NewYorkCity,NY,May06,2017/24 Market Reports: eClinical solutions are software/platforms that transform the paper-driven model of clinical research to an electronic format. They help researchers to streamline the process of data collection, transmission, and monitoring of clinical trials and offer advanced tools for the planning and management of the clinical trial process, making it faster with less risk and fewer resources. These software optimize the product development and commercialization process for pharmaceutical, biopharmaceutical, and medical device companies; clinical research organizations; and associated service providers.
As regulatory compliance pressures are rising, pharmaceutical and biopharmaceutical companies are actively seeking ways to decrease the cost and manage the risk of clinical trials, which in turn is increasing the demand for eClinical solutions. In addition, rising number of clinical trials by drug development companies due to a number of factors such as patent expiration of several blockbuster drugs and growing demand for improved therapeutics, increasing government funding to support clinical research, and need for improved data standardization are fueling the growth of this market, globally.
The global eClinical solutions market is segmented into four major regions, namely, North America, Europe,Asia-Pacific, and the Rest of the World (RoW). As of 2015, North America is expected to command the major share of XX% of the global eClinical solutions market. The large share of this regional segment can be attributed to increasing government funding to support clinical trials, large number of ongoing clinical trials, continuous product development and enhancement, and high prevalence of lifestyle diseases.
Europe is expected to account for the second-largest share of the market in 2015, mainly due to the large number of ongoing clinical trials, rising demand for biosimilar production, and increasing pharmaceutical R&D investments.The Asia-Pacific (APAC) region is expected to grow at the highest CAGR of XX% during the forecast period.The high growth in this regional segment can majorly be attributed to the increasing outsourcing of clinical trial studies, less-stringent regulatory guidelines as compared to developed nations, and the presence of a large patient base, among other factors.