Dublin, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The "ePRO, E-Patient Diaries and eCOA - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global ePRO, E-Patient Diaries and eCOA Market to Reach US$2.8 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for ePRO, E-Patient Diaries and eCOA estimated at US$1.3 Billion in the year 2020, is projected to reach a revised size of US$2.8 Billion by 2026, growing at a CAGR of 14.3% over the analysis period.
Growth in the global market is set to be fueled by increasing pressure on medical device, pharmaceutical and biotechnology companies for improving the productivity, reducing costs, and expediting the process of drug development. Growth in the market is also being driven by the continuous rise in demand for clinical trials and research studies to develop new drugs, therapies and vaccines.
Specifically, the COVID-19 pandemic has led to increased focus by pharma companies and clinical study companies on development of new therapies, vaccines and drugs for managing COVID-19 infection. Faster trial implementation, real-time data sharing, and increased visibility became more relevant during the development of vaccines against SARS-CoV-2. Also, since there are more people using smartphones, therefore there is greater acceptability of eCOA and ePRO methods.
However, need for Internet connectivity, lack of patient awareness about these advanced technologies and shortage of sufficiently skilled persons with technical know-how inhibit the growth and expansion of the market. Concerns about data privacy are another inhibiting factor, with technology advancements and clinical communication and collaborative solutions raise concerns about privacy and security.
EClinical Outcome Assessments (eCOAs), one of the segments analyzed in the report, is projected to grow at a 14.6% CAGR to reach US$1.1 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the epatient Reported Outcomes (ePROs) segment is readjusted to a revised 15.9% CAGR for the next 7-year period. This segment currently accounts for a 21.6% share of the global ePRO, E-Patient Diaries and eCOA market.
Growth in the eCOA market is being spurred by the increase in clinical trials being conducted, growth in R&D spending in pharma industry, rising prevalence of chronic diseases, and the growing need for real time data analysis. More emphasis on the patient reported outcomes as well as push towards the use of technology in clinical trials is resulting in massive growth in the use of ePRO.
Another factor which is expected to propel the ePRO market in the coming years is the growing post-market research activity, which requires data to be collected for lifecycle management of patented drugs, reimbursement analyses, and safety evaluation.
Clinician Reported Outcomes (ClinROs) Segment to Reach $441.5 Million by 2026
A Clinician Reported Outcome (ClinRO) refers to a report that is received from a healthcare professional based on observations of the patient's health condition.
The rise in electronic data capture and availability of better quality data, which is importance for clinical trials, presents lucrative opportunities for ClinRO. In the global Clinician Reported Outcomes (ClinROs) segment, USA, Canada, Japan, China and Europe will drive the 12.8% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$178 Million in the year 2020 will reach a projected size of US$413.2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$47.8 Million by the year 2026.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Pandemic Jolt Brings Strategic & Lasting Changes to Healthcare Sector
- COVID-19 Expedites Healthcare Ecosystem's Evolution for Better Care & Cost Savings
- The Adoption of Telemedicine Services Accelerates Amidst the Pandemic
- COVID-19 Outbreak Compels Clinical Trials Industry to Move Towards ePRO
- eCOA Solutions Help Address Hurdles Due to COVID-19 Pandemic
- eCOA Playing a Part in Development of COVID-19 Vaccine
- An Introduction to ePRO, E-Patient Diaries and eCOA
- Global Market Prospects & Outlook
- eCOA: The Largest Category
- Competition
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 49 Featured)
- Anju Software, Inc.
- ArisGlobal LLC
- ERT Clinical
- ICON plc
- Kayentis, SAS
- Medidata Solutions Inc.
- Mednet
- Signant Health
3. MARKET TRENDS & DRIVERS
- Digitalization of Healthcare Services and Rising Importance of Electronic Data Capture Technologies to Fuel Market Growth
- Growing Demand for Clinical Trials Drives Need for ePRO, ePatient Diaries, and eCOA Solutions
- COVID-19 Pandemic Triggers Technology Adoption in Clinical Trials
- Shift Towards Decentralized/Virtual Clinical Trials to Boost Market Prospects
- Role of eCOA & ePRO in Enhancing Data Accuracy of Decentralized Clinical Trials
- Growing Volumes of Data Generation in Decentralized Trials: A Challenge
- Adoption of Digital Technologies in Contract Research Organizations Bodes Well for the Market
- COVID-19 and Implications for Drug Development Regulations & Processes
- Advances in ePRO Technologies Promise Better Clinical Decision Making in Healthcare Systems
- Rise in Telemedicine Services Present Market Opportunities
- Growing Adoption of Mobile Technologies and BYOD Trend in Healthcare Industry Boosts Market Prospects
- Electronic Patient Record (ePRO) Solutions Emerge as Ideal Replacements for Paper-Based PRO systems
- Major Benefits of ePRO over Paper Form in Clinical Trials
- Factors Ensuring Success ePRO Implementations
- ePatient-Reported Outcomes (PROs) Gain Importance in Oncology Studies
- Key Technology Trends Impacting the ePRO in Clinical Trials
- Data Integrity, Security & Privacy: Key Priorities for ePRO Solutions
- Electronic Clinical Outcome Assessment Solution (eCOA) Market: Poised for Growth
- Technological Trends Transforming eCOA Solutions Market
- E-Patient Diaries: Significant Advantages over Paper Diaries to Drive Market
- Major Benefits of ePatient Diary
- Increase in Healthcare Spending to Propel Demand
- Increasing Burden of Chronic Diseases and Focus on Drug Development, Therapies and Vaccines Boosts Market
- Aging World Population & COVID-19 Induced Re-Focus on Aging-In-Place to Drive Market Growth
4. GLOBAL MARKET PERSPECTIVE
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/uh5hxs
