World News: 14:00 GMT Wednesday 14th August 2019. [Fact.MR via Globe Newswire via SPi World News]
Rockville, MD, Aug. 14, 2019 (GLOBE NEWSWIRE) -- The latest Fact.MR study indicates healthcare facilities, contract research organizations, and educational & research institutes collectively spent ~US$ 1,950 Mn on eCOA, eSource and clinical trials solutions in 2018. The is envisaged to witness substantial traction through 2019, with gains primarily driven by the growing penetration of digitization in healthcare sector and substantial increase in pharma spending on clinical trials.
Rapidly expanding deployment of clinical trial solutions, which contributed to ~40% of the total spending on eCOA, eSource, and clinical trials in 2018, will continue to appeal a widening bandwidth of institutions through 2029, says the report.
The Fact.MR study opines that though the deployment of clinical trial solutions overshadowed the use of Electronic Clinical Outcome Assessment (eCOA), eSource, and EDA in 2018, the market is envisaged to witness a range of changes during the foreseeable period. Growing penetration of Bring Your Own Device (BYOD) trend in clinical trials is highly likely to pace up the use of eCOAs, such as ePROS, ClinROs, ObsROs, and PerfORs across wide range of pharmaceutical companies and research facilities.
eCOAs is envisaged to hold ~45% of the overall spending share by the end of 2029, in line with the growing use of smartphones and tablets to seamlessly collect clinical data for analysis. Additionally, reduced cost and high scalability of eCOA are the primary determinants that continue to push its adoption during clinical trials, which is envisaged to contribute significantly to the growth of the eCOA, eSource & clinical trials market.
As the healthcare sector delves deeper into advanced technology, a large number of companies have formulated unique strategies to remain unaffected by the curve of change. Several pharmaceutical companies, research organizations and CROs have placed their focus on collaborations, while they embrace digitization to create patient-centric experiences. For instance, Signant Health has launched a partner program to collaborate with Clinical Research Organizations (CROs) that are dedicated towards improving clinical trials using patient-centric technology.
Additionally, Iqvia has recently launched a novel eCOA cloud based technology platform to quantify the patient experience, while increasing efficiency and reducing timelines at the same time.
As per the Fact.MR study, the increasing prevalence of various chronic infectious diseases has led to a dire unmet need for efficient clinical trials in developing countries. Moreover the rising medical expense in these regions, which can be attributed to the fact that private hospitals are the key healthcare providers herein, continue to fuel clinical trial participation in developing countries. This, coupled with the growing awareness about the cost and efficiency benefits of using eCOA, eSource & clinical trial solutions for conducting clinic trials, and comparatively lenient regulatory framework are likely to add to the lucrativeness of developing countries, such as China and India for market players.
The rapidly advancing healthcare infrastructure, fast internet connectivity, and stringent regulatory product approval framework continue to make North America and Europe a hotbed of opportunities for stakeholders. With an increased number of companies getting cloud based (SaaS) deployment of clinical trial solutions in developed regions, owing to smooth internet connectivity, the market continues to accelerate at a steady pace. Cloud based deployment of digitized solutions accounted for 64% of the overall spending in Europe.
As per the study North America eCOA, eSource & clinical trials spending has been witnessing a steady growth over the years, with the US spending expected to account for ~90% revenue share in the regional eCOA, eSource & clinical trials spending in 2018. In view of the manifold cost and processing benefits of digitization in clinical trials, a larger number of pharmaceutical companies, contract research organizations, and education & research institutions have shifted their focus on paperless approaches. Growing adoption of clinical trial solutions, which contributed ~40% revenue share in North America eCOA, eSource, and clinical trials market, continue to create a window of opportunities of growth for market players.
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Globe Newswire: 14:00 GMT Wednesday 14th August 2019
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