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Electronic Clinical Outcome Assessment Solutions (eCOA) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 115 Pages
  • February 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4622549

The Electronic Clinical Outcome Assessment Solutions (eCOA) market is expected to grow with a CAGR of 17.4% over the forecast period.

The ongoing COVID-19 pandemic is an unprecedented health concern and is adversely affecting communities, industries, businesses, and lives around the world. COVID-19's immediate and direct potential impact has already led to a loss of millions of lives and a considerable increase in healthcare costs. As multiple potential medicines were tried before development of vaccines and also being used to treat the coronavirus-induced infection, medical monitoring and safety reporting are critical. Thus, the demand for electronic clinical outcome assessment solutions was increased and further expected to increase in near future. According to the research article published in the American Chemical Society Pharmacology and Translational Science, 2020, new potential therapeutics for COVID-19 identified with a combined virtual and experimental screening strategy and selected among the already approved drugs were studied to screen for structural similarity against a library of almost 4000 approved drugs with hydroxychloroquine (HCQ) as a reference drug. The study proposed zuclopenthixol, nebivolol, and amodiaquine as potential candidates for clinical trials against the early phase of the SARS-CoV-2 infection and remdesivir and favipiravir therapeutics as potential adjuvants in COVID-19 treatment. Therefore, the increase in the number of clinical trials due to repurposing of several medicine is expected to increase the demand for electronic clinical outcome assessment solutions.

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.

Moreover, 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. In addition, launch of several services into the market will also lead to its growth. For instance, in June 2021, Signant Health launched a new acceleration program that reduces study setup timelines by 50% or more without compromising the quality of clinical data generated, thereby generating significant market growth.

However, data privacy concerns and high implementation costs are acting as major restraints for the growth of the market.

Key Market Trends

Cloud Based eCOA Segment expected to Grow at Significant Rate

Cloud-based solutions are comparatively newer approaches and are mostly used by organizations that lack the internal infrastructure to support them. The installation cost of these software is lower than other systems. Moreover, these software eradicate the need for in-house maintenance, which is likely to be the prime factor driving their increasing demand. Cloud-based systems are ideal for complex, multisite clinical studies because all information (study protocols, patient data, outcomes, etc.) are stored in a central location and maintained by a third-party service provider.

The cloud-based delivery model makes the software extremely flexible regarding scalability (pay-as-you-go storage utilization). It simplifies and consolidates storage resources to reduce costs and enhance workflow by eliminating departmental silos of clinical information. Increasing adoption of these platforms by pharmaceutical companies and contract research organizations is driving the segment. Remote access to data, real-time data tracking, and a simpler complex physical ecosystem are notable benefits associated with cloud-based systems.

The large and reputed vendors are entering the cloud market. The cloud infrastructure also guarantees true disaster recovery and business continuity solutions to support the quality of patient care. Hence, cloud-based solutions are expected to register good growth in the market. The key market players are involved in continuous product development, collaborations, partnerships, and alliances to augment market penetration. For instance, in January 2021, YPrime, LLC. launched their 5th generation electronic clinical outcome assessment (eCOA) platform which is expcected to provide improved user experience for patients, clinical investigators, sponsors, and CROs. This advanced technology will also enhance clinical trial efficiency, increases site satisfaction, and improves patient compliance. Thus, due to the increased benefits and cost efficiency of cloud based solutions and increased product launches is expecetd to drive the studied market during the forecast period.

North America is 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. Furthermore, in August 2019, IQVIA, a United States based organization, launched new electronic clinical outcome assessment cloud- based technology solutions which is emphasized at collecting direct from patient data and capturing quantified data of patients experienece during clinical trials and real world studies.

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.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Externalization of Clinical Trial Studies by Large Pharmaceutical and Biopharmaceutical Companies
4.2.2 Growing Demand for Cloud Based Services
4.2.3 Constant Advancements in eCOA Modalities
4.3 Market Restraints
4.3.1 Data Security and Privacy Concerns
4.3.2 High Cost of Implementation
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Delivery Mode
5.1.1 Web Hosted
5.1.2 Cloud Based
5.2 By Approach
5.2.1 Patient-reported outcome (PRO)
5.2.2 Clinician-reported outcome (ClinRO)
5.2.3 Observer-reported outcome (ObsRO)
5.2.4 Performance outcome (PerfO)
5.3 By End-User
5.3.1 Pharmaceutical and Biopharmaceutical Companies
5.3.2 Contract Research Organizations
5.3.3 Others
5.4 Geography
5.4.1 North America United States Canada Mexico
5.4.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.4.3 Asia Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.4.4 Middle-East and Africa GCC South Africa Rest of Middle-Eastst and Africa
5.4.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Oracle Corporation
6.1.2 Castor EDC
6.1.3 Dassault Systmes (medidata)
6.1.4 ERT Clinical
6.1.5 IQVIA Inc.
6.1.6 Kayentis
6.1.7 Veeva Systems
6.1.8 Parexel International Corporation
6.1.9 Signant Health.
6.1.10 WIRB-Copernicus Group
6.1.11 Mednet Solutions
6.1.12 Dassault Systemes (Medidata)

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Oracle Corporation
  • Castor EDC
  • Dassault Systmes (medidata)
  • ERT Clinical
  • IQVIA Inc.
  • Kayentis
  • Veeva Systems
  • Parexel International Corporation
  • Signant Health.
  • WIRB-Copernicus Group
  • Mednet Solutions
  • Dassault Systemes (Medidata)