eClinical Solutions Market worth $5 Billion by 2018 - New Report by MarketsandMarkets
(PRWEB) November 03, 2014 -- The report “eClinical Solutions Market by Services, Buyers (Pharma/Biopharma, CROS, Healthcare Providers), Delivery Modes (Web Hosted, On-Premise, Cloud-Based), (CDMS/EDC, CTMS, Ecoa , Randomization & Trial Supply Management, Safety), - Global Forecast to 2018” analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, and Rest of the world (RoW).
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Electronic clinical reported outcome (eCOA) solution is a promising market which is expected to present high growth opportunities for market players. Increasing adoption of ePRO solutions and technological advancements are fuelling the growth of the eCOA solutions market. In addition, the proven advantages of ePRO solutions such as increasing the efficiency of clinical trial management and delivering superior data quality over paper-based clinical trials are the factors that are further stimulating the demand for eCOA solutions for data collection. Furthermore, cloud-based eClinical solutions are also opening new business development opportunities for industry players. Several eClinical solution vendors are investing in these high growth markets, in order to gain more profits and increase their share in the global eClinical solutions market.
This report studies the global eClinical solutions market over the forecast period of 2013 to 2018. The market is expected to reach ~$5 billion by 2018, at a CAGR of 13.5% from 2013 to 2018.
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The global e-Clinical solutions market is broadly segmented into two categories, namely, products and professional services. The products market is further classified into clinical data management systems (CDMS)/electronic data capture (EDC), clinical trial management systems (CTMS), electronic clinical outcome assessment (eCOA), randomization and trial supply management (RTSM), safety solutions, and others. The others segment includes core lab integration systems, regulatory information management services, and coding systems. The professional services segment includes implementation services, training, support services, and consulting. The products market held the largest share of the global eClinical solutions market and is poised to grow at a CAGR of 13.8% in the forecast period.
The global eClinical solutions market is dominated by players such as Oracle Corporation (U.S.), PAREXEL International Corp. (U.S.), Medidata Solutions, Inc. (U.S.), BioClinica, Inc. (U.S.), OmnComm Systems, Inc. (U.S.), and Merge Healthcare Incorporated (U.S.). As of 2012, Oracle Corporation was the leader in the global clinical data management system/electronic data capture (CDMS/EDC) solutions and clinical trial management system (CTMS) solutions markets with shares of ~35% and ~24%, respectively. The company has a broad product portfolio which includes products under various categories such as, EDC, CTMS, RTMS (randomization and trial supply management), safety solutions, and services. It has a strong geographic presence with ~400,000 customers, which include top pharmaceutical companies and clinical research organizations, in 145 countries all over the world. Furthermore, the company has adopted acquisitions and new product launches as its key business strategies to sustain its position in the market.
Major strategic developments are taking place in the field of cloud-based eClinical solutions market, which exhibits high-growth potential in the near future. Dominant market players such as Oracle Corporation (U.S.), Medidata Solutions, Inc. (U.S.), and DATATRAK International (U.S.) introduced several cloud-based eClinical solutions over the past three years in order to keep pace with the industry trends. In addition, factors such as growth in the number of clinical researches in emerging Asian countries and increasing number of clinical research organizations represent new growth opportunities for companies in the global eClinical solutions market.
The major players in the global eClinical solutions market are PAREXEL International Corporation (U.S), BioClinica, Inc. (U.S), Oracle Corporation (U.S), CRF Health (U.S), DATATRAK International, Inc. (U.S), Medidata Solutions, Inc. (U.S), PHT Corporation (U.S), eResearch Technology (U.S), Merge Healthcare Incorporated (U.S), and OmniComm Systems, Inc. (U.S).
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