Electronic Clinical Outcome Assessment Solutions (eCOA) Market - Growth, Trends, and Forecast (2021 - 2026)
The major factors found propelling the growth of the market include the high demand for clinical trials in emerging markets, high R&D spending of the pharmaceutical industry, increasing prevalence of diseases, and inclination from manual data interpretation to real-time data analysis are expected to offer significant growth opportunities for global players during the study period.
New York, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electronic Clinical Outcome Assessment Solutions (eCOA) Market - Growth, Trends, and Forecast (2021 - 2026)" - https://www.reportlinker.com/p06009465/?utm_source=GNWMoreover, regulatory agencies have increasingly highlighted the significance of evaluating broader characteristics of patient well-being to define therapeutic gain in an enhanced manner. As a result, clinical outcome assessments (COAs) are increasingly used to estimate the impact of treatments for various chronic disorders, and in some instances, these have played a major role in the regulatory approval of drugs.
However, data privacy concerns and high implementation costs are acting as major restraints for the growth of the market.
*Key Market Trends*
web-hosted eCOA Segment expected to Grow at Significant Rate
With the increasing use of eCOA, additional modifications have provided a detailed understanding of the proper use of eCOA, for more benefits and improvisation of the data quality.
The web-hosted eCOA gives more compatibility to clinicians, as it is easy to operate and can keep the whole record throughout the clinical trials, from Phase I to IV.
Web-hosted eCOA solutions help reduce the development timeline and provide faster results. These solutions are helpful in the administration of clinical trials. For instance, the web-hosted eCOA helps in real-time management, instant alerts, and consistency check during clinical trials.nWith increasing use of tablets and smartphones, web-hosted eCOA has become easily accessible. The ease of access is one of the prime factors responsible for the increasing use of web-hosted eCOA, among clinicians and patients.
North America Expected to have Significant Market Share
Electronic Clinical Outcome Assessment Solutions (eCOA) Market in North America is anticipated to grow significantly, due to rising clinical trials across the country. With the rising demand for drug development, the clinical trials are rapidly increasing in the United States and Canada.
In addition, constant advancements in eCOA modalities and strategic collaborations between major market players are contributing to the rising demand for these solutions in the country. For instance, In June 2018, OmniComm Systems Inc. and Kayentis entered a partnership, under the terms of the partnership, the two companies are expected to work together to provide life science clients with OmniComm’s TrialMaster electronic data capture (EDC) suite integrated with Clin’form, eCOA solution Suite from Kayentis, thereby, offering enhanced integration of the two platforms.
The clinicians across the region rely on novel technologies for data management. Owing to the significance of eCOA solutions in providing ease of access, clinicians are proffering these platforms for clinical trial management.
*Competitive Landscape*
Electronic Clinical Outcome Assessment Solutions (eCOA) market is moderately fragmented and competitive. Market players are focusing on new product launches and regional expansions to increase their market share. The key market players operating in the market include IQVIA Inc., Veeva Systems, Parexel International Corporation, Signant Health, WIRB-Copernicus Group amongst others.
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