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 by 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.
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.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
eClinical solutions, OmniComm Systems, CRF Health, Paraxel International Corporation, Oracle Corporation, Medidata Solution, Inc., Kayentis, Merge Healthcare Incorporated and ERT Clinical among others.
Electronic Clinical Outcome Assessment (eCOA) Solutions Market Segmentation:
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
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Electronic Clinical Outcome Assessment (eCOA) Solutions market over the forecast period?
- What are the major factors driving the growth of the Global Electronic Clinical Outcome Assessment (eCOA) Solutions Market?
- What are the key challenges impacting the global Electronic Clinical Outcome Assessment (eCOA) Solutions market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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