The Global Market for E-Clinical Trial Technologies is Projected to Reach US$3.7 Billion by 2020
Mounting Cost and Time Constraints Drives the Market
for E-Clinical Trial Technologies, According to a New Report by Global Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on E-Clinical Trial Technologies. The
global market for E-Clinical Trial
Technologies is projected to reach US$3.7 billion by 2020, driven by the rising number of clinical
studies, and mounting pressure to expedite clinical trial processes and contain
costs.
Demand for
e-Clinical trial technologies is on the rise, spurred by the mounting pressure
on biotech and pharmaceutical companies, medical device manufacturers, and
contract research organizations (CROs) to accelerate the processes for clinical
studies, regulatory approval, and commercialization of drugs. Stringent
regulations mandating standardization of clinical study data and the acceptance
of electronic submissions of clinical data by regulatory authorities are
driving the need for advanced, user-friendly on-site data collection tools and
eClinical systems. The growing trend towards globalization and outsourcing of the drug development process,
coupled with the increasing complexity of Phase IV or post-marketing studies,
are providing opportunities for clinical trial management solutions. Cloud
computing is rapidly growing in popularity as a preferred model for delivery of
e-clinical trial solutions. Cost advantages, flexibility, and functionality are
key benefits driving customer acceptance of cloud solutions. Open source
technologies are emerging into a preferred platform, given their cost
advantages and interoperability benefits over proprietary platforms.
As stated by
the new market research report on
E-Clinical Trial Technologies, North America remains the most prominent market worldwide, supported by the strict
legislative and regulatory atmosphere, and escalating clinical trial
expenditure. Asia-Pacific ranks
as the fastest growing market with a CAGR of 13.6% over the analysis period. Developing economies with large heterogeneous patient pools and high
diseases prevalence are attractive locations for conducting clinical trials. Electronic
Data Capture represents the
largest technology sector, supported by the rapid replacement of the traditional paper based systems.
Despite numerous time-saving and cost advantages, EDC adoption remains
relatively low in Phase I clinical trials due to high purchase and
implementation costs. Phase III clinical trials provide the bulk of sales
revenue of EDC solutions. Tablet-based EDCs are gaining in popularity due to the portability benefits
offered.
Major players covered
in the report include Almac Group, ArisGlobal LLC, BioClinica Inc., Clinipace
Worldwide, Cmed Technology Ltd., DATATRAK International Inc., DSG Inc., DZS
Software Solutions Inc., eClinForce Inc., eClinical Insights Inc., eResearch
Technology Inc., Medidata Solutions Inc., Integrated Clinical Solutions Inc.,
Merge Healthcare Inc., MedNet Solutions,
Nextrials Inc., OmniComm Systems Inc., Oracle Health Sciences, PAREXEL
International Corp., PHT Corp., Prelude Dynamics LLC, SAS Institute Inc.,
Target Health Inc., and Trianz Solutions among others.
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