Health and Fitness

Rising Incidence of Chronic Ailments Propelling Demand for E-Clinical Solution Market

E-Clinical Solutions Market Overview

The global e-clinical solutions market revenue stood at $2,997.0 million in 2014. According to the observations of the market research company, P&S Intelligence, the market exhibited a CAGR of 13.7% from 2015 to 2020. This is credited to the surging investments being made in clinical research and development in the pharmaceutical and biotechnology industry. Increasing number of clinical trials, growing requirement for improved data standardization, and soaring outsourcing of clinical trials.

Drug development is the most time-consuming aspect of clinical trials. This is one of the biggest factors responsible for the growing popularity of e-clinical solutions among clinical trials conducting organizations around the world. These solutions allow the faster analysis of the data collected during the clinical trials, which, in turn, leads to faster drug launch. Moreover, the adoption of e-clinical solutions allows data standardization. This speeds-up the drug development process, thereby augmenting the revenue growth of pharmaceutical organizations.

E-Clinical Solutions Market Size

The rising prevalence of several diseases such as cancer, AIDS, and diabetes is causing a sharp surge in the investments made by pharmaceutical, biopharmaceutical, life sciences, and clinical research companies. For example, the Australian medicine industry makes an investment of over $1.0 billion in pharmaceutical research and development activities and projects every year. Besides these, the growing incidence of various lifestyle-associated and chronic diseases and the surging geriatric population are also propelling the demand for e-clinical solutions around the world.

The increasing occurrence rate of such diseases is causing a massive rise in the number of drugs being produced. This is, in turn, fueling the surge in the number of clinical trials conducted all over the world. Pharmaceutical organizations are increasingly focusing on conducting clinical trials in countries such as India, Poland, and China for reducing their operational costs and expanding their pool of patients. Because of these factors, the adoption of e-clinical solutions is rising rapidly around the world.

E-Clinical Solutions Market Share

This is propelling the advancement of the global e-clinical solutions market. Based on delivery mode, the market is divided into on-premises, web-based, and cloud-based categories. Out of these, the web-based category recorded the highest growth in the market in the past years. Moreover, this category is predicted to register huge expansion in the market in the future years. The cloud-based category will demonstrate rapid advancement in the market in the near future.

When end user is taken into consideration, the e-clinical solutions market is classified into healthcare providers, pharmaceutical and biotechnology companies, and contract research organizations (CRO). Amongst these, the pharmaceutical and biotechnology companies recorded the highest growth in the market during the last few years. In the near future, the CRO’s will exhibit the fastest growth in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India.

Globally, the e-clinical solutions market recorded the highest growth in North America in the past years and this trend is predicted to continue in the coming years as well. The main factor driving the advancement of the market in this region is the soaring expenditure being made in research and development (R&D) activities by biotechnology and pharmaceutical companies. The industry is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the future years.

E-Clinical Solutions Market Trends

Hence, it is safe to say that the demand for e-clinical solutions will surge all over the world in the coming years, mainly because of the rising incidence of lifestyle-associated and chronic diseases and the huge investments being made in pharmaceutical R&D activities around the world.

The growing requirement for medical treatments for several diseases such as cancer, AIDS, and diabetes is causing a sharp surge in investments made by clinical research. Biopharmaceutical, and life sciences companies, which is, in turn, fueling the expansion of the e-clinical solutions market. For example, the Australian medicine industry invests over $1.0 billion in pharmaceutical research and development every year. The other major factors propelling the market expansion are the growing incidence of lifestyle-related and chronic diseases and the surging geriatric population across the world.

The aforementioned factors have augmented the number of drugs in the pipeline. Thereby causing a massive rise in the demand for clinical trials. The burgeoning requirement for data standardization is also fueling the progress of the market. Clinical trials are the most time-consuming parts of the drug development process. As e-clinical solutions reduce the time taken for analyzing and collecting the data produced during trails, they are increasingly being adopted by drug developers around the world.

E-Clinical Solutions Market Revenue Analysis

Moreover, the demand for data standardization is growing rapidly, on account of the rising requirement for improving the speed of the drug development process. Depending on delivery mode, the e-clinical solutions market is classified into web-based, on-premises, and cloud-based categories. Out of these, the web-based e-clinical solution category dominated the market from 2011 to 2014 and this trend continued till 2020. The cloud-based category recorded the fastest growth in the market from 2015 to 2020.

When end user is taken into consideration, the e-clinical solutions market is categorized into healthcare providers, pharmaceutical and biotechnology companies, and contract research organizations (CRO). Out of these, the pharmaceutical and biotechnology category dominated the market during the last few years. From 2015 to 2020, the CRO category demonstrated the fastest growth in the market. Geographically, the market registered the fastest growth in Asia-Pacific between 2015 and 2020. Primarily because of the large-scale outsourcing of clinical trials to developing countries.

E-Clinical Solutions Market Growth Insights

Additionally, the presence of a large patient pool in regional countries such as India and China is driving the demand for drugs. Which is in turn, augmenting the need for clinical trials in the region. Major e-clinical solutions market players such as Oracle Corporation, CRF Health Inc., PAREXEL International Corporation, BioClinica, Medidata Solutions, and DATATRAK International Inc. are increasingly focusing on mergers and acquisitions in order to expand their customer base and gain a competitive edge in the industry.

Hence, the market will exhibit huge expansion in the coming years, primarily because of the increasing number of clinical trials being carried out in several countries and the expansion of the pharmaceutical and biotechnology industry across the world.

This study covers

  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
  • Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
  • Major players operating in the market and their service offerings

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button