Overview of the Variety of E-Clinical Solution Software Systems in the Market
Unlike other industries, the healthcare industry on a given day generates overwhelming volume of sensitive and private information about millions of people. The sheer volume of data generated from hospitals, medical networks, insurance companies, and all the sources or parties connected to the healthcare sector needs proper management. With just medical records and paperwork making for a mammoth data volume, the additional data coming from sources such as remote monitoring devices, clinical trials, and online medical research makes the problem healthcare data management seem obvious.
The pharmaceutical industry generates and maintains massive amounts of data related to patients and their health issues. This data is primarily generated from healthcare clinics, hospitals, insurance companies, and other medical networks. Pharmaceutical companies also have to manage large volumes of data coming in from clinical trials, remote monitoring devices, and online medical records. Managing such huge amounts of data through data management software has become a necessity. For the companies operating in the pharmaceutical industry, using different e-clinical solution software is a better way to manage clinical trials and relevant data.
A clinical trial management system (CTMS) is primarily used by pharmaceutical companies to manage trials in clinical research. CTMS manages planning and reporting functions coupled with tracking milestones. An e-clinical solution refers to the automation of clinical trials and is a combination of IVR and EDC systems. At present, the healthcare industry uses various applications and software designed for recording and managing clinical data that is generated from pharmaceutical, biotechnology, and medical device companies. As a result of the advancements in computer systems and internet networks, the global clinical trial industry has now become highly sophisticated. The increasing amount of data being collected from research activities has led to the rising adoption of e-clinical solution software.
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The global e-clinical solution software market is segmented on the basis of end user, mode of delivery, geography, and product. By mode of delivery, the global e-clinical solution software market is classified into cloud-based, web-based, and licensed enterprise. Currently, the web-based e-clinical solution software segment dominates the global market. The web based e-clinical solution software segment stood at US$2.18 bn in 2014 and is predicted to reach US$4.84 bn by 2020, progressing at a 14.20% CAGR from 2014 to 2020.
Based on geography, the global e-clinical solution software market is divided into Europe, Asia Pacific, North America, and Rest of the World. In 2014, the North America e-clinical solution software market stood at US$1.77 bn and is expected to reach US$3.62 bn by 2020, progressing at a 12.60% CAGR from 2014 to 2020.
Considering the growing number of leading players expanding their business in India and China, the Asia Pacific e-clinical solution software market is expected to witness tremendous growth in the years to come. By product, the global e-clinical solution software market is classified into clinical trial management, clinical data management, safety solution, randomization, trial supply management, and electronic clinical outcome assessment solutions. Healthcare providers, pharmaceutical companies, and research companies are the major end users of e-clinical solution software.
Some of the leading companies operating in the global e-clinical solution software market are PAREXEL International Corporation, BioClinica, OmniComm Systems, Oracle Corporation, and Medidata Solutions.