eClinical Solutions Market Worth $5 Billion by 2018

Jul 15, 2015, 09:30 ET from MarketsandMarkets

DALLAS, July 15, 2015 /PRNewswire/ --

According to a new market research report "eClinical Solutions Market (CDMS/EDC, CTMS, Ecoa , Randomization & Trial Supply Management, Safety), Services, Buyers (Pharma/Biopharma, CROS, Healthcare Providers), Delivery Modes (Web Hosted, On-Premise, Cloud-Based) - Global Forecast to 2018", published by MarketsandMarkets, this report studies the global eClinical Solutions Market over the forecast period of 2013 to 2018. The market is expected to reach $5 Billion by 2018, at a CAGR of 13.5% from 2013 to 2018.

Browse 56 market data Tables and 48 Figures spread through 244 Pages and in-depth TOC on "eClinical Solutions Market"

Early buyers will receive 10% customization on this report. 

Globally, there is an increase in the number of clinical trials; this, coupled with the increasing regulatory pressure for reducing the cost and time consumed during clinical studies is a major factor stimulating the demand for eClinical products and services. The eClinical solutions market is growing at a significant rate in each geographic region; however, Asia-Pacific countries such as China, South Korea, Japan, and India are expected to witness an intensified growth in next five years. The eClinical solutions market in these emerging regions is primarily driven by various economic developments. Moreover, the presence of a large patient population, availability of cost-effective clinical research organizations (CROs), and increasing government initiatives to support clinical research are some of the other key factors fuelling the growth of the eClinical solutions market in these regions. In addition, there is a growth in the number of collaborative contracts for clinical trials, which is attracting many entrepreneurs to set up their CROs in these regions. Moreover, GlaxoSmithKline, Pfizer, Novo Nordisk, Novartis, Aventis, Astra Zenica, Eli Lilly, and Dr Reddy's are some of the top pharmaceutical companies conducting clinical trials in emerging Asia-Pacific countries.

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PHT Corporation ranked first in the global eCOA (electronic clinical outcome assessment) solutions market with a market share of ~14% in 2012, followed by CRF Health (U.S.), and eResearch Technology, Inc. (U.S.). PHT Corporation provides eCOA solutions under three categories, namely, electronic patient reported outcome (ePRO), patient reported outcome measures (PROMs), and clinician reported outcome (ClinRO) systems. The company mainly concentrates on new product launches and product development as its key business strategies, to sustain its leadership position in the eCOA market.

Partnerships, agreements, collaborations, joint ventures, new product launches, and product development are the key growth strategies adopted by leading industry participants. Market players adopted these strategies to access new eClinical solutions, expand their products and services portfolio, enter into growing markets, and/or increase their market share. In addition to top market players, companies such as DATATRAK International, Inc. (U.S.), Biomedical Systems (U.S.), AG Mednet, Inc. (U.S.), eResearch Technology (U.S.), and DSG, Inc. (U.S.) are primarily focused on new product launches and acquisitions, to widen their product offerings and expand their growth in the global eClinical solutions market.

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