Outlook on the Electronic Clinical Outcome Assessment Solutions Global Market to 2030 - Featuring IBM, Medidata Solutions, Iqvia and Clarios Among Others
The global electronic clinical outcome assessment solutions market size is anticipated to reach USD 4.12 billion by 2030. The market is expected to expand at a notable CAGR of 14.8% from 2022 to 2030. The key factors driving the market growth include increasing interoperability across eClinical solutions, the surge in adoption owing to the COVID-19 pandemic, the use of telehealth, the need to comply with changing regulations, and the increasing complexity of data generated in clinical research.
The COVID-19 pandemic led to operational hurdles in clinical research activities including clinical trials. This included postponement of trials, recruitment challenges, and management problems. The pandemic, however, accelerated the adoption of enabling technologies for managing clinical trial operations and data. This boosted demand for eClinical solutions including electronic clinical outcome assessment (eCOA) solutions. As patients were unable to visit trial sites, eCOA solutions emerged as a reliable solution to collect patient data. It also helped sites maintain compliance during the pandemic. For instance, IQVIA reported that its eCOA platform was deployed multiple times during the pandemic in clinical trials.
The complexity in healthcare information management is anticipated to fuel the demand for eCOA solutions in the coming years. These solutions deliver accurate and timely health information and reduce the 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 responses. These are used as support systems for ePRO. eCOA solution from Cloudbyz for instance, includes ePRO and eDiary functionalities and supports electronic clinical outcome data capture with compliance adherence.
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 the 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 a widening base of potential customers are some of the key factors contributing to market growth.
Web & 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. The added advantage of remote access to information also contributes to segment growth.
Contract research organizations dominated the electronic clinical outcome assessment solutions market as major pharmaceutical companies are focused on reducing expenditure on clinical trials.
Asia Pacific market is expected to show the fastest growth over the forecast period owing to the increasing clinical research activities by end-users such as CROs and biopharmaceutical companies.
