eCOA Solution Market Outlook

By Aashi Mishra, Research Nester

Fast and flexible, eCOA platforms help collect clean and reliable data that is ready to use in real time and can help accelerate the delivery of new treatments. The eCOA solution market is anticipated to capture $15.1 billion by the year 2036, growing at a CAGR of almost 15.1% during the forecast period. In 2023, the eCOA market garnered almost $1 billion alone. The growth drivers that are boosting the eCOA market include:

• Rising burden on pharmaceutical manufacturers. Almost 30% of the world’s data volume is generated by the healthcare industry. To streamline and judiciously utilize healthcare data, the eCOA market is anticipated to grow to meet those needs.

• Rising prevalence of chronic diseases. Globally, nearly one in three adults suffers from multiple chronic conditions. Additionally, patients with various diseases are increasingly relying on telemedicine, fueling eCOA market growth. As the data reveals, almost 80.1% of the people have accessed healthcare by using telemedicine.

North American eCOA Market Regional Analysis

The North American eCOA market is anticipated to gather the highest share — about 30% — of the global market during the forecast period. The region has remarkable healthcare facilities and considerable government investments. For example, in 2022 alone, the North American eCOA market garnered $194 billion and is expected to reach $676 billion by 2030. Furthermore, in the U.S., 56.1% of physicians are engaged in discussions about mHealth with their patients. Also, almost 17.1% of the doctors in the U.S. are utilizing telemedicine.

The eCOA solution market can be sub-segmented as web-based, on-premises-based, or cloud platform-based. The web-based eCOA segment is expected to earn the largest share of about 51% by 2036. In addition, eCOA solutions can be sub-segmented based on end users, such as pharmaceutical and biopharmaceutical companies, CROs, medical device manufacturers, consultancies, hospitals, and academia. Out of these, CROs are projected to hold an almost 31% share of the global eCOA solution market. Some of the primary companies providing eCOA solutions include Assistek, Oracle, Castor, Clario, Signant Health, Mednet, Veeva Systems, WCB Clinical, Cloudbyz, and Clin Capture. Various pharmacies are getting flexible platforms to revamp their efficiency by delivering real time data through eCOA.

Understanding The Benefits Of eCOA

When patient data is entered manually and done so incorrectly, it needs to be researched and corrected by hand, lengthening clinical trial timelines. But what’s more, and on a larger scale, according to Infinite-O Global, dirty data costs between 15% and 25.1% of the revenue of healthcare businesses. Furthermore, almost 97.1% of healthcare leaders believe they have a data readiness challenge. This leads to degraded patient care, ineffective decision-making and difficulty in achieving interoperability. However, eCOAs can help by:

• allowing researchers to collect data in real time,
• improving visualization of results,
• storing more data in the cloud,
• maintaining clear audit trails, and
• fostering a diverse healthcare approach.

The shift from paper outcome assessments to eCOA in clinics can reduce the cost of outpatient significantly. Because of this, some healthcare providers are opting to deploy eCOA through tablets, smartphones, computers, and integrated devices. eCOA offers substantial benefits over paper, including:

• improved data quality,
• better patient experience,
• avoidance of paper’s costs, and
• supported by regulatory agencies.

Plus, eCOA platform setup is three times faster than traditional methods while still improving quality. Furthermore, doctors are willing to harness the potential of the IoT in healthcare through adoption of eCOA. Owing to and supporting increased growth in the healthcare IoT, and specifically eCOA, markets are seeing the following developments:

• There were almost 10 billion IoT devices active globally in 2021.
• Various eCOA companies serve over 120 countries and communicate in over 100 languages.
• Global spending on IoT is anticipated to total nearly $15 trillion between 2019 and 2025.
• The virtual physician consultations market is anticipated to grow by 8.5% during 2023-2028.

Conclusion

The global eCOA market is anticipated to see remarkable growth, with various market players harnessing profit and maintaining their customer base. Although it is quite important to understand market constraints, regional analysis, segmentation, etc., these factors help in the judicious allocation of budgets and the ability to maximize the budding opportunity.

About The Author:

Aashi Mishra is an experienced research writer, strategist, and marketer with Research Nester who loves to distill complex industrial terminologies of market space into simpler terms.