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E-Clinical Solution Software Market Size will Grow at 13.8% CAGR by 2020
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According to a new market report published by Persistence Market Research “Global Market Study on E-Clinical Solution Software: Asia to Witness Highest Growth by 2020”, the global e-clinical solution software market was valued at US$ 3,005 Mn in 2014 and is expected to expand at a CAGR of 13.8% from 2014 to 2020, to reach US$ 6,515.3 Mn by 2020.
In North America, the average cost of research and development for a successful pharmaceutical drug continues to increase from pre-clinical stage i.e. initial development stage of drug till FDA approval i.e. launch of the drug in the market. According to Oracle Corporation – an e-clinical software company – the share of global clinical trials conducted in North America has reduced from 30% in 2006 to 19% in 2010. This was due to complex regulatory and legal frameworks in North America, which led to shifting of the clinical trials market to developing countries such as India and China. This may lead to sluggish growth of clinical trials in the region.
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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.
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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 such as Japan, China, and India, have led to the expansion of the clinical trials market in Asia. Cost of conducting clinical trials in Asia is lower compared to that in Europe and the U.S.
Oracle Corporation, Medidata Solutions, PAREXEL International Corporation, BioClinica, and OmniComm Systems are some of the major players of e-clinical solution software market.
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