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Global Market Study on E-Clinical Solution Software: Blooming Clinical Trial
Industry in China and India boosting the Overall Market Growth in Asia
According to a new market report published by Persistence Market Research “Global
Market Study on E-Clinical Solution Software: Asia to Witness Highest Growth by
2020”, the global e-clinical solution software market was valued at US$ 3,005 Mn in
2014 and is expected to expand at a CAGR of 13.8% from 2014 to 2020, to reach
US$ 6,515.3 Mn by 2020.
The global e-clinical solution software market is witnessing significant growth due to
increasing clinical trials and R&D investments in pharmaceuticals and life science
sectors. Increasing prevalence of diseases across the world is leading to rise in
number of clinical trials. Various lifestyle-associated diseases and genetic disorders in
the Middle East and North Africa have also led to increase in clinical trials in the
respective regions. In addition, the pharmaceutical industry is facing immense
pressure to reduce the time consumed to conduct clinical trials and increase effect of
drugs. Presence of various end users such as pharmaceuticals, clinical research
organizations (CROs), and healthcare providers has increased the demand for eclinical solution software. The global e-clinical solution software market was valued
at US$ 3,005 Mn in 2014 and is expected to expand at a CAGR of 13.8% from 2014
to 2020 to reach US$ 6,515.3 Mn by 2020.
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In North America, the average cost of research and development for a successful
pharmaceutical drug continues to increase from pre-clinical stage i.e. initial
development stage of drug till FDA approval i.e. launch of the drug in the market.
According to Oracle Corporation – an e-clinical software company – the share of
global clinical trials conducted in North America has reduced from 30% in 2006 to
19% in 2010. This was due to complex regulatory and legal frameworks in North
America, which led to shifting of the clinical trials market to developing countries
such as India and China. This may lead to sluggish growth of clinical trials in the
region.
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Countries in Central and Eastern Europe provide abundant opportunities to life
science companies for clinical development. According to Oracle Corporation – the
percentage of clinical trials conducted in Western Europe has decreased from 25% to
19% and in Eastern Europe; the percentage has increased from 10% to 13% during
2006-2010.
However, Asia has become one of the fastest-growing markets for pharmaceutical
products. Improved industry regulatory laws and patent expiration laws in various
countries such as Japan, China, and India, have led to the expansion of the clinical
trials market in Asia. Cost of conducting clinical trials in Asia is lower compared to
that in Europe and the U.S.
Oracle Corporation, Medidata Solutions, PAREXEL International Corporation,
BioClinica, and OmniComm Systems are some of the major players of e-clinical
solution software market.
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