Houston, TX -- (SBWIRE) -- 04/03/2018 -- The global Electronic Clinical Outcome Assessment (eCOA) solutions market size was estimated at USD 616.9 million in 2016. The rising adoption of eCOA by medical research professionals is driving market growth. For instance, the Journal of Clinical Studies in 2015, estimated that currently 7% of all trials are incorporating eCOA solutions and it is anticipated to grow by 20% by 2018.

As the healthcare sector is witnessing lucrative growth, the demand for research studies to develop novel drugs and treatments is also increasing. With the rising number of research studies, the need for centralized data capture system is also increasing. Thus, the aforementioned factors are anticipated to fuel product demand over the forecast period.

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Some of the most prominent Key Vendors:
Paraxel International Corporation; Medidata Solution, Inc.; Merge Healthcare Incorporated; BioClinica; eClinical Solutions; CRF Health; ERT Clinical; and OmniComm Systems, Inc

In addition, rising burden on pharmaceutical manufacturers to cut down overall costs for new drug development procedures has resulted in their rising inclination toward electronic data capturing from paper-based procedures. The data capturing via eCOA platforms improves quality of information received, harmonizes the data collection procedures, and offers significant value to its users, such as data analysis.

Electronic-based services for data capturing & analyzing meet all the challenges of paper-based records, with increase in patient compliance. They also eliminate the risk of data variance and minimize the site monitoring cost. Streamlined information offered by these solutions helps improvise the data quality by collecting the information in structured way. These aforementioned benefits with the use of eCOA are expected to drive the demand for products in coming years.

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However, implementation of cloud based platforms is expected to change the market dynamics. These platforms offer a single platform by which researcher, patient, and sponsor can have the access to medical information. Cloud based eCOA services are presumed to show lucrative growth over the forecast period. The shifting preference from web hosted to cloud based services is due to the advantages associated with the use of cloud based solutions.

Cloud based platforms enable the user to keep track of all the information, minimizes the risk of data theft by providing secure platform for information sharing and doesn't requires established IT infrastructure.

Contract Research Organizations (CROs) held the largest revenue share in 2016 and are expected to witness significant growth in near future due to growing demand from the major pharmaceutical companies. Increasing burden on pharma companies for saving the overall cost on clinical development studies is expected to have a positive impact on growth of CROs segment over the forecast period.

Hospitals are adopting electronic data capturing services to improve patient engagement in research studies, as eCOA digitally collects the information from both patients and doctors. eCOA captures information on handheld devices such as smartphones & tablets, interactive voice response systems, browsers, and patients' Bring-Your-Own-Device (BYOD). It utilizes secure systems that meet the regulatory guidelines for capturing clinical data

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Table of Contents:
Chapter 1 Global Electronic Clinical Outcome Assessment (ECOA) Solutions Market Overview
Chapter 2 Global Economic Impact on Industry
Chapter 3 Global Market Competition by Manufacturers
Chapter 4 Global Production, Revenue (Value) by Region
Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Global Production, Revenue (Value), Price Trend by Type
Chapter 7 Global Market Analysis by Application
Chapter 8 Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Global Market Forecast