The Global eclinical Solutions Market size was worth USD 3.3 billion in 2015 which is anticipated to grow at a CAGR of more than 13.5% during the forecast period. The rising R&D initiatives pertaining to development of novel drugs, increasing government grants to substantiate the clinical trials, demand for automated solutions for clinical trials by biopharma and pharma companies and escalation in the number of buyers for these solutions are key contributing factors for the growth.
In addition, shifting of preference of pharma companies toward outsourcing of clinical trial services from contract research organizations (CROs) to reduce operating costs spent on these services are expected to drive this industry, particularly in developing countries. The evolving markets, including China, India, Korea and Taiwan have become favorable destinations for clinical trial outsourcing.
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Despite of that, facets such as the lack of skilled research professionals, less awareness about clinical data information software for research and higher implementation cost are anticipated to restrain the market growth in developing regions.
CTMS dominated the product segment in 2015 owing to high adoption rate in the trials due to associated benefits. These benefits include centralized end-to-end management of clinical trial activity, elimination of reliance on manual processes, real-time status tracking, streamlining of all clinical operations and maintenance of multiple databases, which cumulatively improves the overall efficiency of the trials.
The electronic data capture and CDMS segments held the largest share in the year 2015. The electronic clinical outcome assessment (eCOA) segment is anticipated to grow at a highest CAGR over the forecast period.
As of 2015, the industry is expected to be driven by the CDMS and EDC and segments, while the eCOA segment is expected to witness the most noteworthy development rate over the forecast period.
Delivery Mode Insights
The market is segmented on the basis of delivery mode into web-hosted, licensed enterprise and cloud-based solutions. The web-based segment held largest revenue share. A number of factors such as faster retrieval of data, reductions in cost and easy user access are resulting in the dominant revenue share.
The cloud-based segment is anticipated to account for the highest CAGR over the forecast period. The quicker deployment, easy scalability with a fixed monthly fee and ease of integration provided by these services are expected to boost the demand over the forecast period.
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Clinical Trial Phase Insights
Based on the clinical trial phase, the industry is divided into four segments phase I, II, II, and IV. The phase III trials segment registered for the largest share in the year 2016.
On the other hand, Phase I is expected to grow at a lucrative rate during the forecast period as a consequence of high significance of these systems to predict the future outcomes and eliminate the drug candidate possessing low probability of success in the l trials.
On the basis of end users, the market is segmented into consulting service companies, hospitals, medical device manufacturers, CROs, and pharma & biopharma companies.
Others segment held the substantial share of the overall end-use segment owing to rising incorporation of these systems by pharmaceutical manufacturers and medical device manufacturers. Whereas, CROs are expected to be growing at a lucrative rate as a consequence of increasing inclination of pharmaceutical companies to reduce the overall expenditure as well as due to benefits involved is presumed to be responsible for the heightened growth. It primarily includes cost advantages, increased efficiency of services, enhanced productivity, and higher focus on the core areas of development, critical to a company’s growth.
As of 2015, North America held the largest revenue share. Major factors contributing towards the growth and development of the North American market are escalating number of trials carried out in the region coupled with high R&D investments.
Other factors responsible for driving the market are rising prevalence of lifestyle diseases, launch of new products, extensive R&D and increasing government approval for trials. As far as growth rate is concerned, Asia Pacific is expected to demonstrate a fast growth. The rising participation of evolving economies in the trials is anticipated to drive the market growth.
Competitive Market Share Insights
The key companies of this industry are BioClinica, CRF Health, Datatrak International, Inc., eClinical Solutions, ERT, Medidata Solution, Inc., Merge Health Inc., OmniComm Systems, Inc., Oracle Corporation and Parexel International Corporation.
To accomplish profit margins, the key players are effectively involved in growth strategies. Collaborations, partnerships, and new launches of products are some of the major strategies executed by the market players.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/healthcare-it
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