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Oct 5, 2020 10:15 AM ET

Global Electronic Clinical Outcome Assessment (eCOA) Market Set For Rapid Growth, To Reach Value Around USD 1,822 Million By 2024


iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Electronic Clinical Outcome Assessment (eCOA) Market by Type (Web Hosted, Licensed Enterprise, and Cloud-Based) and by Platform (Hospitals, CROs, Academic Institutes, Pharma & Biotech Organizations, and Medical Device Manufacturers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global electronic clinical outcome assessment (eCOA) market was valued at approximately USD 618 million in 2017 and is expected to generate revenue of around USD 1,822 million by 2024, growing at a CAGR of around 16.7% between 2018 and 2024.

Electronic Clinical Outcome Assessments (eCOAs) determine a patient’s condition as along with the effects and progression of a disease. The eCOAs provide real-time visibility that helps in improving the adherence to protocol execution, ensuring patient safety and engagement, and reducing trial risks. The growing penetration of advanced technologies, the rising adoption of software solutions during research studies, government initiatives to support clinical trials, and huge R&D expenditure by pharmaceutical companies are some key factors fueling the electronic clinical outcome assessment (eCOA) market over the forecast time period. However, the high implementation cost might hinder the future of electronic clinical outcome assessment (eCOA) market.

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Global Electronic Clinical Outcome Assessment (eCOA) Market

By type, the electronic clinical outcome assessment (eCOA) market is segmented into the licensed enterprise, web hosted, and cloud-based. Web-hosted held a major market share in 2017 and is anticipated to continue its dominance in the future. This growth can be due to the web-hosted eCOAs’ ability to provide access to patient’s health information from any remote location, facilitate data sharing, restrict its misuse, and address the issues at the critical point of the study. Furthermore, these services need a proper IT infrastructure facility that is likely to incur higher costs for small-scale firms. Moreover, companies offering these services are ERT Solutions and CRF Health.

By platform, the electronic clinical outcome assessment (eCOA) market is categorized into hospitals, academic institutes, CROs, pharma and biotech organizations, and medical device manufacturers. Contract Research Organizations (CROs) held a major revenue share in 2017 and is anticipated to maintain its dominance over the forecast time period. This can be attributed to the growing demand from major pharmaceutical companies and the rising need for enhancing the cost-efficiency of clinical development studies.

The regional segmentation includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for a major electronic clinical outcome assessment (eCOA) market share in 2017 and is expected to continue its dominance over the forecast time period. This regional growth can be attributed to the presence of technologically advanced research centers, universities, medical device manufacturers, and hospitals and the huge presence of enhanced healthcare establishments. The U.S. accounted for a major market share in the North American electronic clinical outcome assessment (eCOA) market in 2017, owing to a higher adoption rate of healthcare analytics services.

Some major players operating in the global electronic clinical outcome assessment (eCOA) market are Oracle Corporation, Medidata Solutions, Inc., Paraxel International Corporation, Merge Healthcare Incorporated, eClinical Solutions, OmniComm Systems, Inc., CRF Health, ERT, and BioClinica, among others.

This report segments the global electronic clinical outcome assessment (eCOA) market as follows:

Electronic Clinical Outcome Assessment (eCOA) Market: Type Analysis

Electronic Clinical Outcome Assessment (eCOA) Market: Platform Analysis

Electronic Clinical Outcome Assessment (eCOA) Market: Regional Analysis

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