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Global E-Clinical Solution Software Market: Rise in Clinical Research Organizations in Asia to Drive Market at 13.8% CAGR 2014-2020

Blog Description

E-clinical solution software products are being extensively used by pharmaceutical, biotechnology, medical device, and clinical research organizations to manage and analyze clinical data. These software products are helpful in managing clinical trials owing to their higher effectiveness over the traditional paper-based process. The global e-clinical solution software market is estimated to expand robustly at a CAGR of 13.8% during the period between 2014 and 2020. The overall market was valued at more than US$3 bn in 2014 and is projected to be worth US$6.5 bn by 2020.

Browse Full Global E-Clinical Solution Software Market Report with http://www.mrrse.com/e-clinical-solution-software-market

Long Approval Time for Clinical Trials to Hinder Growth of Global E-Clinical Solution Software Market

The increasing number of clinical trials has boosted the growth of the global e-clinical solution market. ClinicalTrials.gov, a service of the U.S. National Institutes of Health, lists 212,454 clinical studies presently conducted across 193 nations. The website offers a database of privately and publicly supported clinical studies of human participants conducted worldwide. The increased spending on clinical research and development in the pharmaceutical industry, coupled with the rising need for improved data standardization in less time during clinical trials, has further fuelled the demand for e-clinical solution software.

However, the high cost of implementation and long approval time for clinical trials will hinder the growth of the global e-clinical solution software market. The lack of high-speed broadband facilities and IT professionals in remote areas will also restrain the market. The rising number of collaborations and partnerships among the key players is expected to pave the way for the growth of the market in future.  

Asia to Emerge as the Fastest Growing E-Clinical Solution Software Market

The global e-clinical solution software market has been segmented into four key regions: Europe, North America, Asia, and Rest of the World. North America is the leading region in the market, with the U.S. driving the demand for e-clinical solution software products. In 2014, the North America e-clinical solution software was worth US$1.8 bn and is anticipated to stand at a valuation of US$3.6 bn by 2020, expanding at a CAGR of 12.6% during the period between 2014 and 2020.

Browse the full Press Release of Global E-Clinical Solution Software Market at http://www.mrrse.com/global-e-clinical-solution-software-market

Asia is expected to be the fastest growing region in the global e-clinical solution software market in the near future. Owing to the rise in research and development costs, pharmaceutical companies have shifted their focus to Asia, where outsourcing key activities such as bio-statistical analysis, clinical operations, and laboratory services to clinical research organizations (CROs) has propelled the demand for e-clinical solution software. The emergence of CROs across major countries in Asia has thus boosted the regional e-clinical solution software market. However, there are certain challenges impeding the growth of the market in the region:

  • Low awareness of enrolment opportunities into clinical trials.
  • Only metropolitan areas in the region have sites for conducting clinical research.
  • A large pool of the geriatric population, which is ineligible to participate across trial protocols.
  • The presence of different regulatory frameworks in each country in the region.
  • Stringent regulations regarding new drug registration.

In spite of these challenges, the Asia Pacific e-clinical solution software market is expected to grow significantly in the near future, with China, South Korea, Taiwan, Singapore, India, Malaysia, and Australia emerging as the key clinical trial destinations.