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

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

The electronic clinical outcome assessment solutions (eCOA) market is expected to record a CAGR of 17.4% over the forecast period (2022 - 2027).

The ongoing COVID-19 pandemic is an unprecedented health concern and adversely affects communities, industries, businesses, and lives worldwide. COVID-19's immediate and direct potential impact has already led to the loss of millions of lives and a considerable increase in healthcare costs. As multiple potential medicines were tried before the development of vaccines and used to treat coronavirus-induced infection, medical monitoring and safety reporting are critical. Thus, the demand for electronic clinical outcome assessment solutions increased, and it is further expected to increase in the 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 4,000 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 clinical trials due to the repurposing of several medicines is expected to increase the demand for electronic clinical outcome assessment solutions.

Certain factors that are propelling the market growth include increasing externalization of clinical trial studies by large pharmaceutical and biopharmaceutical companies, growing demand for cloud-based services, and growing advancements in eCOA modalities.

With the advancement in technology, eCOAmodalities are becoming accessible and easy to use. The reduction in paper-based methods indicates the potential benefits gained with the use of electronic technologies and points to a clear shift from paper-based methods. For instance, in March 2022, Kayentis, a global provider of eCOA and Decentralized Clinical Trial solutions launched a fully integrated patient-centric platform that optimizes the management of hybrid and Decentralized Clinical Trials (DCT). This streamlined platform alleviates many logistical hurdles in bringing key elements of the clinical trial to patients’ homes, while vastly improving how patients and sites use DCT technologies. Similarly, In June 2021, Medidata, a Dassault Systèmescompany launched myMedidataRegistries, a new technology that expands and strengthens the myMedidatapatient portal to engage patients before and after (i.e., long-term follow-up/safety surveillance) a clinical trial. myMedidataRegistries is a transformative technological capability that extends the myMedidatapatient portal - addresses a critical need in clinical development by engaging patients pre- and post-trial.

Additionally, regulatory bodies have emphasized more on the significance of assessing broader aspects of patient well-being to better characterize therapeutic gain. Clinical outcome assessments (COAs) are therefore being used more frequently to gauge the effectiveness of various chronic illnesses' therapies. These have frequently been very important in the regulatory approval of medicines. The introduction of numerous services will also contribute to its expansion. For instance, in June 2021, Signant Health launched a novel acceleration program that cuts study setup timelines by 50% or more without compromising the quality of clinical data produced. Thus, the increasing launches of novel programs that benefit the companies in assessing clinical trial studies are likely to increase the demand for electronic clinical outcome assessment solutions, thereby boosting the market growth.

However, data security and privacy concerns and high implementation costs are likely to restrain the market growth.

Key Market TrendsCloud-based eCOA Segment expected to Grow at a 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 this software is lower than other systems. Moreover, this software eradicates 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 software is incredibly versatile in terms of scalability owing to the cloud-based distribution strategy (pay-as-you-go storage utilization). It is designed to eliminate expenses and improve efficiency by streamlining and consolidating storage resources by removing departmental silos of clinical data. Increasing adoption of these platforms by pharmaceutical companies and contract research organizations is likely to drive the segment growth which is further expected to augment the market growth. Remote access to data, real-time data tracking, and a simpler complex physical ecosystem are notable benefits associated with cloud-based systems.

Large and reputed vendors are entering the cloud market. The cloud infrastructure also ensures authentic business continuity and disaster recovery solutions to maintain the standard of patient care. Hence, cloud-based solutions are expected to register good growth in the market.

Moreover, the key market players are involved in continuous product development, collaborations, and partnerships to augment market penetration. For instance, in January 2021, YPrime LLC launched its 5th generation electronic clinical outcome assessment (eCOA) platform, which is expected to provide an improved user experience for patients, clinical investigators, sponsors, and CROs. This advanced technology will also enhance clinical trial efficiency, increase site satisfaction, and improve patient compliance. Similarly, in December 2021, SureClinical, a provider of cloud-native eClinicalapplications, launched its new EclinicalEcosystem ECO Applications and Platform Bundle. The ECO Bundle connects people, programs, projects, and processes all over the world for a unified view of clinical data and is specifically designed for the needs of Clinical Research Organizations. Thus, the increasing eCOA platforms and applications are expected to increase the demand for cloud-based delivery modes, which is expected to augment the market growth over the forecast period.

Thus, the increased benefits and cost-efficiency of cloud-based solutions and increased product launches are expected to drive the market studied during the forecast period.

North America is Expected to have a Significant Market Share

The electronic clinical outcome assessment solutions (eCOA) market in North America is anticipated to grow significantly during the forecast period owing to the factors such as rising clinical trials. With the increasing demand for developing novel drugs, clinical trials are rapidly increasing in the United States and Canada.

Additionally, the continuous growth of healthcare infrastructure in the United States and the increase in research and development activities leading to the rising number of clinical trials are expected to boost the market growth. For instance, as per the “U.S. Investments in Medical and Health Research and Development 2016-2020” report, published in January 2022, federal government investment accounts for one-quarter (25%) of all United States medical and health research and development (R&D) at USD 61.5 billion, with the National Institutes of Health (NIH) alone accounting for 20% (USD 48.9 billion) of all such investment in 2020. Thus, the investments in the country are expected to propel market growth in the United States.

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 2021, SignantHealth, one of the players in evidence generation for modern clinical trials, launched a new acceleration program that reduces study setup timelines by 50% or more without compromising the quality of clinical data generated or the scientific impact of Signant’sin-house therapeutic area expertise on study outcomes. Similarly, in March 2021, EvidentIQ group launched a new eCOAand eFeasibilityofferings combining scientific services with a comprehensive software suite usable on any device. Thus, the constant launch of new solutions and services is keeping the competition higher, and contributing to the market growth.

Therefore, owing to the aforesaid factors the market studied is expected to grow in the region over the forecast period.

Competitive Landscape

The 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 include IQVIA Inc., Veeva Systems, Parexel International Corporation, Signant Health, and WIRB-Copernicus Group.

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