e-Clinical Trial Solutions Market to Witness Growth due to Rising Operational Cost and Regulatory Requirements Linked With Clinical Research Studies Till 2021 | Million Insights

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12 Jul, 2018, 08:50 GMT

FELTON, California, July 12, 2018 /PRNewswire/ --

Global e-Clinical trial solutions market is segmented into electronic data capture (EDC) and clinical data management systems (CDMS), clinical trial management systems (CTMS), randomization & trial supply management (RTMS), clinical analytics platform, clinical data integration platform, electronic clinical outcome assessment (eCOA), safety solutions, electronic trial master files (eTMF), regulatory information management solutions (RIMS), coding systems, institutional review board systems, core lab integration solutions, based on product.

"e-Clinical trial solutions" is a generic term used to denote about electronic applications that are used in clinical research. The term is relevantly and significantly used in the biopharmaceutical industry. E-Clinical is used to mention about technology applications used for clinical trials such as electronic patient diaries, IVR systems, IWR systems, ePRO and EDC. In addition, e-Clinical applications comprise web-based tools that support in grasping the clinical trials live data for instant and efficient execution. Therefore, these software applications are server based applications.

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The fundamental objective behind e-Clinical technologies is to know about its influencing factors such as heavy costs of drug development, rising competition, strict regulatory environment. Hence, pharmaceutical companies are met with the challenges to conduct clinical trials. Hence, to address such issues e-Clinical trial solutions were incorporated. Commercially, e-Clinical trial solutions also help in minimizing human errors. Therefore, technological advances in the domain of e-Clinical solutions, rapid urbanization of clinical trials and several advantages associated with its use anticipates in favorable market growth during the forecast period.

The key driving factors responsible for the growth of E-Clinical trial solutions market include rising operational costs and regulatory requirements linked with clinical research studies. Additionally, favorable grants to conduct clinical trials and rising R&D expenditure by pharma-biotech organizations with enhanced IT budgets for drug advancement. However, low adoption rate in several regions owing to lack of awareness related to the benefits of e-Clinical solutions is likely to impede the market growth for the forecast period.

e-Clinical trial solution market is segmented into web-hosted (On-demand), licensed enterprise (on-premise) and cloud-based (SaaS), based on delivery mode. e-Clinical trial solutions is segmented into phase I, phase II, phase III and phase IV, based on clinical trial phase. e-Clinical trial phase solution is segmented into pharmaceutical & biopharmaceutical companies, consulting research organizations, contract research organizations, medical device manufacturers, hospitals and academic research institutions.

e-Clinical trial phase solutions span North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa. APAC market is anticipated to grow at a higher CAGR during the forecast period owing to growth in contracting of clinical trials by massive pharmaceutical &biopharmaceutical companies. Also, rise in government funding to leverage clinical support and less stringent norms in comparison with developed countries is likely to enhance market growth for the forecast period. The key players in the e-Clinical trial solutions market include Medidata Solutions Inc, PAREXEL International Corporation, BioClinica Inc, CRF Health, DATATRAK International inc, MaxisIT inc, Bio-Optronics Inc, e-Clinical Solutions Inc, Merge Healthcare Inc, and OmnicComm Systems Inc.

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