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.
The global e-clinical solution software market is witnessing
significant growth due to increasing clinical trials and R&D
investments in pharmaceuticals and life science sectors. Increasing
prevalence of diseases across the world is leading to rise in number
of clinical trials. Various lifestyle-associated diseases and genetic
disorders in the Middle East and North Africa have also led to
increase in clinical trials in the respective regions. In addition,
the pharmaceutical industry is facing immense pressure to reduce the
time consumed to conduct clinical trials and increase effect of
drugs. Presence of various end users such as pharmaceuticals,
clinical research organizations (CROs), and healthcare providers has
increased the demand for e-clinical solution software. 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.
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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