The global eClinical solutions market has been forecast to increase at a compound annual growth rate (CAGR) of 13.4% over the next five years, to reach a market value of $4.8 billion by 2017.
eClinical solutions can be defined as a combination of technology, products, and services that work together as solutions to automate the management or conduct of clinical trials with the aim of replacing manual, ad hoc or paper-driven methods.
eClinical solutions are employed to manage the entire process of a clinical trial as well as the large amounts of data involved at various stages and from various sites.
They help in efficient and accurate planning, preparation, performance, and reporting of clinical trials, including participant information, trial and filing deadlines and other important milestones.
One of the key challenges for the pharmaceutical industry currently, is operational efficiency in clinical drug development.
With the declining productivity of pharmaceutical companies due to drying product pipelines, rising R&D costs, complex pre-approval trials, and large post-approval studies driven by increasing regulatory demands, efficient and effective management of clinical trials is becoming mandatory. These factors are directly contributing to the increase in demand within the eClinical solutions market.
The US represents the largest regional market within the global eClinical solutions market, and continues to show a remarkable growth opportunity. The second largest market is Europe, while growth in Asia is expected to take greater leaps in the near future.
For more information on the global eClinical solutions market, see the latest research: Global eClinical Solutions Market Report
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