E-Clinical Solution Software Market is Expected to Reach US$6,515.3 Mn in 2020
The global e-clinical solution software market is stood at US$3,005 million in 2014. The market is projected to expand at a handsome CAGR of 13.8% during 2014–2020 and reach US$6,515.3 million in 2020.
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Broadly, the various end-users are the pharmaceutical industry, chemical research organizations (CROs), and the healthcare sector. Of these, the pharmaceutical industry is likely to emerge as the leading segment over the forecast period, driven by the widespread uptake of e-clinical solution software. However, over the same period, the CROs is projected to emerge at the dominant pace.
The various regional segments are Europe, North America, Asia Pacific, and Rest of the World. Of these, North America accounts for the leading market share. The regional market is projected to expand at a CAGR of 12.6% during 2014 - 2020. Meanwhile, Asia Pacific is the most attractive market and anticipated to rise at the leading CAGR during the same period.
Exponential Rise of Clinical Trials by Pharmaceutical and Life Sciences Companies to Bolster Demand
The staggering rise in volume of clinical trials and the burgeoning spend on research and development activities by pharmaceutical and life science companies are notable factors driving the demand for e-clinical solution software. The growing digitization of healthcare infrastructure world over is significant contributing to the growth of the market.
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The rising prevalence of chronic diseases has led to exponential rise in R&D in several developing and developed countries, which is bolstering the demand for e-clinical solutions. Of particular interest are the rise in lifestyle associated diseases and the growing prevalence of genetic disorders in parts of the Middle East and North Africa, which is accentuating the growth of the e-clinical solution software market.
The rising prominence of clinical research organizations in the outsourcing of R&D activities of pharmaceutical and life sciences players is aiding in the expansion of the market. With clinical research become increasing complex, this will further bolster the demand. The mounting pressure on pharmaceutical companies to reduce operational cost and expedite time-to-market of various drugs has led them increasingly demand e-clinical solutions to make the most out of their research investment.
Growing Adoption of Cloud-Based Solutions to Unlock Exciting Prospects
The intensifying competition in the e-clinical solution software market has led to the decline in pricing of several e-clinical solutions. This augurs well for the market, especially in developing economies. Several emerging and established players are seeking lucrative avenues in these economies. The extensive demand for e-clinical solution software on web-based model is accentuating the growth of the market.
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The market is also likely to benefit substantially from the emerging popularity of cloud-based solutions. The marked potential of these solutions to share data and results world over accounts for their attractiveness. The need for converging medical and healthcare data from across an assortment of healthcare platforms at a centralized node is a notable factor boosting the demand for cloud-based solutions.
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