Market Size of Global Electronic Clinical Outcome Assessment Solutions Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 17.40 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Electronic Clinical Outcome Assessment Solutions Market Analysis
The electronic clinical outcome assessment solutions (eCOA) market is expected to record a CAGR of 17.4% over the forecast period (2022 - 2027).
The ongoing COVID-19 pandemic is an unprecedented health concern and adversely affects communities, industries, businesses, and lives worldwide. COVID-19's immediate and direct potential impact has already led to the loss of millions of lives and a considerable increase in healthcare costs. As multiple potential medicines were tried before the development of vaccines and used to treat coronavirus-induced infection, medical monitoring and safety reporting are critical. Thus, the demand for electronic clinical outcome assessment solutions increased, and it is further expected to increase in the near future. According to the research article published in the American Chemical Society Pharmacology and Translational Science, 2020, new potential therapeutics for COVID-19 identified with a combined virtual and experimental screening strategy and selected among the already approved drugs were studied to screen for structural similarity against a library of almost 4,000 approved drugs with hydroxychloroquine (HCQ) as a reference drug. The study proposed zuclopenthixol, nebivolol, and amodiaquine as potential candidates for clinical trials against the early phase of the SARS-CoV-2 infection and remdesivir and favipiravir therapeutics as potential adjuvants in COVID-19 treatment. Therefore, the increase in clinical trials due to the repurposing of several medicines is expected to increase the demand for electronic clinical outcome assessment solutions.
Certain factors that are propelling the market growth include increasing externalization of clinical trial studies by large pharmaceutical and biopharmaceutical companies, growing demand for cloud-based services, and growing advancements in eCOA modalities.
With the advancement in technology, eCOAmodalities are becoming accessible and easy to use. The reduction in paper-based methods indicates the potential benefits gained with the use of electronic technologies and points to a clear shift from paper-based methods. For instance, in March 2022, Kayentis, a global provider of eCOA and Decentralized Clinical Trial solutions launched a fully integrated patient-centric platform that optimizes the management of hybrid and Decentralized Clinical Trials (DCT). This streamlined platform alleviates many logistical hurdles in bringing key elements of the clinical trial to patients' homes, while vastly improving how patients and sites use DCT technologies. Similarly, In June 2021, Medidata, a Dassault Systèmescompany launched myMedidataRegistries, a new technology that expands and strengthens the myMedidatapatient portal to engage patients before and after (i.e., long-term follow-up/safety surveillance) a clinical trial. myMedidataRegistries is a transformative technological capability that extends the myMedidatapatient portal - addresses a critical need in clinical development by engaging patients pre- and post-trial.
Additionally, regulatory bodies have emphasized more on the significance of assessing broader aspects of patient well-being to better characterize therapeutic gain. Clinical outcome assessments (COAs) are therefore being used more frequently to gauge the effectiveness of various chronic illnesses' therapies. These have frequently been very important in the regulatory approval of medicines. The introduction of numerous services will also contribute to its expansion. For instance, in June 2021, Signant Health launched a novel acceleration program that cuts study setup timelines by 50% or more without compromising the quality of clinical data produced. Thus, the increasing launches of novel programs that benefit the companies in assessing clinical trial studies are likely to increase the demand for electronic clinical outcome assessment solutions, thereby boosting the market growth.
However, data security and privacy concerns and high implementation costs are likely to restrain the market growth.
Electronic Clinical Outcome Assessment Solutions Industry Segmentation
As per the scope of this report, electronic clinical outcome assessment (eCOA) uses technology, such as smartphones, tablets, and computers, to allow the patients, caregivers, and doctors to directly report the outcomes of clinical trials. eCOA produces highly accurate data that allows for a better understanding of the patient experience in clinical trials and ultimately helps simplify the path to approval. The Electronic Clinical Outcome Assessment Solutions (eCOA) Market is segmented by Delivery Mode (Web-hosted and Cloud-based), Approach (Patient-reported Outcome (PRO), Clinician-reported Outcome (ClinRO), Observer-reported Outcome (ObsRO), Performance Outcome (PerfO)), End User (Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Delivery Mode | |
Web-hosted | |
Cloud-based |
By Approach | |
Patient-reported Outcome (PRO) | |
Clinician-reported Outcome (ClinRO) | |
Observer-reported Outcome (ObsRO) | |
Performance Outcome (PerfO) |
By End User | |
Pharmaceutical and Biopharmaceutical Companies | |
Contract Research Organizations | |
Other End Users |
Geography | ||||||||
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Global Electronic Clinical Outcome Assessment Solutions Market Size Summary
The electronic clinical outcome assessment solutions (eCOA) market is poised for significant growth, driven by the increasing demand for efficient and effective clinical trial processes. The shift from paper-based methods to electronic technologies is a key trend, as it offers numerous benefits such as improved accessibility, ease of use, and enhanced patient engagement. The COVID-19 pandemic has further accelerated this transition, as the need for rapid and accurate medical monitoring and safety reporting became paramount. This has led to a surge in clinical trials, particularly with the repurposing of existing medications for COVID-19 treatment, thereby boosting the demand for eCOA solutions. The market is also witnessing advancements in cloud-based services, which provide scalable, cost-effective, and efficient solutions for complex, multisite clinical studies. These cloud-based systems are gaining traction due to their ability to streamline data management and improve collaboration among stakeholders.
The market landscape is characterized by the presence of several key players who are actively engaged in product development, strategic collaborations, and regional expansions to enhance their market presence. Notable companies such as IQVIA Inc., Veeva Systems, and Parexel International Corporation are leading the charge with innovative solutions that cater to the evolving needs of the clinical research industry. The North American region, particularly the United States and Canada, is expected to witness substantial growth due to the increasing number of clinical trials and significant investments in healthcare infrastructure and research and development. The competitive nature of the market is further intensified by the continuous launch of new technologies and platforms, which are designed to improve clinical trial efficiency and patient compliance. Despite challenges such as data security concerns and high implementation costs, the eCOA market is set to expand, driven by the ongoing advancements in technology and the growing emphasis on patient-centric clinical trial methodologies.
Global Electronic Clinical Outcome Assessment Solutions Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Externalization of Clinical Trial Studies by Large Pharmaceutical and Biopharmaceutical Companies
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1.2.2 Growing Demand for Cloud-based Services
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1.2.3 Constant Advancements in eCOA Modalities
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1.3 Market Restraints
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1.3.1 Data Security and Privacy Concerns
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1.3.2 High Cost of Implementation
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Delivery Mode
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2.1.1 Web-hosted
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2.1.2 Cloud-based
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2.2 By Approach
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2.2.1 Patient-reported Outcome (PRO)
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2.2.2 Clinician-reported Outcome (ClinRO)
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2.2.3 Observer-reported Outcome (ObsRO)
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2.2.4 Performance Outcome (PerfO)
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2.3 By End User
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2.3.1 Pharmaceutical and Biopharmaceutical Companies
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2.3.2 Contract Research Organizations
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2.3.3 Other End Users
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East & Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East & Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Global Electronic Clinical Outcome Assessment Solutions Market Size FAQs
What is the current Global Electronic Clinical Outcome Assessment Solutions Market size?
The Global Electronic Clinical Outcome Assessment Solutions Market is projected to register a CAGR of 17.40% during the forecast period (2024-2029)
Who are the key players in Global Electronic Clinical Outcome Assessment Solutions Market?
Kayentis, IQVIA Inc., Parexel International Corporation, Signant Health and WIRB-Copernicus Group are the major companies operating in the Global Electronic Clinical Outcome Assessment Solutions Market.