E-clinical software market expected to reach $6.52 billion by 2020
According to a new market report published by Transparency Market Research (TMR), E-Clinical Solution Software Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020, the e-clinical solution software market, valued at $3 billion in 2014, is expected to grow at a CAGR of 13.8% from 2014 to 2020 to reach an estimated value of $6.52 billion 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 also have enhanced clinical trials in those regions.
In addition, the pharmaceutical industry is facing immense pressure to reduce the timeframe of clinical trials and to raise the productivity of drugs. Presence of various end users such as pharmaceuticals, CROs and healthcare providers has increased the acceptance of e-clinical solution software.
North America is a traditional clinical trial region. The average cost of pharmaceutical R&D for a successful drug from preclinical development through FDA approval continues to increase. According to Oracle, an e-clinical software company, the percentage share of global clinical trials conducted in North America has fallen from 30% in 2006 to 19% in 2010.
In Europe, Central and Eastern Europe provide abundant opportunities to life science companies for clinical development. According to Oracle, the percentage of clinical trials conducted in Western Europe has decreased from 25% to 19%, while in Eastern Europe the percentage has increased from 10% to 13% during from 2006 through 2010. Similarly, according to the NIH (Clinical Trial government registry), there were 46,192 clinical trials conducted in Europe in May 2014.
However, Asia has become one of the fastest-growing markets for pharmaceutical products. Improved regulatory laws and patent expiration laws in various countries including Japan, China and India have led to the expansion of the clinical trials market. Asia has lower cost of conducting clinical trials compared to Europe or the U.S.
The e-clinical solution software market is segmented by mode of delivery as web-based e-clinical solution software, licensed enterprise e-clinical solution software and cloud-based e-clinical solution software; and by products as: clinical data management, clinical trial management system, electronic clinical outcome assessment solution, randomization and trial supply management and safety solution.
TMR is a market intelligence company, providing global business information reports and services.