January 12, 2021
According to the business intelligence report titled ‘Global Electronic Trial Master Files Market Analysis, 2020’ available with Market Study Report LLC, global electronic trial master files market is slated to expand with a noteworthy compound annual growth rate of 12% during 2020-2025.
Increasing frequency of clinical trials coupled with rising adoption of the systems for accessing documents from remote locations as well as safe and secure data transfer are augmenting the growth of global electronic trial master files market share.
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Additionally, special attributes such as enhanced work efficiency, affordability, time efficiency, and improved data quality, technological advancements in the business sphere, and strategic alliances such as mergers and acquisitions by industry partakers are further stimulating the overall market outlook.
Industry analysts claim that increasing investments towards research & development activities along with escalating product demand from pharmaceutical and biotechnology companies are positively swaying the global electronic trial master files market dynamics. On the contrary, lack of skilled professionals and issues pertaining to data privacy are expected to hinder the industry expansion over the stipulated timeframe.
Based on component, the overall industry is split into software and services. With regards to mode of delivery, the cloud-based segment accounted for a majority of the market share in 2019 and is anticipated to expand substantially through 2025. High flexibility as well as affordability are propelling the growth of the segment.
The end-user landscape of global electronic trial master files industry is bifurcated into contract research firms and pharmaceutical & biotechnology companies.
As per the regional analysis of the business intelligence report, North America dominated the business domain in the year 2019, in terms of market share, and is estimated to record unprecedented growth over the forecast period.
On the other hand, Asia-Pacific is predicted to emerge as a lucrative growth county for global electronic trial master files market through 2025, owing to growing adoption of cloud-based technologies, introduction of innovative products, flourishing healthcare infrastructure, and rising establishment of pharmaceutical companies in India and China.
Key participants that inflame the worldwide electronic trial master files market trends are Wingspan Technology Inc., Aurea Software, Inc., BIOVIA Corp., Mayo Clinic, Laboratory Corporation, SureClinical, TransPerfect Translations, MasterControl Inc., Veeva Systems Inc., and Oracle Corporation.