(MENAFN- Ameliorate Digital Consultancy)
According to its findings, the industry is positioned to post significant increases through 2021, as increased digitalization in the pharmaceutical sector aids the development of the eCOA, eSource, and clinical trials markets. Long-term expansion prospects are predicted to continue favourable, with a high growth rate continuing until 2031.
According to the survey, the rising spending on clinical trials and the adoption of digitalization in the pharmaceutical sector have fueled market growth. Based on these characteristics, the market is expected to grow at a 14% CAGR through 2029.
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Furthermore, various pharmaceutical, biotech, and medical companies are pushing for the development of eCOA clinical trial solutions in order to lower the cost of clinical development and studies, which is becoming increasingly important. Key firms have focused on increasing research and development (R&D) activities by integrating digital solutions such as eCOA, eSource, and clinical trials. Leading players are using digital technology to enhance the number of clinical trials and pharmacological investigations. As a result, the advent of advanced technologies is assisting market expansion.
“Manufacturers are expanding expenditures in digital technology to boost the R&D efficiency for clinical trials in the future.“Recent advancements in cloud-based technology and increased demand for clinical trials are broadening expansion potential, consequently broadening revenue prospects for key market competitors,” says the Fact.MR researcher.
Key Takeaways
eCOA is predicted to account for about half of the market share in terms of solution type. Clinical trial solutions will account for 40% of the market by 2021 and beyond. Cloud-based deployment will account for roughly 65% of the market. Extensive research and development spending across India to stimulate market growth in the country Increased demand for breakthrough technologies in educational and research institutes will drive demand for eCOA clinical trials in the United States. Rising clinical trials in China and Japan will help the East Asian market flourish. Germany is predicted to emerge as a promising market, owing to the country's advancement in biotech medical industries.
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Prominent Drivers
Increasing digitization adopted by various pharmaceutical and medical companies to aid the development of market Rising research and development (R&D) activities and growing demand for drug devices and solution is likely to boost the demand of eCOA, eSource & clinical trial market
Key Restraints
Lack of internet connectivity and excessive dependency on the internet is likely to impede the growth of eCOA, eSource & clinical trials market Error in clinical trial solutions due to the lack of interaction between healthcare professionals and patients may obstruct the demand of market
Key Coverage and Benefits:
The report will help in developing business strategies by understanding the trends shaping and driving the global ECOA, eSource & Clinical Trials Market. Organize sales and marketing efforts by identifying the best opportunities for ECOA, eSource & Clinical Trials in the US, Europe, and Japan. To understand the future market competition and insightful review of the key market drivers and barriers. To understand the regulatory scenario in major markets.
The report is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end-users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Competitive Landscape
Prominent players profiled by Fact.MR that are operating in the global eCOA, eSource & clinical trials market includes Open Clinica LLC, CRF Health Inc., ERT Clinical, Medidata Solutions Inc., ArisGlobal LLC., Health Diary Inc., ICON PLC, PAREXEL International Corporation, OmniComm Systems Inc., Medrio Inc., Bio-Optronics Inc., Covance Inc., and Medpace Holdings Inc. among others. Advancement in healthcare sector has compelled the healthcare companies to formulate unique strategies to maintain the competitive edge in the industry. Several key players are focusing on collaborations to improve their patient-centric technology.
For instance, on February 23rd 2021, ERT, the global leader in clinical endpoint data collection, announced a new solution for enabling the collection, processing and analysis of photos and audios as a part of clinical trial eCOA assessments.
Likewise, in February 2020, Clinical Ink, a global clinical trial technology company, announced the addition of their new component to their Lumenis eSource Ecosystem which includes clinical module with direct data capture.
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eCOA, eSource & Clinical Trials Market: Segmentation
By Solution Type : eCOA (Electronic Clinical Outcome Assessment) ePROs (Patient Reported Outcomes) ClinROs (Clinician Reported Outcomes) ObsROs (Observer Reported Outcomes) PerfOs (Performance Outcomes)
eSource Clinical Trials Solutions Clinical Data Management Systems (CDMS) Clinical Trial Management Systems (CTMS) Randomization and Trial Supply Management Systems (RTMS) Trail Planning and Safety Solutions
Electronic Data Capture (EDC)
By Deployment : On Premise Licensed Enterprise Cloud based (SaaS)
By End User : Contract Research Organizations Hospitals & Other Healthcare Facilities Pharmaceutical/Biotechnology/Medical Device Companies Educational & Research Institutes
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