E-clinical solution software comprises programs intended to make the process of data management in the global healthcare sector easier than can be done with conventional methods. The healthcare industry generates a massive volume of patient data every day, which requires careful storage in a way that also allows easy access for future use. The confidentiality of patient data also makes the storage system used for healthcare data crucial. This has driven the demand for digital data storage systems in the last few years and several major players have adopted various types of web-based e-clinical solution software to boost their productivity.
According to Transparency Market Research, the global market for e-clinical solution software was valued at US$3 bn in 2014. Exhibiting a robust growth rate of 13.80% from 2014 to 2020, the market is expected to rise to a valuation of US$6.8 bn.
How is cognitive learning impacting the global e-clinical solution software market?
One of the major points discussed at last month’s Digital Health Summer Summit in San Francisco was the potential applications of cognitive learning programs in the healthcare industry. While smart data logging and tracking software is becoming common in healthcare applications, the advent of cognitive learning in the field represents a crucial milestone for the industry.
Cognitive learning programs have the ability to not only organize and secure data, but also to come up with insights based on the data and to modify the conclusions when more data is added. This presents a major advancement for the healthcare industry owing to the increased accuracy and reliability cognitive learning solutions provide.
Which is the most popular delivery mode for e-clinical solution software?
By delivery mode, the demand for web-based e-clinical solution software dominates the global market. However, cloud-based delivery of e-clinical solution software is expected to become increasingly popular in the coming years. While web-based data storage revolutionized the healthcare industry by demonstrating the benefits of digitization, cloud-based data storage represents the logical next step of outsourcing data storage services. Cloud-based delivery of e-clinical solution software allows the end users to focus their resources on improving their core operations, which has driven the demand for cloud services.
Of the major end users of e-clinical solution software, the pharmaceutical industry took up the leading share in the global market in 2014. The consistent need for precise data in the pharmaceutical industry has made the sector a prominent end user of e-clinical solution software, with the increasing number of clinical trials expected to provide a major boost to the demand for e-clinical solution software in the coming years. However, clinical research organizations (CROs) are another major end user segment of the global e-clinical solution software market and are likely to exhibit the fastest growth in demand in the 2014-2020 forecast period.
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What does the increasing number of clinical trials in Asia Pacific signify for the e-clinical solution software market?
Currently, North America is the global leader in the e-clinical solution software market and holds a share of close to 60% due to the strong presence of the pharmaceutical industry in the region. Nevertheless, the increasing population in Asia Pacific is expected to result in an increase in the demand for e-clinical solution software, with North America’s share expected to drop to about 55% by 2020. Several pharmaceutical and life sciences companies are setting a firm foothold in rampant Asia Pacific economies, where the demand for pharmaceutical products is likely to grow significantly in the coming years.