Electronic Clinical Outcome Assessment (eCOA) Solution Market to Reach USD 3.48 Billion By 2028
Increasing focus on digitalizing the process of medical clinical trial outcomes coupled with advancements in eCOA applications are key factors driving market growth.
The global Electronic Clinical Outcome Assessment Solution market size was USD 0.95 Billion in 2020 and is expected to reach USD 2.52 Billion in 2028, at a CAGR of 17.6%, according to the latest analysis by Reports and Data. Market revenue growth is majorly driven by growing adoption of cloud computing coupled with increasing outsourcing of clinical trials to CROs.
The Electronic Outcome Assessment (eCOA) software and solutions enable clinical trials to proceed with time savings, which in turn aid outsourced companies to handle clinical trials, while accelerating their accommodation with new projects in hand.
Introduction of strict regulatory norms for the pharmaceutical and biotech industry have prompted the drug manufacturing companies to digitalize their clinical trial outcome process. As a result, demand for electronic outcome assessment software and solutions has drastically increased over the recent past. Rapid proliferation of cloud computing in the pharmaceutical industry coupled with increasing spending on clinical data management systems is expected to boost eCOA solutions market revenue over the forecast period.
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Some Key Highlights from the Report:
- Based on application, the Contract Research Organizations (CROs) segment accounted for largest revenue share of the global eCOA solutions market in 2020 and is expected to register significant growth through 2028 on account of growing demand from major pharmaceutical companies. Rapidly growing clinical research industry is positively impacting electronic outcome assessment solutions industry.
- Based on application, the hospitals segments is expected to account for major revenue share over the forecast period owing to large number of people visiting the hospitals and associated requirement for eCOA solutions to store massive amount of data for future access.
- In the regional landscape, Asia Pacific market is expected to register robust revenue CAGR of 21.3% over the forecast period attributable to significant rise in the number of clinical trials conducted in APAC countries such as India and China. Factors such as increasing government funding to support clinical trials, presence of a large patient base, growing number of pharmaceutical companies & CROs, coupled with less stringent regulatory guidelines compared to developed countries are offering major growth opportunities to the eCOA solutions market players. Moreover, the presence of assisting manpower in trials and skilled investigators, the latter being well-trained in good clinical practice in the countries across Asia Pacific will further boost demand for eCOA solutions.
- Key players operating in the global electronic outcome assessment solutions market include eClinical solutions, OmniComm Systems, CRF Health, Paraxel International Corporation, Oracle Corporation, Medidata Solution, Inc., Kayentis, Merge Healthcare Incorporated and ERT Clinical among others. CRF Health is a key player in the eCOA solution market. The company offers a range of solutions involved in developing and collecting eCOA data including TrialStudio, TrialMax and TrialManager.
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For the purpose of this report, Reports and Data has segmented global electronic clinical outcome assessment (eCOA) solution market on the basis of product, application and region:
Product Outlook (Revenue, USD Billion, 2018-2028)
- Web-based Solution
- Licensed Industries
Application Outlook (Revenue, USD Billion, 2018-2028)
- Contract Research Organizations
- Academic institutes
- Pharma and biotech companies
- Medical Device Manufacturer
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Regional Outlook (Revenue, USD Billion, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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