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eClinical solutions opening new Business Development Opportunities for Industry
Globally, there is an increase in the number of clinical trials; this, coupled with the increasing regulatory pressure for reducing the cost and time consumed during clinical studies is a major factor stimulating the demand for eClinical products and services. The eClinical solutions market is growing at a significant rate in each geographic region; however, Asia-Pacific countries such as China, South Korea, Japan, and India are expected to witness an intensified growth in next five years. The eClinical solutions market in these emerging regions is primarily driven by various economic developments. Moreover, the presence of a large patient population, availability of cost-effective clinical research organizations (CROs), and increasing government initiatives to support clinical research are some of the other key factors fuelling the growth of the eClinical solutions market in these regions. In addition, there is a growth in the number of collaborative contracts for clinical trials, which is attracting many entrepreneurs to set up their CROs in these regions. Moreover, GlaxoSmithKline, Pfizer, Novo Nordisk, Novartis, Aventis, Astra Zenica, Eli Lilly, and Dr Reddy’s are some of the top pharmaceutical companies conducting clinical trials in emerging Asia-Pacific countries.
The North American region (comprising the U.S., Canada, and Mexico) is also experiencing significant growth in the eClinical solutions market. A number of factors such as the presence of a large number of pharmaceutical/biopharmaceutical and medical device companies, government grants to support drug development, technological advancements and rapid adoption of the cloud computing technology, and availability of well-equipped infrastructure are the major drivers contributing to the growth of the eClinical solutions market in North American countries. Market players such as BioClinica, Inc. (U.S.), PAREXEL International Corp. (U.S.), and Medidata Solutions, Inc. (U.S.) are increasing their investment in North American countries (primarily in the U.S.), in order to meet the projected demand. For instance, in May 2013, Medidata Solutions announced to invest $20 million for consolidation and expansion of its operations in New York, U.S.
eCOA (electronic clinical reported outcome) solution is a promising market which is expected to present high growth opportunities for market players. Increasing adoption of ePRO solutions and technological advancements are fuelling the growth of the eCOA solutions market. In addition, the proven advantages of ePRO solutions such as increasing the efficiency of clinical trial management and delivering superior data quality over paper-based clinical trials are the factors that are further stimulating the demand for eCOA solutions for data collection. Furthermore, cloud-based eClinical solutions are also opening new business development opportunities for industry players. Several eClinical solution vendors are investing in these high growth markets, in order to gain more profits and increase their share in the global eClinical solutions market.
eClinical Solutions Market (CDMS/EDC, CTMS, Ecoa , Randomization & Trial Supply Management, Safety), Services, Buyers (Pharma/Biopharma, CROS, Healthcare Providers), Delivery Modes (Web Hosted, On-Premise, Cloud-Based) - Global Forecast to 2018
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