eCOA Solution Market size is projected to capture USD 15 billion by the end of 2036, growing at a CAGR of 15% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of electronic clinical outcome assessment solution was USD 1 billion. The major factor for the growth of the sector is a surge in the prevalence of COVID-19. For instance, around the world coronavirus (COVID-19) infections were close to 767 million as of June 13, 2023. The healthcare sector has been diligently working to quickly contain the COVID-19 outbreak.
However, the procedure of creating and testing novel vaccine candidates often takes years. But, owing to recent developments in scientific research, data gathering, and analytics tools, developers can expedite this process by several months without sacrificing the accuracy of the study and data. Hence, the importance for eCOA is growing since it could be used to collect patient-reported outcomes (PROs) and provide sponsors with nearly immediate access to study trends. Furthermore, there has been heavy investment made in research & development to update the current eCOA solution technology owing to the growth in outbreaks of various other disease after Covid19.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~15% |
|
Base Year Market Size (2023) |
~ USD 1 Billion |
|
Forecast Year Market Size (2036) |
~ USD 15 Billion |
|
Regional Scope |
|
End-User (Pharmaceutical & Biopharmaceutical Companies, Contract Research Organizations, Medical Device Manufacturers, Consulting Service Companies, Hospitals, Researchers & Academia)
The contract research organizations segment is projected to hold 30% share of the global electronic clinical outcome assessment solution market during the forecast period. Since there are a lot of unmet medical needs in the current pharmaceutical market, sponsors have to contend with more challenges than just navigating the FDA's complicated application and communication process. They also have to focus on executing clinical trials well and quickly. Due to this, using a CRO has become much more essential to the research process than it was previously. Furthermore, even though the biopharma sector offers numerous chances for remote work, CROs have the ability to attract more contract and part-time workers since they frequently base hiring decisions on the duration of individual projects. Hence, large number of organizations is opting for CRO.
Product (Web Based eCOA Solutions, On Premise Based eCOA Solutions, Cloud Platform Based eCOA Solutions)
Electronic clinical outcome assessment solution market from the web based eCOA segment is set to gather the largest share of about 50% by 2036. This eCOA is projected to be utilized heavily in hospitals and healthcare facilities in order to handle patient data. Hence, with the growth in several hospitals is segment is expected to experience growth. For instance, in 2021, all around the world the number of hospitals totaled to about 164,000. Among the main features offered by these solutions are remote access to the patient's health information and sharing of the data to avoid potential data misuse or address challenges at a crucial point of research. Additional advantages encompass data centralization, scalability, cost reduction, and consistent uptime.
Our in-depth analysis of the global electronic clinical outcome assessment solution market includes the following segments:
|
Product |
|
|
Approach |
|
|
End-User |
|
North American Market Analysis
The North America electronic clinical outcome assessment solution market is projected to gather the highest share of about 30% over the forecast period. The main factor behind the growth of the market in this region could be owing to the surge in the conduction of clinical trials research along with the availability of advanced research centers. Furthermore, approximately 39% of the US pharmaceutical research budget, or over USD 6 billion annually, is dedicated to clinical trials. Patient recruiting is projected to cost about USD 2 billion, or close to 39% of the overall budget. Hence, the eCOA solution market is also set to rise in this region. Furthermore, this region has excellent healthcare facilities owing to the high investment made by the government which is further predicted to drive the region’s market expansion.
APAC Market Analysis
The electronic clinical outcome assessment solution market is Asia Pacific is also projected to have significant growth during the forecast period. This region’s growth is set to be influenced by rising investment by MNCs and CROs to support discovery of new drugs. The APAC region is replete with potential for growth and development, and it has one of the world's quickest drug discovery innovation rates. As contrast to its Western equivalents in the US and the EU, the pharmaceutical market in Asia-Pacific is unique. The region's diverse regulatory landscape and the great disparities in the infrastructures supporting the pharmaceutical industry are key factors driving the dynamics of its industry. Since innovation differs so much between nations due to these complexities, each can carve out a unique niche for itself in the global eCOA solution market. As a result, the market in this region in booming.
Author Credits: Radhika Gupta, Shivam Bhutani
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?