The Global e-Clinical Trial Technologies Market is Projected to Reach US$9 Billion by the Year 2024

Increasing Investments in Clinical Research & Cloud-Based Solutions Drive the Global e-Clinical Trial Technologies Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global e-Clinical Trial Technologies. The global e-Clinical Trial Technologies market is projected to reach US$9 billion by the year 2024, driven by increasing R&D expenditure in the pharma sector, growing deployment of new software solutions, increasing outsourcing of clinical trials to contract research organizations, and growing private and public funding in the area of clinical research.

The global e-Clinical Trial technologies market is expected to grow, driven by increasing R&D expenditure of pharma and biotech companies worldwide, growing deployment of new software solutions by end-users for clinical research, and growing government funding in support of clinical trials. Increasing outsourcing of clinical trials to contract research organizations represents another key driver. The market is also propelled by increasing private and public funding in the area of clinical research. Information technology is being adopted at a greater pace than ever by the clinical trial industry. New and advanced software systems and applications are being implemented at higher rates. EDC, CTMS, ePRO, and eTMF are being adopted at a faster rate by CROs and sponsors, steered by proven benefits that surpass the expenses involved. Regulatory acceptance of clinical data by organizations such as CDISC (Clinical Data Interchange Standards Consortium) is allowing for improved integration of data standards.

Pharmaceutical companies are therefore investing considerable funds in establishing infrastructure for e-Clinical Trials, electronic patient diaries, and electronic submissions, in order to switch their paper-based processes to electronic ones. Use of such systems and applications would continue to enhance quality of collected data, speed up the availability of new products and drugs to patients, as well as make clinical trials more affordable. Electronic Data Capture (EDC), Clinical Trial Management systems (CTMS) generate the lion’s share of the sales revenues. The adoption of EDC or Electronic Data Capture has increased during the past 10 years to improve regulatory compliance and data quality, while reducing costs. Randomization and Trial Supply Management (RTSM) also represent a significant market segment. Researchers are integrating healthcare information systems with EDC and Clinical trial management systems (CTMS) in order to boost precision and speed of workflow and therefore improve the effectiveness and productivity of the clinical study.

In terms of mode of delivery, web-based solutions constitute the largest sub-segment of the global e-clinical trial technologies market. Web-based delivery mode is the easiest for users and is also cost efficient. This mode enables quicker data retrieval. However, the market for Cloud-based e-clinical solutions is poised to reflect an overall fastest compounded annual growth rate. Cloud solutions are gaining increased demand due to the data management challenges faced because of the huge amount of data gathered from different sources. The cloud-based mode of delivery enables quicker deployment, ease-of-integration, scalability, and flexibility. The solutions offer cost-effective and efficient means for managing clinical data. The utilization of cloud infrastructure improves quality, streamlines data processing, while enabling unified and simple experience.

As stated by the new market research report on e-Clinical Trial Technologies, the United States represents the largest market worldwide, backed by the huge number of clinical trials, growing financial support from government, and growth in demand for technologically advanced products. The global e-clinical trials market is shifting away from developed countries to developing economies, largely due to the increase in number of contract research organizations (CRO) and life-science research companies, and lesser rigorous regulations in emerging nations than developed countries. Asia-Pacific ranks as the fastest growing region for e-clinical trial technologies, backed by the rapid growth of the pharmaceutical sector in the region.

Key players in the market include Oracle Corporation, Medidata Solutions, Parexel Corp., CRF Health, BioClinica, Datatrak International, Bio-Optronics, MaxisIT, ERT, OmniComm Systems, and e-Clinical solutions Inc., among others.

The research report titled “e-Clinical Trial Technologies: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for major geographic markets, such as US, Canada, Europe, Asia-Pacific (Including Japan), and Rest of World Markets. Key application areas analyzed only for the global e-clinical trial technologies market include - EDC, CTMS, ePROs, and RTSM. The global EDC market is further analyzed by the following clinical trial phases: Phase I, II, III, and IV. Meanwhile, the CTMS market is analyzed by the following delivery mode: Web-based CTMS, Cloud-based CTMS, and On-Premise CTMS.

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