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London, United Kingdom, 2008/05/15 - Considerable opportunities exist for e-clinical trial solutions. However, pharmaceutical companies should be convinced about the need for these solutions and the benefits of investing in them, as the entire industry is in a cost-cutting phase.
E-clinical technology vendors, with highly scalable and cost-effective services and solutions, are well positioned to capture the market.
New analysis from Frost & Sullivan (healthcareIT.frost.com), European E-Clinical Trials Markets, finds that these markets generated revenues of $104.1 million in 2007 and estimates this to reach $394.0 million in 2014.
The pharmaceutical industry is currently at a cross roads, with tremendous change occurring in all areas. E-clinical technologies are increasingly emerging as a key solution for life sciences companies involved in drug development to increase the efficiency, reduce the time and lower the overall cost of introducing drugs to the market.
“Tremendous scope and opportunity exists for e-clinical technology vendors to provide trial solutions and services that allow the life sciences industry in being more cost effective and productive,” notes Frost & Sullivan Research Analyst E. Sujith. “E-clinical trial solution vendors that can provide a one-shop stop for various types of clinical trial activities are poised to make particularly strong gains.”
The positive attitude of the pharmaceutical industry towards e-clinical trial solutions bodes well for the market. Pharmaceutical and biotechnology companies as well as contract research organisations (CROs) are looking for a broad mix of services and solutions, opening up multi-million dollar opportunities for e-clinical technology vendors. As competition intensifies in these areas, the uptake of e-clinical trials will gain momentum.
The pharmaceutical industry is gradually realising the need to achieve greater synergy in clinical trials through e-clinical technologies. There has been an increase in IT budgets year on year, with an increasing number of clinical trials being automated.
“E-clinical trial solutions offer a promising route to systematically overhaul the functioning of pharmaceutical companies and CROs,” adds Sujith. “However, the level of integration and investment required to realise this goal is high and remains a difficult proposition. Moreover, there is also a need to convince customers about the ROI of e-clinical technologies, which presents a major challenge in the climate of industry-wide cost cutting.”
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the European e-clinical trials markets, then send an email to Patrick Cairns, Corporate Communications, at pcairns_pr[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
European E-Clinical Trials Markets is part of the Healthcare & Life Sciences IT Growth Partnership Services Programme, which also includes research in the following markets: European Bioinformatics Market and Laboratory Information Systems Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting and Growth Team Membership empower clients to create a growth focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.
European E-Clinical Trials Markets M18A