The global Electronic Clinical Outcome Assessment Solutions market size is expected to be worth around US$ 12.16 billion by 2030, according to a new report by Vision Research Reports.
The global Electronic Clinical Outcome Assessment Solutions market size was valued at US$ 716.9 million in 2020 and is anticipated to grow at a CAGR of 25.1 % during forecast period 2021 to 2030.
Growth Factors
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.
Report Highlights
Web-hosted eCOA solutions held the largest revenue share as of 2020, owing to the associated benefits with its usage. Remote access to the patient’s health information and sharing of information to limit potential misuse of data or address the problems at a critical point of study are some of the key features offered by web-based services.
Moreover, these services are easy to access but require proper IT infrastructure which costs higher for smaller organizations. Some of the companies offering web-based solutions are CRF Health, Kayentis, ERT Solutions, among others. The presence of a large number of service providers offering these products keeps the competition at a higher level.
However, the implementation of cloud-based platforms is expected to change the market dynamics. These platforms offer a single platform by which researchers, patients, and sponsors can have access to medical information. Cloud-based eCOA services are presumed to show lucrative growth over the forecast period. The shifting preference from the web hosted to cloud-based services is due to the advantages associated with the use of cloud-based solutions.
Cloud-based platforms enable the user to keep track of all the information, minimizes the risk of data theft by providing a secure platform for information sharing, and don’t requires established IT infrastructure.
Contract Research Organizations (CROs) held the largest revenue share in 2020 and are expected to witness significant growth in the near future due to growing demand from the major pharmaceutical companies. Increasing the burden on pharma companies for saving the overall cost on clinical development studies is expected to have a positive impact on the growth of CROs segment over the forecast period.
Hospitals are adopting electronic data capturing services to improve patient engagement in research studies, as eCOA digitally collects the information from both patients and doctors. eCOA captures information on handheld devices such as smartphones & tablets, interactive voice response systems, browsers, and patients’ Bring-Your-Own-Device (BYOD). It utilizes secure systems that meet the regulatory guidelines for capturing clinical data.
The adoption of mHealth devices and the introduction of advanced technologies for patient care, such as BYOD, are the key growth propellers for the implementation of eCOA solutions into hospitals.
Pharma & biotech companies and medical device manufacturers prefer to outsource research studies to meet the regulatory requirements, but some of the major companies run their own division for research activities. The penetration of eClinical services is low as compared to other end users.
North America was estimated to be the largest regional market in 2020. Presence of technologically advanced research centers, medical device manufacturers, universities, and hospitals coupled with improved healthcare establishments are expected to drive the new drug development activities in the coming years.
The U.S. accounted for the largest market share of North America in 2020, owing to the higher adoption levels of healthcare analytics services. Initiatives pertaining to the adoption of eClinical platforms undertaken by various government and nonprofit organizations are anticipated to boost the usage in the coming years. Furthermore, the presence of stringent regulations pertaining to product approval and implementation of eCOA by established players to save expenditure on medical information management are additional contributing factors to the industry.
As an emerging economy, Asia Pacific is growing in terms of government funding related to clinical research and drug discovery, which is projected to enhance market growth. Moreover, the growing demand for personal care devices and related services as a result of increased government spending on healthcare is expected to accentuate the eClinical services market in Asia Pacific.
In addition, the emergence of India & China as outsourcing hubs for major pharma & biotech companies is anticipated to be a key contributing factor toward the rising demand for eCOA solutions over the forecast period.
Key Players
Oracle Corporation; Paraxel International Corporation; Medidata Solution, Inc.; Merge Healthcare Incorporated; BioClinica; eClinical Solutions; CRF Health; ERT Clinical; and OmniComm Systems, Inc.
Market Segmentation
Delivery Mode Outlook
Web-hosted
Licensed enterprises
Cloud-based
End-use Outlook
Hospitals
CROs
Academic Institutes
Pharma & Biotech Companies
Medical Device Manufacturers
Regional Outlook
North America
The U.S.
Canada
Europe
UK
Germany
Asia Pacific
Japan
China
India
Latin America
Brazil
Mexico
The Middle East and Africa
South Africa
Saudi Arabia
The Electronic Clinical Outcome Assessment Solutions market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Electronic Clinical Outcome Assessment Solutions market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Electronic Clinical Outcome Assessment Solutions market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electronic Clinical Outcome Assessment Solutions market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electronic Clinical Outcome Assessment Solutions market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Electronic Clinical Outcome Assessment Solutions capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Electronic Clinical Outcome Assessment Solutions by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electronic Clinical Outcome Assessment Solutions market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electronic Clinical Outcome Assessment Solutions market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electronic Clinical Outcome Assessment Solutions market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Electronic Clinical Outcome Assessment Solutions industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Electronic Clinical Outcome Assessment Solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electronic Clinical Outcome Assessment Solutions market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electronic Clinical Outcome Assessment Solutions market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electronic Clinical Outcome Assessment Solutions market. These factors have benefited the growth of the global market for Electronic Clinical Outcome Assessment Solutions. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electronic Clinical Outcome Assessment Solutions. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Electronic Clinical Outcome Assessment Solutions are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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