E-clinical trial solutions are a combination of products, services and technologies that work together to automate & manage the clinical trials. This term is basically used to refer to electronic systems, which are used to conduct or automate the management of clinical trials & minimizing human errors. Conducting clinical trials for novel drug necessitates efficient management of huge amount of essential data with real-time analysis.
As per analysis, “Global e-Clinical Trial Solutions Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global e-clinical trial solutions market include Medidata Solutions, BioClinica, Clinpal, PAREXEL, Ecrfplus, Oracle, DATATRAK, Perceptive Informatics, Merge, Clincase, NTT DATA, Nextrials, EClinForce, Omnicomm, Prelude Dynamics, DSG, MedNet Solutions, Pharma & Healthcare, Almac, DigiGenomics, ArisGlobal, EClinical Solutions and among others. Major players are involved in different growth strategies including novel product development, mergers & acquisitions, and collaborations, which are helping them to merge their position in the global market.
Based on type, e-clinical trial solutions market is segmented as Clinical trial management system (CTMS) solutions, Randomization and trial supply management (RTSM) solutions, Clinical data management system (CDMS), Electronic clinical outcomes assessment (eCOA) solutions and others. The eCOA segment holds major share in global market owing to increase in significance of high-quality clinical data. In addition, based on application, market is segmented as medical laboratory, pharmaceutical companies and hospitals. Pharmaceutical companies segment is anticipated to witness higher growth rate as they utilize software solutions during the clinical trials in order to receive few regulatory approvals for newly developed drugs during the forecast period.
Rise in technological advances in the field of e-clinical solutions, followed by globalization of clinical trials, growth in customer base for eclinical solutions, increase in Research & Development (R&D) expenditure by pharma-biotech companies, growth in adoption of novel software solutions in clinical research and numerous benefits for instance reduced cost of trials and enhanced efficiency & accuracy offered by e-clinical solutions are some major factors, which are responsible for growth of the e-clinical trial solutions market. However, lack of recognition and scarcity of skilled research professionals may impact the market. Moreover, rise in shift from manual data interpretation to real-time data analysis during clinical studies and increase in clinical research activities in emerging Asian countries are key opportunities for market. Furthermore, limited adoption of e-clinical solutions in developing nations is a major challenge for market.
Based on geography, the North-America is a leading region in global e-clinical trial solutions market owing to availability of sophisticated infrastructure and prevalence of lifestyle-associated diseases such as diabetes and cardiac disorders across the region. The Asia-Pacific and Europe regions are estimated to exhibit substantial growth rate due to growth in government funding to support clinical research and increase in outsourcing of clinical trials by large pharmaceutical & biopharmaceutical organizations over the forecast period. It is expected that future of the global e-clinical trial solutions market will be bright caused by presence of a large patient base coupled with faster patient recruitment for clinical trials during the forecast period.
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Ankur Gupta, Head Marketing & Communications