The global Electronic Clinical Outcome Assessment Solutions (eCOA) market is expected to register a CAGR of 12.5% during the forecast period, 2018 to 2023. Electronic Clinical Outcome Assessment (eCOA) uses the technology such as smartphones, tablets and computers to allow the patients, caregivers and doctors to report the outcomes of the clinical trials directly. 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.
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Companies Mentioned:
BioClinica, CRF Health, eClinical Solutions, ERT Clinical, Medidata Solution, Inc, Merge Healthcare Incorporated, OmniComm Systems, Inc, Oracle Corporation and Parexel International Corporation amongst others.
Constant Advancements in eCOA Modalities and Applications to Boost Growth of the eCOA Solutions Market
eCOAs, including ePROs (electronic Patient Reported Outcomes) and electronic ClinROs (Clinician Reported Outcomes) and ObsROs (Observer Reported Outcomes), are used increasingly in the collection of patient data as part of clinical trials and observational studies. With the advancement in technology the eCOA modalities are becoming accessible and easy to use. The reduction in the paper-based methods not only indicates a realization of the potential benefits gained through the use of electronic technologies, but also points to a fairly clear gravitation away from paper-based methods. Thus, these constant advancements to provide an efficient workflow is expected to contribute for the growth of the market in the forecast period.
Other factors driving the market growth are increasing externalization of clinical trial studies by large pharmaceutical and biopharmaceutical companies and growing demand for cloud based services.
Data Security and Privacy Concerns to Restrain Growth of the eCOA Solutions Market
Data security is a major concern for healthcare organizations, and justifiably so. In 2014, for the fourth year in a row, the healthcare sector experienced the largest number of data breaches, according to a Symantec report. The 116 data breach incidents in 2014 represented 37 percent of all reported incidents, and exposed more than 7 million identities. Any effort by an organization to reduce costs cannot compromise security in the process. The financial expense of addressing a breach would quickly erase any savings and likely do significant damage to an organization’s budget and reputation. Companies are becoming aware of these data security concerns and understanding that compromise of a client’s data will result in a loss of business. This is why offshore firms are building a secure environment in which their data.
The other factors restraining the market are high cost of implementation of eCOA.
North America is Expected to Dominate the eCOA Solutions Market
North America held the largest market share owing to the local presence of well-established market players coupled with large number of ongoing research in this region.
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Key Developments in the eCOA Solutions Market
July 2018: Genstar Capital, a leading investor in healthcare technology and services companies, announced the acquisition of CRF Health, a global provider of eCOA and eConsent solutions for the life sciences industry.
Some major points from table of content:
- Introduction
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
6. Market Dynamics
7. Market Segmentation
8. Company Profiles & Competitive Landscape
9. Future of the MarketReasons to Purchase the eCOA Market Report
Current and future Electronic Clinical Outcome Assessment Solutions (eCOA) market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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