Clinical IT Solutions Market to reach $7.36 billion by 2022, says Beroe Inc
Source: PR Newswire
Raleigh, North Carolina -- The global market for eClinical solutions is expected to grow at a constant CAGR of 12 to 13 percent until 2022, according to Beroe Inc., a procurement intelligence firm. The market for eClinical technologies has been driven by increased R&D expenditure in the pharma sector which is influencing growth across different regions.
The U.S. is the largest market for eClinical solutions, owing to the presence of big outsourcing firms in the country. Asia is also an attractive market for the future of eClinical solutions as consumers in this region are early adopters of technology and mobility solutions. https://www.beroeinc.com/category-intelligence/clinical-it-market/
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: https://live.beroeinc.com
The market for eClinical trials is slowly shifting from developed countries to developing economies, bolstered by the increase in the number of CROs, life-science research companies, and the presence of less stringent regulatory guidelines as compared to developed countries. The APAC is the fastest growing market for e-Clinical trials with a CAGR of 13.6 percent and is largely driven by the immense number of clinical studies and the need to expedite clinical trials.
Factors such as rising government support through grants and funding, increasing need for software solutions, rising R&D expenditure by pharmaceutical companies, better data standardization, and the increasing number of clinical trials across emerging countries are now driving growth in Clinical IT.
The rise of globalization and outsourcing has spurred the pharmaceutical industry to look into cloud-based solutions which are accessible, flexible, and reduce cost and time. In addition to this, the collection of data from devices and monitors connected to patients and healthcare providers is further improving system operability and content sharing.
- The need to accelerate clinical trials and maintenance of low costs will cause traditional clinical trial methods to further shift towards a technology-friendly eClinical approach.
- While text messaging was earlier used to send reminders to patients, it is now also used as a part of the recruitment and for the selection of eligible candidates for a particular clinical study.
- Successful implementation of Risk-Based Monitoring (RBM) is anticipated to reduce cost and time if the study team differentiates and classifies the data that they are going to receive upfront while designing their monitoring plans.
- Implementation of big data is expected to bring value in terms of improved precision medicines and new potential drug candidates.
- Most of the suppliers have the ability to rescue data and studies from other players, thus increasing the intensity of the market rivalry.
- The buyer power is relatively low due to the limited presence of prominent suppliers.
The research methodology adopted for the report included:
- Experts with twenty years of domain experience
- Interaction with buyers
- Inputs from supply chain partners
Integration and unification of systems will be a major step toward patient-centric trials. Unification would provide a consolidated database that will later serve as a base for all applications, such as EDC, ePRO, RTSM, etc. Integration will pave the way for optimized clinical development and reduced data redundancy. As big data is trending, integration will save data at a single server and will be utilized at multiple sources.
The report also includes:
- Category Definition - Clinical IT
- Global Market Size
- eClinical Solutions Market Segmentation
- Drivers and Constraints
- Market Trends
- Technology Trend
- Industry Trend
- SWOT Analysis
- Major Players
- Supplier Consolidation
- Key Supplier Capabilities
- Porter’s Five Forces Analysis
Sourcing Best Practices:
- Sourcing Model
- Supplier Collaboration
About Beroe Inc.:
Beroe's unique business model involves providing market intelligence and analytics to the procurement teams of businesses across the globe. Beroe leverages its deep domain expertise in 300 + categories across 14 industries. It boasts of more than 80 of the Fortune 500 companies as its clients.
To learn more about Beroe Inc, please visit https://www.beroeinc.com