The eCOA Solutions market is projected to grow at a CAGR of 14.9%, in terms of value, from 2016 to reach USD 2.17 Billion by 2025. The healthcare sector is witnessing substantial growth; the demand for research studies to come up with novel drugs and treatments is also increasing. Moreover, the need for centralized data capture system is also on the rise. These above factors are anticipated to fuel the product demand over the forecast period.
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Owing to a significant number of compelling scientific, operational and regulatory reasons, the use of electronic data capture is becoming the most preferred means of collecting clinical outcome assessment. Electronic PRO data collection starts from consulting companies such as Oracle, Paraxel and others who have their core experience in designing software for the healthcare and the pharmaceutical industry.
Electronic clinical outcome assessment has proven over the time to be cost effective and be benefited from saving costs by both the clinical trial sponsors. These clinical trial sponsors are usually pharma and biotechnology companies testing an orphan drug or trying a new variant of their product. Pharma industry spending on clinical trials has been witnessing a significant increase in spending on clinical trials, with clinical data management rapidly growing at an aggressive 12% YoY over the past three years.
Market Segment on the basis of manufacturers, the report covers the following companies-
Oracle Corporation, Paraxel International Corporation, Medidata Solution, Inc., Merge Healthcare Incorporated, BioClinica, eClinical Solutions, CRF Health, ERT Clinical, OmniComm Systems, Inc.
Market Segment on the basis of Type, the report covers:
The major types of eCOA solutions available in the market are web based, licensed and cloud based. The web-based solutions are dominating the market owing to ease of operations and availability of infrastructure. However, cloud based systems are expected to grow at a rapid rate owing to proven benefits due to adoption of cloud systems. The web-based solutions accrued for around 79.0% in 2017.
Market Segment on the basis of application, the report covers:
The major applications of eCOA are hospitals, contract research organizations, academic institutes, pharma and biotech companies and medical device manufacturers. The high cost of clinical assessments has resulted in increasing demand for eCOA in contract research organizations
Some of the major players in the market are IBM Watson Health; Oracle Corporation; Medidata Solutions Inc.; BioClinica; DATATRAK International, Inc.; PAREXEL International Corporation; CRF Health; ERT; eClinical Solutions; and OmniComm Systems Inc. In October 2017,
Understanding the market size:
The size of the Electronic Clinical Outcome Assessment (eCOA) Solutions market is viewed in terms of the Share of Market, Total Available Market as well as Served Available Market. Not only does the study present the combined revenue for a particular market but also the market size for a specific geographic region. Analysis of percentage or the size of the Total Available Market based on the type of product, technology, regional constraints and others form an important part of the Electronic Clinical Outcome Assessment (eCOA) Solutions report.