Electronic Clinical Outcome Assessment (eCOA) Solutions Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025
Global Electronic Clinical Outcome Assessment (eCOA) Solutions Market: Snapshot
The global electronic clinical outcome assessment solutions market was initially evaluated at US$ 1.22 billion in the base year of the study i.e. 2021. The research report predicts that the global electronic clinical outcome assessment solutions market will record an incredible growth rate of 14.8 % during the forecast period of 2022 to 2030.
Furthermore, it also projects that the global electronic clinical outcome assessment solutions market will expand to hit the final evaluation of US$ 4.12 billion by the end of the forecast period in 2030.
Some of the major factors, driving up the sales in the electronic clinical outcome assessment solutions market include the rising number of clinical trials as well as the increasing requirement for improving the compliance.
Additionally, the increasing requirement for cutting costs, increase in the research and development activities healthcare and medical players, and the rising requirement for efficiently capturing as well as managing clinical information are some of the major driving forces for the growth of the electronic clinical outcome assessment solutions market.
Electronic clinical outcome assessment (eCOA) is an umbrella term encompassing patient-reported outcomes (PROs), observer-reported outcomes (ObsROs), clinician-reported outcomes (ClinROs), and performance-related outcomes. The eCOA solutions can be used to measure the efficacy of a health intervention on patients’ populations. eCOAs take into account person’s mental condition, symptoms of a disease, and the effect of a disease condition on the patient’s function. eCOA solutions facilitate the clinical diagnosis of diseases with complex etiology and help in designing effective therapies; for instance ClinROs and PROs are commonly used in the assessment of schizophrenia. The solutions make the extensive use of an array of electronic devices and digital technologies such as smartphones, tablets, and computers to help clinicians, patients, and their caregivers make the desired reporting. These solutions are instrumental in improving the accuracy of results in clinical trials by making reporting intelligent, reducing the margin of error, and giving the benefit of an extended sample. In addition, the ability offered by eCOA solutions to gather clinical data in real time and the benefit offered to users in making quick changes are compelling concerns bolstering the popularity among various end users.
The need for improving patient safety and safety in clinical trials has gained more significance than ever. eCOA with several of its advantages underpinned by digital healthcare system are increasingly being adopted by hospitals, healthcare centers, and contact research organizations (CROs). Constant advancements in eCOA modalities and applications bode well for the market. Furthermore, the rising adoption of cloud solutions is remarkable expanding the horizon of the electronic clinical outcome assessment market. The advent of innovative data visualization and reporting tools is a noteworthy factor unlocking promising prospects in the market.
Global Electronic Clinical Outcome Assessment (eCOA) Solutions Market: Overview
Electronic clinical outcome assessment (eCOA) solutions quantify a patients overall state of mind, symptoms in a patient, the impact of a particular disease, and how the patient functions in this condition. Electronic clinical outcome assessment can be employed for determining if a drug has been established to deliver treatment benefits. Electronic clinical outcome assessment solutions include patient-reported outcome (PRO), clinician-reported outcome (ClinRO), and observer-reported outcome (ObsRO). There are several end users of electronic clinical outcome assessment such as in hospitals, healthcare centers, and Contact Research Organizations (CROs) among others. The end user segment that held the leading share in 2016 and is expected to exhibit exponential growth over the coming years. This growth can be attributed to the rising pressure on pharmaceutical companies in order to save the total clinical development studies costs.
The global market for electronic clinical outcome assessment solutions is expected to witness significant growth during the forecast period owing to the growing adoption of cloud based platforms across and the emergence of cloud healthcare solutions.
Global Electronic Clinical Outcome Assessment (eCOA) Solutions Market: Drivers and Restraints
The global market for electronic clinical outcome assessment solutions is expected to rise at an exponential rate in the upcoming years owing to factors such as the growing adoption of electronic clinical outcome assessment by medical research experts. For instance, in 2015, the Journal of Clinical Studies projected that recently 7% of all the trials are integrating electronic clinical outcome assessment solutions and is expected to rise by almost 20% by the end of 2018. With the healthcare sector witnessing substantial growth, the need for research studies for developing novel treatments and drugs is also rising. The growing number of research studies has further intensified the demand for centralized data capture equipment and technologies. Thus, the above factors are expected to propel the demand for electronic clinical outcome assessment solutions in the near future.
Furthermore, rising weight on pharmaceutical manufacturers in order to expurgate overall prices for new drug development processes has caused in their rising predisposition from paper-based processes towards electronic data capturing. Data capturing through electronic clinical outcome assessment solution platforms enhances the quality of information which is received, complements the data collection processes, and provides noteworthy value to its subscribers, such as data analysis. Electronic based services for capturing data and assessing it to address the challenges of paper based records is rising with increasing patient compliance. They are also known for eliminating the challenges related to data variance and minimizing the cost of site monitoring.
Global Electronic Clinical Outcome Assessment (eCOA) Solutions Market: Market Potential
Companies operating in the global electronic clinical outcome assessment solutions market are implementing strategies such as geographic enhancement, launch of new product, enhancement of distribution channel, partnership agreements, and acquisitions. For instance, in February 2017, CRF Health proclaimed a partnership with Vodafone for enhancing the service offered to clinical trial service providers and their patients. This particular agreement allows CRF to employ the Machine-to-Machine platform of Vodafone.
Global Electronic Clinical Outcome Assessment (eCOA) Solutions Market: Regional Outlook
Region-wise, North America is expected to lead the market in terms of consumption in the coming years owing to the prevalence of manufacturers of medical device, advanced technology research centers, and hospitals and universities along with enhanced healthcare establishments.
Global Electronic Clinical Outcome Assessment (eCOA) Solutions Market: Vendor Landscape
Some of the top drawer companies present in the market are OmniComm Systems, Inc., ERT Clinical, CRF Health, eClinical Solutions, BioClinica, Merge Healthcare Incorporated, Medidata Solution, Inc., Paraxel International Corporation, and Oracle Corporatio.
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