eClinical solution is a combination of clinical technology and expertise which helps expedite the process of clinical development. The global eClinical solution market is projected to grow at a CAGR of approximately 11.10 % over the forecast period of 2018-2022, asserts Market Research Future (MRFR) in an exhaustive research report.
There are many factors that is fueling the growth of the eClinical Solution Market. The different market trends and factors in this market according to an analysis performed by Market Research Future (MRFR) include rising regulatory needs associated to clinical research studies, rising operational costs, increasing acceptance of software solutions while performing clinical trials, rise in research and development expenditure, increase in the number of clinical trials and increasing support for clinical trials from the government through funding and grants. On the contrary factors such as scarcity of skilled research professionals, concern for patient data privacy, high operational costs related to e-clinical solutions and lack of high-speed internet facilities are likely to constraint the growth of the eClinical Solution Market.
Other driving factors include expansion of R&D budget by pharma-biotech companies and rapid adoption of cloud computing technologies. However, the lack of skilled professionals to operate eClinical solutions, lack of research professionals, and the high cost of implementation are likely to dampen the growth of the global eClinical solutions market. Other restraining factors include concerns over data security, budgetary constraints faced by biotech and pharmaceutical companies and lack of awareness among the research community.
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Competitive Analysis
The eClinical Solution Market is price-sensitive, growing and highly competitive owing to rising adoption of mid-sized and smaller sponsors. The firm concentration is likely to boost up in the emerging markets. The companies are immersed dynamically in partnerships and collaborations for building innovative approach to provide advanced tools for managing clinical trials and drug studies. The majority of the collaborations and partnerships are focused on streamlining and accelerating the clinical trial data collection (CTDC) and management process. This ensures standardizing processes and regulatory compliances to offer services to pharmaceutical companies and hospitals and augmenting business intelligence. Hence the rising number of partnerships and collaborations is a key trend in the global eClinical Solution Market.
Key Players
Leading players profiled in the eClinical Solution Market include ERT Clinical, Maxisit Inc, Omnicomm Systems Inc, Datatrak International, Merge Healthcare Inc, CRF Health, Bioclinica Inc, Medidata Solutions Inc, eClinical Solutions Inc, Parexel International Corporation and Oracle Corporation.
Nov 2018- Renowned software provider of service solution for clinical trials, Medidata has joined hands with one of the biggest biotech companies in China, Hengrui Pharma to offer innovative therapies and quicken global drug research. This expansion will help in expanding drug therapies to worldwide patients.
In November 2018, Medidata, a leading provider of software as a service solution for clinical trials, announced a partnership with Hengrui Pharma, one of China’s largest biotech companies, to deliver innovative therapies and accelerate global drug research. Hengrui has adopted the Medidata cloud platform clinical trial management system which would support Hengrui to expand its drug therapies to patients around the world.
In September 2018, Veeva Systems, a provider of cloud-based solutions for the global life sciences industry, announced the launch of an advanced cloud-based clinical data management application to streamline and accelerate clinical study execution. The application can single-handedly manage all trial data and also includes Vault CTMS, Vault eTMF, and Vault Study Startup which helps unify all operations.
April 03, 2018 – MedNet Solutions (US), a leading cloud-based eClinical technology company launched its latest eClinical solution – iMedNet, a proven SaaS (Software-as-a-Service) clinical research technology platform that delivers an entire suite of eClinical tools to support clinical trial thoroughly (from start to finish).
February 9, 2018 – Oracle Corporation (US), technology giant launched its new Cloud-Based eClinical Solution – Clinical One Platform. The solution allows unified clinical development operations and information in a single environment with shared functions along with an easy-to-use interface for sites, clinical coordinators, and their counterparts.
Segmentation
Global e-Clinical Solution Market is segmented into 4 Key dynamics for an easy grasp and enhanced understanding.
By Products : CDI (Clinical Data Integration), CDMS (Clinical Data Management System), CTMS (Clinical Trial Management System), RTSM (Randomization & Trial Supply Management), and Safety Solutions among others.
By Delivery Methods : Enterprise, Web Based, and Cloud Based.
By End-Users : Hospital, Clinics, and TPAs, among others.
By Regions : North America, Europe, APAC and Rest of the World.
eClinical Solution Market – Regional Analysis
North America region accounts for the leading market for e-Clinical Solutions, globally, with the largest market share, backed by the presence of well-established players & investments put in by them in the market. These players are capable of delivering a range of customized solutions. Furthermore extensive use of software solutions for healthcare administration and availability of complimenting resources drive the regional market growth.
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The Europe market stands the second largest market for e-Clinical Solutions, globally, owing to the technological advancement and the augmented adoption of clinical management software among the healthcare providers mainly in the UK, Germany, and France coupled with the resurging economy in the region, improving affordability.
The Asia-Pacific market, on the other hand, is projected to register the highest CAGR in the years to come, owing to the growing market in the countries such as India, China, & Japan backed by the augmenting demand for healthcare IT, increasing healthcare expenditures and increasing number of healthcare software solution providers. Furthermore, increasing patient population along with the increasing demand for the automation and patient records management will boost the growth of the regional market during the review period.
Markets of the Gulf nations, mainly Saudi Arabia and UAE are expected to turn the tables in the MEA (the Middle East & Africa) market registering a remarkable growth. e-Clinical Solution market in Africa is expected to witness a sluggish growth due to unfavorable economic and political conditions.
Some Brief Table of Contents of Report
Chapter 1 Introduction
1.1 Definition
1.2 Scope Of Study
1.3 Research Objective
1.4 Assumptions & Limitations
1.5 Market Structure
Chapter 2 Research Methodology
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
Chapter 3 Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
3.5 Macroeconomic Indicators
Chapter 4 Market Factor Analysis
4.1 Porter’s Five Forces Model
4.1.1 Bargaining Power Of Suppliers
TOC Continued…
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