Market Trends of Global Electronic Clinical Outcome Assessment Solutions Industry
This section covers the major market trends shaping the Electronic Clinical Outcome Assessment Solutions Market according to our research experts:
Cloud-based eCOA Segment expected to Grow at a Significant Rate
Cloud-based solutions are comparatively newer approaches and are mostly used by organizations that lack the internal infrastructure to support them. The installation cost of this software is lower than other systems. Moreover, this software eradicates the need for in-house maintenance, which is likely to be the prime factor driving their increasing demand. Cloud-based systems are ideal for complex, multisite clinical studies because all information (study protocols, patient data, outcomes, etc.) are stored in a central location and maintained by a third-party service provider.
The software is incredibly versatile in terms of scalability owing to the cloud-based distribution strategy (pay-as-you-go storage utilization). It is designed to eliminate expenses and improve efficiency by streamlining and consolidating storage resources by removing departmental silos of clinical data. Increasing adoption of these platforms by pharmaceutical companies and contract research organizations is likely to drive the segment growth which is further expected to augment the market growth. Remote access to data, real-time data tracking, and a simpler complex physical ecosystem are notable benefits associated with cloud-based systems.
Large and reputed vendors are entering the cloud market. The cloud infrastructure also ensures authentic business continuity and disaster recovery solutions to maintain the standard of patient care. Hence, cloud-based solutions are expected to register good growth in the market.
Moreover, the key market players are involved in continuous product development, collaborations, and partnerships to augment market penetration. For instance, in January 2021, YPrime LLC launched its 5th generation electronic clinical outcome assessment (eCOA) platform, which is expected to provide an improved user experience for patients, clinical investigators, sponsors, and CROs. This advanced technology will also enhance clinical trial efficiency, increase site satisfaction, and improve patient compliance. Similarly, in December 2021, SureClinical, a provider of cloud-native eClinicalapplications, launched its new EclinicalEcosystem ECO Applications and Platform Bundle. The ECO Bundle connects people, programs, projects, and processes all over the world for a unified view of clinical data and is specifically designed for the needs of Clinical Research Organizations. Thus, the increasing eCOA platforms and applications are expected to increase the demand for cloud-based delivery modes, which is expected to augment the market growth over the forecast period.
Thus, the increased benefits and cost-efficiency of cloud-based solutions and increased product launches are expected to drive the market studied during the forecast period.
North America is Expected to have a Significant Market Share
The electronic clinical outcome assessment solutions (eCOA) market in North America is anticipated to grow significantly during the forecast period owing to the factors such as rising clinical trials. With the increasing demand for developing novel drugs, clinical trials are rapidly increasing in the United States and Canada.
Additionally, the continuous growth of healthcare infrastructure in the United States and the increase in research and development activities leading to the rising number of clinical trials are expected to boost the market growth. For instance, as per the 'U.S. Investments in Medical and Health Research and Development 2016-2020' report, published in January 2022, federal government investment accounts for one-quarter (25%) of all United States medical and health research and development (R&D) at USD 61.5 billion, with the National Institutes of Health (NIH) alone accounting for 20% (USD 48.9 billion) of all such investment in 2020. Thus, the investments in the country are expected to propel market growth in the United States.
In addition, constant advancements in eCOA modalities and strategic collaborations between major market players are contributing to the rising demand for these solutions in the country. For instance, in June 2021, SignantHealth, one of the players in evidence generation for modern clinical trials, launched a new acceleration program that reduces study setup timelines by 50% or more without compromising the quality of clinical data generated or the scientific impact of Signant'sin-house therapeutic area expertise on study outcomes. Similarly, in March 2021, EvidentIQ group launched a new eCOAand eFeasibilityofferings combining scientific services with a comprehensive software suite usable on any device. Thus, the constant launch of new solutions and services is keeping the competition higher, and contributing to the market growth.
Therefore, owing to the aforesaid factors the market studied is expected to grow in the region over the forecast period.
