solutions market over the forecast period. In addition to the reduction of time and cost, eclinical solutions are also improving data management and integrating data from different trials for clearer analysis. The percentage of aged population (>65 years) is increasing gradually, which is a strong indicator for the market growth. This can be attributed to the fact that elderly population accounts for the major share in clinical homes.
Enormous Data Capture From The Healthcare Industry
The sheer volume of the healthcare data is growing at an astronomical rate: In 2013, around 153 exabytes (one exabyte = one billion gigabytes) were produced and an estimated 2,314 exabytes are expected to be produced by 2020, translating to an overall rate of increase of at least 48% annually. This growth in the amount of data can be attributed to the rising popularity of wearable devices, such as pedometers and heart-rate monitors. It is estimated that the health and fitness technology have seen a record sales in 2017, with 35 million units sold in US. With the advent of innovative solutions in the market, consumers are likely to continue experimenting these and adopt the new iterations of wearables that link the data produced directly to medical professionals, including doctors and researchers. This explosion of data is expected to drive the market but in order to achieve that, companies must have adequate access to Internet and most of the developing companies are still lagging behind, in terms of robust internet infrastructure systems. However, rapid adoption of the big data and other business intelligence methodologies are likely to ease the process of enormous clinical trials data-flow, mounting from the healthcare industry with the help of eClinical solutions.
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Clinical Data Management Systems (CDMS) To Hold The Largest Market Share During Forecast Period
CDMS is fueling the reduction of time required for the clinical research, from drug development to marketing phase, along with the generation of reliable and statistically sound data. The need for faster commercialization of a product, in order to sustain the market competition, is boosting the CDMS market in eClinical solutions. In addition, it is a mandate for companies to submit the data, electronically, to meet the expectations and set standards for data quality. This factor is expected to drive the CDMS market during the forecast period.
Technological advancements, bringing about the gradual shift from the paper-based to the electronic systems of data management and advanced developments on the data analytical front, are positively impacting the CDM process. The systems are being developed to strike a balance between the expectations and constraints in the existing systems, driven by technological developments and business demands. This factor is boosting the market of CDMS, across the globe.
In 2018, North America to Hold the Largest Share in the Market
In 2017, North America, followed by Europe, was the largest regional segment in the global eClinical solutions market. Factors, such as increasing government funding to support clinical trials, the presence of less stringent regulatory guidelines when compared to developed nations, the availability of a large patient base and faster patient recruitment for clinical trials, and increasing number of pharmaceutical companies and CROs, are stimulating the eClinical solutions market growth in the region. The US government is reported to spend more on the healthcare industry than any other nation across the globe; the country spends around USD 10,348 per person, which amounts to nearly 18% of the GDP. The value is about eight percentage points above the average of the industrialized member nations of the Organization for Economic Co-Operation and Development.
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The key players in this market include: Oracle Corporation, BioClinicia Inc., PAREXEL International Corporation, OmniComm Systems, Eresearchtechnology, Inc., Datatrak International, Inc., HT Corporation, eClinical Solutions, Inc., Medidata Solutions, Inc., Merge Healthcare Incorporated and CRF Health.
Key Developments In The Market
• December 2017- PAREXEL International Corporation introduced the Perceptive Cloud to the life sciences industry, as a part of the organization’s recent alliance with Microsoft Corp, which provides cloud infrastructure built on Microsoft Azure.
• November 2017 – Bioclinica, Inc. launched the Bioclinica Clinical Adjudication, which enables the independent adjudication of clinical events in conformance with the regulatory requirements governing clinical trials within all therapeutic areas, including cardiac studies and for Major Adverse Cardiac Events (MACE) committees.
Reasons to Purchase This Report
• To know how the rise in data generated and support by the government are helping the market growth.
• To analyze various market perspectives, with the help of Porter’s five forces analysis.
• To know which of the solution types is witnessing the highest adoption rate within the industry.
• To know which of the regions is expected to witness the fastest growth rate during the forecast period.
• To understand the SWOT analysis for the key players and a detailed study of their current strategic interests and key financial performance indicators.
• Three months analyst support, along with the Market Estimate sheet (in excel).
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Table of Content:
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
5. Global eClinical Solutions Market Segmentation
6. Competitive Intelligence- Company Profiles
7. Investment Analysis
8. Future of the eClinical Solutions Market
Name: Hector Costello
Organization: Orbis Research
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