Rising Volumes of Outsourced Projects to Make Asia Pacific Promising for Global E-clinical Solution Software market
The global market for e-clinical solution software market is gaining significant traction of late owing to the vast rise in clinical trials and the rapid pace of rise in R&D activities across the life sciences and pharmaceuticals industries. The rising prevalence of a number of lifestyle associated and genetic disorders and the rising healthcare expenditure in developing countries are the key factors ramping up the number of clinical trials undertaken globally.
To excel in the exceedingly competitive pharmaceuticals and life sciences industries, companies in these areas are incorporating ways in overall operations that can reduce the time spent on undertaking trails. The use of e-clinical solution software is gaining increased prominence in the global market due to this trend. Transparency Market Research states that the global e-clinical solution software market will exhibit a remarkable 13.08% CAGR over the period between 2014 and 2020, rising to a valuation of US$6.8 bn by 2020.
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In this blog post, Transparency Market Research analysts highlight some crucial aspects about the global e-clinical solution software market:
Q. What factors will play the most significant role in the development of the market in the near future?
A. The need to effectively manage and analyze the highly complex and critical data associated with every minute step of a clinical trial is the foremost factor compelling pharma and life sciences companies into adopting a e-clinical solution software. The fact that e-clinical solution software also help simplify processes such as collection, integration, localization, and reporting of clinical trial data from geographically dispersed locations make them key component of global clinical trial projects. The need for effective e-clinical solution software is also being highlighted due to the constant rise in the number of clinical trial projects being outsourced to contract research organizations located in economical destinations.
Q. Which of the key regional markets will prove to be the most lucrative for the global e-clinical solution software market?
A. North America is presently the leading market for e-clinical trial solution software, accounting for over half of the global market. The North America e-clinical solution software market had a valuation of US$1.7 bn in 2014 and is expected to retain dominance, exhibiting a 12.6% CAGR over the period between 2014 and 2020. Nevertheless, the market in North America is hampered due to strict regulatory and legal considerations surrounding several aspects of clinical trials, including patient recruitment. As a result, the regional market has lost prominence to the Asia Pacific region.
Factors such as encouraging regulatory platforms and patent expiration laws, lower cost of conducting trials when compared to countries in Europe and North America, and easy patient recruitment have worked in favor of the Asia Pacific e-clinical solution software market. Over the period between 2014 and 2020, the Asia Pacific market is expected to exhibit the most lucrative 19.6% CAGR.
What are the business strategies adopted by key players in the market to sustain competition?
Companies operating in the global c-clinical solution software market are actively involved in strategic collaborations and partnerships to build innovative approaches for offering advanced clinical trials data management tools. It has been observed that most of these activities are focused on accelerating and streamlining the process of clinical trial data collection and management. The degree of competition observed in the market is medium, chiefly owing to the high cost of switching for buyers.