The report states that the rising availability of internet and computers has proved to be the biggest boom for the e-clinical solution software market. The effectiveness of these solutions over paper-based data storage and management processes and the continuously rising number of clinical trials focused and an increased spending on clinical research and development activities have also largely propelled the e-clinical solution software market. The market is expected to expand at an impressive 13.8% between 2014 and 2020, owing to which, the market with a valuation of US$3,005 mn in 2014 will rise to US$6,515.3 mn by 2020.
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. Increasing prevalence of diseases supports clinical trials in different regions. 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.
The pharmaceutical industry generates and maintains massive amounts of data related to patients and their health issues. This data is primarily generated from healthcare clinics, hospitals, insurance companies, and other medical networks. Pharmaceutical companies also have to manage large volumes of data coming in from clinical trials, remote monitoring devices, and online medical records. Managing such huge amounts of data through data management software has become a necessity. For the companies operating in the pharmaceutical industry, using different e-clinical solution software is a better way to manage clinical trials and relevant data.
A clinical trial management system (CTMS) is primarily used by pharmaceutical companies to manage trials in clinical research. CTMS manages planning and reporting functions coupled with tracking milestones. An e-clinical solution refers to the automation of clinical trials and is a combination of IVR and EDC systems. At present, the healthcare industry uses various applications and software designed for recording and managing clinical data that is generated from pharmaceutical, biotechnology, and medical device companies. As a result of the advancements in computer systems and internet networks, the global clinical trial industry has now become highly sophisticated. The increasing amount of data being collected from research activities has led to the rising adoption of e-clinical solution software.
Get Free Sample Research Report: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2548
The global e-clinical solution software market is segmented on the basis of end user, mode of delivery, geography, and product. By mode of delivery, the global e-clinical solution software market is classified into cloud-based, web-based, and licensed enterprise. Currently, the web-based e-clinical solution software segment dominates the global market. Based on geography, the global e-clinical solution software market is divided into Europe, Asia Pacific, North America, and Rest of the World.
Considering the growing number of leading players expanding their business in India and China, the Asia Pacific e-clinical solution software market is expected to witness tremendous growth in the years to come. By product, the global e-clinical solution software market is classified into clinical trial management, clinical data management, safety solution, randomization, trial supply management, and electronic clinical outcome assessment solutions. Healthcare providers, pharmaceutical companies, and research companies are the major end users of e-clinical solution software.
Some of the leading companies operating in the global e-clinical solution software market are PAREXEL International Corporation, BioClinica, OmniComm Systems, Oracle Corporation, and Medidata Solutions.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.