Transparency Market Research has published a new report on the global eClinical solutions Market. As per the report, the global eClinical solutions Market is expected to expand at a 13.80% CAGR from 2014 to 2020. Factors such as rising number of clinical trials, the increased spending on research and development in the pharmaceutical industry, and the constant rise in clinical trial outsourcing are predicted to propel the global eClinical solutions market throughout the forecast period. Based on geography, the global eClinical solutions Market is divided into Europe, Asia Pacific, North America, and Rest of the World. In 2014, the North America eClinical solutions market stood at US$1.77 bn and is expected to reach US$3.62 bn by 2020, progressing at a 12.60% CAGR from 2014 to 2020.
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Unlike other industries, the healthcare industry on a given day generates overwhelming volume of sensitive and private information about millions of people. The sheer volume of data generated from hospitals, medical networks, insurance companies, and all the sources or parties connected to the healthcare sector needs proper management. With just medical records and paperwork making for a mammoth data volume, the additional data coming from sources such as remote monitoring devices, clinical trials, and online medical research makes the problem healthcare data management seem obvious.
The report presents a detailed analysis of the software systems designed specifically for managing and analyzing the vast volume of clinical data developed as a result of research activities undertaken by biotechnology, pharmaceutical, medical device companies. Owing to the rapidly increasing availability of highly advanced computer systems and reliable network of the Internet across the globe, the clinical trial industry has become highly connected and sophisticated. The mounting data from the rapidly increasing research activities and integration of computers in the healthcare field have given rise to the increased need for sophisticated e-clinical solution software across the globe.
The report provides a detailed overview of the variety of e-clinical solution software systems in the market. The report examines the key aspects of the market in great details and analyzes the market segments from a global as well as regional standpoint. The report also presents an overview of the impact of regulatory framework, key policies, and regulations on the overall development of the market.
The report states that the rising availability of internet and computers has proved to be the biggest boom for the eClinical solutions 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 eClinical solutions 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. The report categorizes the global eClinical solutions market on the basis of mode of delivery, product, end-user, and geography.
On the basis of mode of delivery, the market is segmented into web-based, licensed enterprise, and cloud-based e-clinical solution software. On the basis of product, the market is segmented into clinical data management, clinical trial management, electronic clinical outcome assessment, safety solution, and randomization and trial supply management software solutions.
Key end-users of the e-clinical software solution market studied in the report include pharmaceutical, healthcare providers, and chemical research organizations. On the basis of geography, the market is segmented into North America, Europe, Asia, and the Rest of the World (RoW).
Of these segments studied in the report, web-based e-clinical software solution ranked as the largest mode of delivery, the pharmaceutical industry ranked as the largest end-use segment, and North America emerged as the largest regional market in 2013.