The Global Electronic Clinical Outcome Assessment Solution Market is expected to reach USD 2.96 billion by 2027, according to a new report by Reports and Data. Strict regulatory norms being imposed on the pharmaceutical and biotech industry during the period 2016-2017 have forced the drug manufacturing companies to digitalize the process of their clinical trial outcomes, which would allow software solution providers to increase their market share in this segment.
eCOA solutions enable clinical trials to proceed with distinguishable time savings, which would allow outsourced companies handling clinical trials to accelerate their accommodation with new projects in hand. eCOA solution allows clinical trials to proceed with distinguishable time savings, which will help outsourced companies handling clinical trials expedite their accommodation with new projects in hand.
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The Asia-Pacific market is expected to grow at the highest CAGR of 21.3% from 2020 to 2027. Various factors, including increasing government funding to support clinical trials, less stringent regulatory guidelines compared to developed nations, availability of a large patient base, faster patient recruitment for clinical trials, and growing number of pharmaceutical companies and CROs are stimulating the growth of the eCOA solutions market in the Asia-Pacific region.
Further key findings from the report suggest
- Contract Research Organizations (CROs) held the largest revenue share in 2017 and are expected to witness significant growth in the near future due to growing demand from major pharmaceutical companies. The rapidly increasing clinical research industry is speculated to have a positive impact on the market growth of eCOA solutions.
- Asia Pacific market is forecasted to grow at a CAGR of 21.3% in the coming years. An increase in the number of clinical trials conducted in countries, including China and India, is likely to create significant growth opportunities for the market. The presence of skilled investigators and assisting workforce in trials and IT management, being the former well-trained in good clinical practice (GCP) and other good practices norms in India, are also anticipated to stimulate demand.
- Key participants include OmniComm Systems, eClinical solutions, CRF Health, Oracle Corporation, Paraxel International Corporation, Kayentis, Medidata Solution, Inc., Merge Healthcare Incorporated, and ERT Clinical. CRF Health is a key player in the eCOA solution market. The company offers a range of solutions involved in developing and collecting eCOA data, including TrialStudio, TrialMax, and TrialManager.
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For the purpose of this report, Reports and Data segments the Global Electronic Clinical Outcome Assessment Solution Market on the basis of type, application, and region:
Product Outlook (Revenue, USD Billion, 2017–2027)
- Web-based Solution
- Licensed Industries
Application Outlook (Revenue, USD Million, 2017–2027)
- Contract Research Organizations
- Academic institutes
- Pharma and biotech companies
- Medical Device Manufacturers
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/electronic-clinical-outcome-assessment-ecoa-solutions-market
Regional Outlook (Revenue, USD Billion, 2017–2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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