eClinical Solutions Market Register a Hugh Growth In Healthcare Industry by 2026
eClinical
solution software is a combination of applications,
technology, and services that work together to aid in automated data
management and collection of clinical trials with the aim of
replacing paper-driven and manual methods. eClinical solution
software has gained significant traction as an industry tools to
reduce development costs, manage data requirements, support faster
decisions for potential new products, and increase efficiency
throughout the clinical trial process. The use of eClinical solutions
in clinical trials is required to comply with regulations and
regulatory guidance known as good clinical practices (GCPs) along
with guidance from the FDA, foreign governments, and non-governmental
organizations such as the International Conference on Harmonization
(ICH).
Market Dynamics:
Increasing number of
clinical trials in emerging economies due to lower operational costs
is expected to boost demand for eClinical solutions software. For
instance, data from ClinicalTrials.gov, showed that, in 2017, 36% of
clinical trials were conducted in the U.S. and 47% in non-U.S.
countries. Clinical trial data is significant for the quick
development of new treatments in a cost-effective manner. It is the
most valuable asset for life sciences companies. Companies outsource
the intense administrative parts of research and regulatory and
ethics filings, to international countries for economical expenses
and reducing cost and time. Developing nations can often offer access
to a larger number of patients, with quicker enrollment, and in
general a shorter trial timeline from start to finish. Moreover,
increasing number of clinical trials for various chronic diseases
such as cancer is expected to fuel growth of the eClinical solutions
market.
The global eClinical
solutions market was valued at US$ 3.5 billion in 2017 and is
expected to witness a robust CAGR of 11.2% over the forecast period
(2018 – 2026).
Rapid Research
and Development in eClinical field by biotechnology and
pharmaceutical companies is expected to drive growth of the eClinical
solutions market
Various software
application of clinical solutions are gaining acceptability in
clinical trials, which is supposed to be the key factor driving
growth of the eClinical solutions market. The other factors such as
increasing government funding and rising R&D programs by
biopharma and pharmaceutical companies are expected to produce new
products, which will further boost growth in eClinical solutions
market. Innovations and technological advances in the field of
software solutions will help in fuelling growth in the market over
the forecast period. According to U.S. National Library of Medicine,
in last 20 years, there has been a significant increase in the number
of new clinical trials registered every year.
Extensive research
and development has led the companies to outsource R&D activities
from other cheaper avenues. The independent service providers such as
CROs are committed to provide high quality and timely data, adhering
to the regulatory guidleines and post-approval regulatory
requirements, which in turn facilitates in lowering the overall cost.
For instance, in 2011, Pfizer entered into an agreement with Parexel
and Icon. Under this agreement, Parexel provided Pfizer with a range
of clinical development services for five years.
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Rising private
and public funding to support clinical trials
Pharmaceutical
companies and government funding agencies are increasingly funding
various clinical trials. According to the Journal of the American
Medical Association 2015, the number of clinical trials sponsored by
companies were 6,550 and 1,048 by the NIH. In the U.K., the
government funds health related research through organizations such
as the National Institute for Health Research (NIHR) and the Medical
Research Council (MRC). They also help to coordinate cancer research
nationally through the National Cancer Research Institute (NCRI). NCI
funds around half of all cancer trials in the U.S. According to
Research America, in the U.S., investment in health and medical R&D
grew by 13.3% from 2013 to 2015. However, high implementation cost of
software, lack of skilled professional, data privacy issues, and low
awareness about the software are key factors hampering eClinical
solutions market growth.
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