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The global clinical IT market is being driven by the growing consumer inclination towards technology-friendly e-clinical approach over traditional clinical trial solutions. The growing consumer preference for mobile-based health applications is also aiding the growth of the market. While the United States dominates the clinical IT market globally, the Asia Pacific is expected to be the major emerging market for the product in the forecast period, driven by the growing number of life-science research companies and increased clinical trials in the region.
The growing investment in the R&D sector is resulting in the development of this technology. In August 2020, Oracle Corporation (NYSE: ORCL) joined hands with HCL Technologies Ltd (NSE: HCLTECH) to help life sciences companies execute and scale the next generation of digital clinical trials. This aim will be achieved using the HCL’s available Faster Intelligent Trials (FIT) Solution and Oracle Health Sciences Mobile Health (mHealth) Connector Cloud Service (Oracle mHealth Cloud), reducing the time and cost of drug development. Further, major players are shifting their customer base from mature markets to emerging markets aided by the rising number of life-science research companies in such regions. In September 2020, DATATRAK International, Inc. (OTCMKTS: DTRK), a leading provider of Software-as-a-Service (SaaS) and cloud-based technologies for the life sciences industry, announced that the company is expanding its presence in the Asia Pacific region as NTT Data extends its relationship with Datatrak by including the larger Datatrak Enterprise Cloud for sales in Japan and the growing Asia Pacific market. Such developments are expected to further aid the growth of the clinical IT market globally over the forecast period.
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The major players in the global clinical IT market are Oracle Corporation, Medidata Solutions, Inc., Parexel International Corporation, Signant Health, Cenduit, LLC, BioClinica, Inc., OpenClinica, LLC and DATATRAK International, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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