NEW YORK, Feb. 15, 2018 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05336312
The global clinical trial IT market is expected to grow from $2.63 billion in 2016 to $4.29 billion in 2020 at a compound annual growth rate (CAGR) of more than 13.0%. North America will continue to hold the largest market share (by revenue) in 2017, followed by Europe.
Increasing clinical trial activities in the emerging Asia-Pacific markets and recent favorable regulatory reforms (China to accept overseas trial data; Indian government allowing? academic institutions to take Drug Controller General of India (DCGI) permission) are expected to drive the demand for clinical trial IT solutions from 2017 to 2020.
Clinical trial data management (CTDM) and emerging eClinical solutions comprising electronic data capture (EDC), clinical data management systems (CDMS), clinical trial management systems (CTMS), randomization and trial supply management systems (RTMS), electronic clinical outcome assessment (eCOA), trail planning and safety solutions, clinical data integration platforms, and clinical analytics platform have the largest market shares in the total clinical trial IT solutions, and are estimated to touch $4,051.6 million in 2020.
Digital transformation is leading the clinical trial industry towards a data centric approach. The increasing volume and veracity of data that can be leveraged beyond traditional clinical data sets requires clinical trial IT systems to shift from fragmented application-centric IT systems to unified data-centric solutions.
Furthermore, the rising demand for quality data and novel endpoints demands CTDM solutions to migrate from point solutions that sit in silos to integrated eClinical solutions that provide a single source of truth, optimize costs by eliminating duplicate data entry, and reduce on-site verification and source data verification rate (SDVR).
This involves an evolving vendor ecosystem of modular, cloud-based eClinical solutions with intuitive user interface that is capable of integrating all possible study and eSource data to enhance clinical trial digital workflows and reduce data management cost and time.
The research service analyzes the top four growth opportunities in the global CTDM and emerging eClinical solutions. It also evaluates and discusses market projections, key trends, technology life cycle (adoption rate vs maturity), key implementation benefits, and challenges of top four CTDM and emerging eClinical solutions. Finally, it provides industry best practices, live case studies, cost benefit analysis, and strategic imperatives (call to action) for key clinical trial industry stakeholders such as pharma sponsors, CRO, sites, and technology providers.
Key Issues Addressed
• What are the key trends and growth opportunities that can be derived from the emerging digitally-led clinical trials operating models?
• Which technologies and IT systems (EDC, eSource, eCOA, RTSM) will have the strongest potential to optimize clinical workflows?
• What is the technology lifecycle for select clinical trials IT solutions (current adoption and future growth rates)?
• What are the gaps and inefficiencies in current CTDM workflows and how can these be filled by emerging clinical IT solutions?
• What does the new ecosystem of unified clinical IT systems/ eClinial solution providers look like?
• What are the key challenges while implementing these digital solutions across the clinical development value chain?
Read the full report: https://www.reportlinker.com/p05336312
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