Rise of Digitization in Pharmaceutical Sector Aiding eCOA, eSource and Clinical Trails Market Growth: Fact.MR
Leading pharmaceutical companies are investing extensively in research & development activities to improve clinical trial effeciency
Fact.MR, New York: Award winning market research company Fact.MR is conducting a study on the global eCOA, eSource & clinical trials market for the upcoming decade, from 2021 to 2031. As per its findings, the market is poised to witness credible gains across 2021, as the increasing digitization in pharmaceutical sector is aiding the development of eCOA, eSource and clinical trials market. Long-term expansion prospects are expected to remain positive, experiencing high growth rate until 2031.
Furthermore, numerous pharmaceutical, biotech and medical companies are pushing for the development of eCOA clinical trial solutions, in line with the increasing pressure to reduce the cost of clinical development and studies. Integrating digital solutions through eCOA, eSource and clinical trials, key players have set their focus on improving research & development (R&D) activities. Prominent players are leveraging their digital technology to increase the number of clinical trials and develop drug studies. Hence, emergence of advanced technology is aiding the growth of the market.
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According to the study, penetration of digitalization in pharmaceutical sector and increased spending on clinical trials has provided stimulus to the growth of the market. Based on these factors, the market is posed to expand at the CAGR of 14% through 2029.
“Manufacturers are increasing investments in digital technologies to improve the R&D efficiency for clinical trials in the future. Recent development in cloud-based technology and growing demand for clinical trials are widening expansion prospects, thereby widening the revenue prospects for key players operating within the market,” says the Fact.MR analyst.
Key Takeaways
- In terms of solution type, eCOA is expected to account for nearly half the market share
- Clinical trial solutions to hold 40% of market share through 2021 and beyond
- Cloud-based deployment to account for nearly 65% of market share
- Extensive spending on research and development activities across India to spur the growth of market in the country
- Surging demand for novel technologies in educational &research institute to boost the demand of eCOA clinical trials in United States
- Rising clinical trials in China and Japan to aid the growth of the market in East Asia
- Germany expected to emerge as a potential market backed by the advancement in biotech medical companies in the country
Prominent Drivers
- Increasing digitization adopted by various pharmaceutical and medical companies to aid the development of market
- Rising research and development (R&D) activities and growing demand for drug devices and solution is likely to boost the demand of eCOA, eSource & clinical trial market
Key Restraints
- Lack of internet connectivity and excessive dependency on the internet is likely to impede the growth of eCOA, eSource & clinical trials market
- Error in clinical trial solutions due to the lack of interaction between healthcare professionals and patients may obstruct the demand of market
Discover more about the eCOA, eSource & clinical trials market with 86 figures, 41 data tables and the table of contents.
https://www.factmr.com/report/4042/ecoa-esource-clinical-trials-market
Competitive Landscape
Prominent players profiled by Fact.MR that are operating in the global eCOA, eSource & clinical trials market includes Open Clinica LLC, CRF Health Inc., ERT Clinical, Medidata Solutions Inc., ArisGlobal LLC., Health Diary Inc., ICON PLC, PAREXEL International Corporation, OmniComm Systems Inc., Medrio Inc., Bio-Optronics Inc., Covance Inc., and Medpace Holdings Inc. among others. Advancement in healthcare sector has compelled the healthcare companies to formulate unique strategies to maintain the competitive edge in the industry. Several key players are focusing on collaborations to improve their patient-centric technology.
For instance, on February 23rd 2021, ERT, the global leader in clinical endpoint data collection, announced a new solution for enabling the collection, processing and analysis of photos and audios as a part of clinical trial eCOA assessments.
Likewise, in February 2020, Clinical Ink, a global clinical trial technology company, announced the addition of their new component to their Lumenis eSource Ecosystem which includes clinical module with direct data capture.
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More Insights on the eCOA, eSource & clinical trials Market
For its latest report on global eCOA, eSource & clinical trials market, Fact.MR offers a detailed analysis with a comprehensive view on its latest and upcoming trends, opportunities and the challenges that the market is expected to witness during the forecast period of 2021 and 2031. To gain a better understanding of the global eCOA, eSource & clinical trials market, the market is segregated on the basis of solution type (eCOA, eSource, clinical trial solutions and EDC market spending), deployment (licensed enterprise (on-premise) and cloud-based solutions (SAAS)), end-user (contract research organizations, hospitals, healthcare facilities, pharmaceutical/biotech/medical device companies, and educational & research institutes), and across major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR