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The Electronic Clinical Outcome Assessment (eCOA) Solution Market size is estimated to grow by USD 1,285.69 million between 2022 and 2027 at a CAGR of 14.3%.
The growth of the ECOA solution market depends on several factors, including the growing digitization of the healthcare industry, the growing demand for CROs, and the increasing number of mergers and acquisitions. Factors such as data security and privacy concerns can majorly impact market growth. Nevertheless, industry players are focussing on opportunities such as the growing use of connected devices and technologies, and government initiatives on clinical research will accelerate the market growth.
This report extensively covers market segmentation by deployment (cloud-based and on-premise), end-user (CROs, hospitals, pharmaceuticals and biological industry, and others), and geography (North America, Asia, Europe, and Rest of World). It also includes an in-depth analysis of drivers, trends, and challenges.
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The growing digitization of the healthcare industry is notably driving the market growth, although factors such as data security and privacy concerns may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing digitization of the healthcare industry is notably driving electronic clinical outcome assessment (eCOA) solution market growth. As the trend of digitization is changing the market landscape of various industries, the healthcare industry is also embracing this change and moving towards digital health. In digital health, healthcare services such as prescriptions, appointments, and even diagnostics are performed remotely using state-of-the-art devices and technology.
This digital health trend is also driving the demand for ECOA solutions as more hospital systems use these solutions to collect data for different purposes and store it in one central location. An increase in the number of clinical trials, the need to improve compliance, effectively collect and manage clinical data, reduce costs, and increase research and development are the factors that will drive the growth of the electronic clinical outcome assessment solution market during the forecast period.
The growing use of connected devices and technologies is an emerging trend in the electronic clinical outcome assessment (eCOA) solution market . The growing use of the Internet of Things (IoT) and connected medical devices is another major trend in the healthcare industry that will drive the growth of the global market. IoT infrastructure helps in improving accessibility to services, reducing the operational burden on healthcare facilities, and supporting the development of digital ecosystems in healthcare organizations. Some key IoT applications are telemedicine, connected imaging, clinical workflow and operations management, medication management, and inpatient monitoring. Furthermore, the increasing number of initiatives from governments across the world to drive the use of IT in healthcare, the rising need to reduce healthcare costs, and the growing penetration of smartphones and the internet is driving the adoption of the IoT in the healthcare industry.
The rising use of connected medical devices has increased the number of data sources and the amount of data generated. Device manufacturers and healthcare organizations are focusing on improving their network security with the increasing use of cloud-based infrastructure. This is compelling hospitals and clinics to adopt ECOA solutions to integrate external and wearable medical devices and optimally collect data for better assimilation and visibility. Hence, all these factors will boost the growth of the global electronic clinical outcome assessment solution market during the forecast period.
Data security and privacy concerns are major challenges impeding the electronic clinical outcome assessment (eCOA) solution market growth. With the integration of data-generating devices into healthcare systems and the growing availability of data from health insurance companies and hospitals in a centralized place, healthcare organizational information and patient data have become vulnerable to cyberattacks. The increase in the number of cyberattacks in the healthcare industry has raised considerable concerns over privacy and data protection among players in the industry, including hospitals, clinics, and insurance companies.
The current trend toward the digitalization of healthcare workflows and the maintenance of electronic patient records has seen a paradigm shift in the healthcare industry. While medical data is key to improving the quality of healthcare, gaining insights, and reducing healthcare costs, security and privacy issues are restricting the healthcare industry from adopting many advanced technologies. The concerns over the security and privacy of sensitive information have increased in the past decade due to growing cyberattacks and the use of technologies such as clinical mobility and wireless networking, cloud computing, and information exchange. Hence, concerns over data security are expected to hinder the growth of the electronic clinical outcome assessment (eCOA) solution market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global ECOA Solution Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the electronic clinical outcome assessment (eCOA) solution market.
ArisGlobal LLC - The company offers LifeSphere, a cloud platform that helps hundreds of life sciences companies accelerate research and development, maintain compliance and streamline collaboration between cross-functional teams, empowering them to bring safer products to market more quickly. The key offerings of the company include ECOA solutions.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The electronic clinical outcome assessment (eCOA) solution market share growth by the cloud-based segment will be significant during the forecast period. Cloud-based segments accounted for the largest revenue share of the ECOA solutions market in 2022. The most important features of these solutions are the remote use of patient health information and the sharing of information to limit the possible misuse of data or to solve problems at a critical stage of a study. The major benefits of the segment include data centralization, scalability, lower costs, and consistency of availability.
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The cloud-based segment was valued at USD 420.26 million in 2017 and continue to grow by 2021. Cloud-based solutions are a relatively new approach and are primarily used by organizations that lack the internal infrastructure to support them. Additionally, the software eliminates the need for internal maintenance, which is perhaps the main reason for the increased demand. The cloud-based system is ideal for complex multi-site clinical trials as all information (trial protocols, patient data, results, etc.) is stored in one central location and maintained by a third party. Thus, increased adoption of digitization in the healthcare sector will boost the growth of the segment during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America was estimated to be the largest regional market in 2022. This is largely due to the rising prevalence of chronic and lifestyle diseases such as cardiovascular disease and diabetes, increasing subsidies from government agencies, and increasing adoption of innovative products by vendors in the region. In addition, major players such as OmniComm Systems Inc., ERT, BioClinica, PAREXEL International Corporation, and Medidata Solutions Inc. stimulate market growth. Furthermore, with the growing geriatric population and rising digitization in the healthcare industry, the focus on solutions that can improve the quality of patient care and make information flow easier in the industry is rising. As a result, the industry's demand for digital solutions, such as ECOA solutions, is rising. Owing to these factors, the adoption of ECOA will be high in North America during the forecast period.
In 2020, COVID-19 highlighted the crucial importance of ECOA solutions and their exchange among countries to tackle healthcare emergencies. Analyzing data provided priceless information to governments and healthcare officials as it helped them track potentially infected people in a better way. Thus, COVID-19 had a positive impact on the regional electronic clinical outcome assessment solution market in 2020. Furthermore, the increased adoption of software solutions such as data mining, clinical decision support, and clinical trial management systems in 2021 propelled the demand for ECOA solutions. In addition, an increase in the prevalence of acute and chronic diseases, including several heart diseases, diabetes, cancer, and high awareness regarding the benefits of ECOA solutions are likely to fuel the growth of the market in North America during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
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ECOA Solution Market Scope |
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Report Coverage |
Details |
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Page number |
148 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.3% |
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Market growth 2023-2027 |
USD 1,285.69 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
13.6 |
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Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
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Performing market contribution |
North America at 36% |
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Key countries |
US, Canada, Germany, China, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ArisGlobal LLC, Castor, Climedo Health GmbH, ClinCapture Inc., Clinical Ink Inc., Cloudbyz Inc., Dassault Systemes SE, eResearchTechnology GmbH, International Business Machines Corp., IQVIA Holdings Inc., KAYENTIS SAS, Mapi Research Trust, Parexel International Corp., QualityMetric Inc. LLC, SGS SA, Signant Health, TransPerfect Global Inc., Veeva Systems Inc., WCG Clinical Inc., and YPrime LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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