E-Clinical Solution Software Market is expected to reach USD 6,515.3 million in 2020: Transparency Market Research
Albany, New York (PRWEB) July 28, 2014
According to a new market report published by Transparency Market Research "E-Clinical Solution Software Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," the global microfluidic device market was valued at USD 3,005 million in 2014 and is expected to grow at a CAGR of 13.8% from 2014 to 2020, to reach an estimated value of USD 6,515.3 million in 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 global e-clinical solution software market is estimated at USD 3,005 million in 2014. It is likely to grow at a CAGR of 13.8% from 2014 to 2020 to reach USD 6,515.3 million in 2020.
Title: E-Clinical Solution Software Market
Published: 7 July 2014
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North America is a traditional clinical trial region. The average cost of pharmaceutical research and development for a successful drug continues to increase from pre-clinical stage i.e. initial development stage of drug till FDA approval i.e. drug is launched in market. According to Oracle Corporation, an e-clinical software company, the percentage share of global clinical trials conducted in North America has reduced from 30% in 2006 to 19% in 2010. This was due to regulatory and legal considerations, which shifted the clinical trial market from North America to developing countries such as India and China. This may lead to sluggish growth of clinical trials in the region.
In Europe, Countries in Central and Eastern Europe provide abundant opportunities to life science companies for clinical development. According to Oracle Corporation, the percentage of clinical trials conducted in Western Europe has decreased from 25% to 19% and in Eastern Europe, the percentage has increased from 10% to 13% during 2006-2010. Similarly, according to the U.S. National Institutes of Health (Clinical Trial government registry), the clinical trials conducted in Europe were 46,192 in May 2014.
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However, Asia has become one of the fastest-growing markets for pharmaceutical products. Improved industry regulatory laws and patent expiration laws in various countries including Japan, China and India, have led to the expansion of the clinical trials market in Asia. Asia has lower cost of conducting clinical trials compared to Europe or the U.S.
Oracle Corporation, Medidata Solutions, PAREXEL International Corporation, BioClinica, OmniComm Systems and others are the major players of e-clinical solution software market.
The e-clinical solution software market is segmented as follows:
E-Clinical Solution Software Market, By Mode of Delivery
- Web based e-clinical solution software
- Licensed Enterprise e-clinical solution software
- Cloud based e-clinical solution software
E-Clinical Solution Software Market, By Products
- Clinical Data Management
- Clinical Trial Management System
- Electronic Clinical Outcome Assessment Solution
- Randomization and Trial Supply Management
- Safety Solution
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E-Clinical Solution Software Market, By End Users
- Clinical Research Organizations
- Healthcare Providers
E-Clinical Solution Software Market, by Geography
- North America
- South Korea
- Rest of the World (Row)
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