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.
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.
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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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
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
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)
5.3.1 Pharmaceutical and Biopharmaceutical Companies
5.3.2 Contract Research Organizations
5.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.4.3 Asia Pacific
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-Eastst and Africa
5.4.5 South America
126.96.36.199 Rest of South America
6 COMPETITIVE LANDSCAPE
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.
6.1.7 Veeva Systems
6.1.8 Parexel International Corporation
6.1.9 Signant Health.
6.1.10 WIRB-Copernicus Group
6.1.11 Mednet Solutions
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.