E-clinical Solutions Market - SWOT Analysis of Major Industry Segments
eClinical Solutions Market: Introduction
eClinical solutions conglomerate clinical technology and expertise to help improve the clinical development process. They empower the industry by providing the complete access to quality utilization of clinical and operational data. eClinical solutions offer variety of customized quality management services and data solutions which includes data standardization, data intelligence platform, and biostatistics and statistical programming.
eClinical solutions provide single source of information which can help enhance the quality of data by decreasing source data verification and on-site verification. Demand for integrated clinical IT solutions is also rising due to huge volume of data generated during clinical development process.
eClinical solutions are widely used in clinical studies where they use electronic applications which are enabled with web tools to store real time data from clinical trials, which can offer better execution and help global eClinical solutions market to grow in the next few years.
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eClinical Solutions Market: Drivers and Restraints
Technological advancements such as Wi-Fi connectivity, electronic data capture, and increase in demand for tracking and analysis of clinical data are some of the factors which are expected to drive the global eClinical solutions market. Increasing trend of outsourcing clinical trial information to different contract research organizations (CROs) and life science organizations is expected to drive global eClinical solutions market in the next few years.
Additionally, unmet needs to manage well-organized clinical development process, digital transformations in the field of clinical trials, and rise in preferences to adapt for data centric approach are some of the factors which may drive the global eClinical solutions market in the near future. For example, an increase in demand for clinical trials in biotech and pharmaceutical companies has been observed. These provide services to a large customer base at comparatively low operating costs which would further propel the global eClinical solutions market. However, lack of awareness among scientists and researchers and less developed infrastructure in developing countries may restrain the growth of global eClinical solutions market.
North America to Hold Major Share of Global eClinical Solutions Market
- North America, dominated by the U.S., accounts for major share of the market, owing to large number of procedures performed in the region. This can be majorly attributed to rise in outsourcing of clinical trials by large biopharmaceutical and pharmaceutical organizations, and better reimbursement and regulatory guidelines.
- Asia Pacific is likely to be one of the lucrative markets for eClinical solutions in the near future due to swiftly developing medical & technological infrastructure and increase in government initiatives as well as presence of large patient base
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The global market is highly fragmented with key manufacturers implementing various strategies to gain maximum market share.
Leading players operating in the global eClinical solutions market are:
- Oracle Corporation
- Parexel International Corporation
- Medidata Solution, Inc.
- BioClinica
- DataTrak International, Inc.
- CRF Health
- eClinical Solutions, Inc.
- MaxisIT Inc.
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