eClinical Solutions Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017-2025
eClinical Solutions is used to enhance the clinical development process through data analysis and data management. It provides total transparency and utilization of the operational and clinical data. The solution provider does this by providing data management solutions and customized data management services, that includes clinical reporting, electronic data capture (EDC), data standardization, data management, and clinical data repository platform. The applications and advantages of eClinical solutions helps users to manage, analyze, standardize, and integrate all their operational and clinical data with the help of analytical capabilities and integrated advanced visualization. The software such as Clinical trial managements system (CTMS) in eClinical solutions helps user in patient management, compliance with government regulations, budgeting, investigator management, adverse event reporting system, and for some other functions.
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Growing public and private funding for clinical research is contributing to the growth of eClinical solutions market globally
Increase in application of software solutions in clinical trials is the major driving factor for the growth of eClinical Solutions market. Additionally, other factors contributing in the progress of eClinical solutions market includes growing research and development by various pharmaceuticals and biopharma companies and nincrease in investment by government to promote clinical research programs. According to data published by Australian Government Department of Health in 2017, the government is expected to invest US$5 million in new clinical trial activity for young adults and adolescents with cancer. Growing number of Contract Research Organizations, rising customer base, and growing public and private funding are also fuelling to the growth of eClinical solutions market. According to the data given by World Health Organization (WHO) bulletin 2012, in U.K. around 83.9% philanthropic and public fund goes to clinical research and basic research.
However, restraints which are likely to hamper the growth of eClinical solutions market includes high cost of eClinical solutions for implementation, lack of skilled labors, patient privacy issues, and low awareness about the software of clinical data analysis.
Increase in investment by government for clinical research area is helping North America to dominate in the eClinical solutions market
Regional segmentation of eClinical solutions market by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds a dominant position in the eClinical solutions market due to increase in demand of technologically advanced products, rising financial support from government, and growing number of clinical trials. For instance, the data given in Budget of the U.S. government for 2013 showed the investment of US$140.8 billion for research and development out of which US$30.7 billion was used for biomedical and clinical research. Asia Pacific is also expected to progress in the eClinical solutions market, owing to rising outsourcing of clinical trials study by biopharma and pharmaceutical companies and low operating cost for conducting clinical trials in this region.
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The industry players are adopting the strategy of partnership and agreement for business expansion in eClinical solutions market
Key industry players operating the eClinical solutions market includes Medidata Solutions Incorporated, Oracle Co., DATATRAK International Inc., BioClinica Inc., PAREXEL International Co., CRF Health, MaxisIT Inc., eClinical Solutions Inc., Merge Healthcare Inc., and OmniComm Systems Inc. The major industry players are adopting the strategies such as product enhancement, partnerships and agreements for new product development, and deployment strategy to sustain and progress in the highly competitive eClinical solutions market. For instance, eClinicalWorks Company is in partnership with the many other companies such as with MIDMARK which is a manufacturer of medical devices and also with SureScript for ePrescribing to provide the service according to client specifications.
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