Global Electronic Clinical Outcome Assessment Solutions Market Size

Electronic Clinical Outcome Assessment Solutions Market Analysis

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.