The global Electronic Clinical Outcome Assessment (Ecoa) Solutions Market is
expected to reach USD 2.16 billion by 2025, according to a new report by Grand
View Research, Inc. The complexity in healthcare information management is
anticipated to fuel the demand for eCOA solutions in coming years. These
solutions deliver accurate and timely health information and reduce burden of
patients enrolled in clinical trials.
eCOA measures overall mental
state, patient symptoms, and the progression of a disease. Electronic diaries
and electronic Patient Reported Outcomes (ePRO) are a part of eCOA platforms.
Electronic diaries help document patient response. These are used as support
systems for ePRO. In all the applications of clinical outcome assessment
systems, the compliance rates are more than 90%, which helps accelerate
research procedures.
In addition, assessment systems
help detect probable adverse conditions in advance for patients, which is
crucial for taking preventive measures to avoid adverse effects in future. The ePRO
platforms transfer real-time data from the patients to healthcare professionals
for accurate decision-making and better evaluation of a patient’s health. Thus,
the adoption of these platforms is expected to grow in near future.
Growing adoption of software
solutions during research studies, high R&D expenditure by pharmaceutical
companies, favorable government grants to support clinical trials, and widening
base of potential customers are some of the key contributing factors for market
growth.
Further Key Findings From the Study
Suggest:
- Rising adoption of technologically advanced
wearable and handheld medical devices helps capture clinical outcomes
electronically, further making the medical information assessment easier
- The core advantage of web-based services is
ability to access information from remote locations using only one
computer or monitoring device in healthcare settings
- Cloud-based solutions are anticipated to grow
at an exponential rate owing to integrated features that include flexibility,
high accessibility, negligible handling costs, and easy data backup
- Contract research organizations dominated the
market as major pharmaceutical companies are focused on reducing
expenditure on clinical trials
- North America held the largest market share
owing to the local presence of well-established market players coupled
with large number of ongoing research in this region
- Asia Pacific market is expected to show fastest
growth over the forecast period owing to the availability of a large
number of contract research firms offering eCOA platforms to large
pharmaceuticals
- The companies are making significant
investments to implement eClinical solutions in order to manage medical
information, owing to the benefits it offers
Browse Details of Report @ http://www.grandviewresearch.com/industry-analysis/electronic-clinical-outcome-assessment-ecoa-solutions-market
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