The most recent fact. According to an MR survey, healthcare facilities, contract research organisations, and educational and research institutes spent a total of US$ 1,950 million in 2018 on eCOA solutions. The Global eCOA market is expected to rise significantly through 2019, owing to the increased use of digitization in the healthcare industry and a significant increase in pharma expenditure on clinical trials.
According to the report, the rapidly rising deployment of clinical trial solutions, which accounted for 40% of overall spending on eCOAs in 2018, will continue to appeal to a growing bandwidth of institutions until 2029.
Clinical trials are the bedrock of pharmaceutical companies’ operations, which have been under constant pressure to meet the growing demand for safe and effective therapies at reasonable pricing. With so much at stake, healthcare facilities, medical device businesses, and educational and research agencies have focused their efforts on making clinical trials more efficient.
Stakeholders Eyeing Opportunities through Collaborations
As the healthcare industry dives deeper into advanced technology, a number of businesses have devised unique tactics to stay ahead of the curve. Several pharmaceutical corporations, research institutions, and contract research organisations (CROs) have prioritised cooperation while embracing technology to develop patient-centric experiences. Signant Health, for example, has developed a partner programme to work with Clinical Research Organizations (CROs) focused to improving clinical trials through the use of patient-centric technologies.
Iqvia has also just launched the eCOA cloud-based technology platform, which quantifies the patient experience while enhancing efficiency and shortening delays.
Growing Demand for Clinical Trials to Underpin Spending of Emerging Regions
According to the study, the rising frequency of numerous chronic infectious diseases has created a critical unmet demand in developing nations for efficient clinical trials. Furthermore, rising medical costs in these locations, which can be ascribed to the fact that private institutions are the primary suppliers of healthcare in these areas, continue to drive clinical trial participation in developing countries.
This, combined with rising knowledge of the cost and efficiency benefits of adopting eCOA technologies for conducting clinic studies, as well as a more forgiving regulatory environment, are anticipated to make developing countries like China and India more viable for market players.
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