The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global electronic clinical outcome assessment (eCOA) solutions market is expected to reach USD 2.16 billion by 2025, according to a new report by Grand View Research, Inc. The complexity in healthcare information management is anticipated to fuel the demand for eCOA solutions in coming years. These solutions deliver accurate and timely health information and reduce burden of patients enrolled in clinical trials.
eCOA measures overall mental state, patient symptoms, and the progression of a disease. Electronic diaries and electronic Patient Reported Outcomes (ePRO) are a part of eCOA platforms. Electronic diaries help document patient response. These are used as support systems for ePRO. In all the applications of clinical outcome assessment systems, the compliance rates are more than 90%, which helps accelerate research procedures.
In addition, assessment systems help detect probable adverse conditions in advance for patients, which is crucial for taking preventive measures to avoid adverse effects in future. The ePRO platforms transfer real-time data from the patients to healthcare professionals for accurate decision-making and better evaluation of a patient’s health. Thus, the adoption of these platforms is expected to grow in near future.
Growing adoption of software solutions during research studies, high R&D expenditure by pharmaceutical companies, favorable government grants to support clinical trials, and widening base of potential customers are some of the key contributing factors for market growth.
Further Key findings from the study suggest:
Rising adoption of technologically advanced wearable and handheld medical devices helps capture clinical outcomes electronically, further making the medical information assessment easier
The core advantage of web-based services is ability to access information from remote locations using only one computer or monitoring device in healthcare settings
Cloud-based solutions are anticipated to grow at an exponential rate owing to integrated features that include flexibility, high accessibility, negligible handling costs, and easy data backup
Contract research organizations dominated the market as major pharmaceutical companies are focused on reducing expenditure on clinical trials
North America held the largest market share owing to the local presence of well-established market players coupled with large number of ongoing research in this region
Asia Pacific market is expected to show fastest growth over the forecast period owing to the availability of a large number of contract research firms offering eCOA platforms to large pharmaceuticals
The companies are making significant investments to implement eClinical solutions in order to manage medical information, owing to the benefits it offers