Dublin, Aug. 09, 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
The ePRO or eCOA platform offers significant benefits as it mitigates costs, reduces trial times, and reduces administrative burden. It is possible to standardize accurate studies with eCOA. Government regulations mandate the maintenance of EHR (Electronic Health Records). Electronic devices and mobile technologies are being increasingly used in the healthcare sector. Electronic devices are being harnessed to collect and report clinical outcomes.
Users benefit from the data interpretation offered by eCOA products when compared with traditional paper-based resources. This is due to a better quality of information gathering as well as harmonized data systems. 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.
Amid the COVID-19 crisis, the global market for ePRO, E-Patient Diaries and eCOA estimated at US$1.6 Billion in the year 2022, 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.
The U.S. Market is Estimated at $563.4 Million in 2022, While China is Forecast to Reach $326.9 Million by 2026
The ePRO, E-Patient Diaries and eCOA market in the U.S. is estimated at US$563.4 Million in the year 2022. The country currently accounts for a 35.58% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$326.9 Million in the year 2026 trailing a CAGR of 17.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.9% and 13.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.6% CAGR while Rest of European market (as defined in the study) will reach US$387.2 Million by the end of the analysis period. Developed regions of North America and Europe account for a significant share of the market owing to rise in the number of clinical trials.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
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
- 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
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Total Companies Profiled: 49
- Anju Software, Inc.
- ArisGlobal LLC
- ERT Clinical
- ICON plc
- Kayentis, SAS
- Medidata Solutions Inc.
- Signant Health
For more information about this report visit https://www.researchandmarkets.com/r/py2qli
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