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Electronic Clinical Outcome Assessment Solutions Market 2024-2033
Electronic Clinical Outcome Assessment Solutions Market
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According to The Business Research Company's, The electronic clinical outcome assessment solutions market size has grown rapidly in recent years. It will grow from $1.45 billion in 2023 to $1.67 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to regulatory support, patient-centric approach, data quality and accuracy, cost efficiency and time savings, increasing global clinical trials.
The electronic clinical outcome assessment solutions market size is expected to see rapid growth in the next few years. It will grow to $2.84 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to integration with wearable devices, decentralized and hybrid trials, patient engagement strategies, security and compliance measures, remote monitoring and site collaboration. Major trends in the forecast period include artificial intelligence in clinical trials, clinical trial digitization, advancements in mobile technology, real-world evidence integration, patient-reported outcomes (PROs) emphasis.
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Market Drivers and Trends:
An increase in research and development activities is expected to propel the growth of the electronic clinical outcome assessment solutions market going forward. Research and development activities refer to activities that companies undertake to innovate and introduce new products and services. Electronic clinical outcome assessment solutions help research and development activities by capturing outcomes data electronically in clinical trials. For instance, in November 2023, according to the National Center for Science and Engineering Statistics, a US-based government agency, in the fiscal year 2022, academic institutions allocated a total of $97.8 billion to research and development, marking a rise of $8.0 billion compared to fiscal year 2021. Additionally, internal funding for Research and Development (R&D) at universities saw a notable increase of $2.1 billion compared to the fiscal year 2021, while R&D funding from businesses to universities witnessed a growth of $587 million. Therefore, an increase in research and development activities is driving the electronic clinical outcome assessment solutions market.
Technological advancements are a key trend gaining popularity in the electronic clinical outcome assessment solutions market. Major companies operating in the electronic clinical outcome assessment solutions market are developing innovative platforms to strengthen their position in the market. For instance, in January 2021, YPrime LLC, a US-based software company operating in the electronic clinical outcome assessment solutions market, launched its 5th generation electronic clinical outcome assessment (eCOA) platform, which is expected to provide a better user experience for patients, clinical investigators, sponsors, and CROs. This cutting-edge technology improves clinical trial efficiency, site satisfaction, and patient compliance.
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Major Key Players of the Market:
International Business Machines Corporation, IQVIA Holdings Inc., DuPont de Nemours Inc., Oracle Corporation, Olin Corporation, ERT Clinical, Huntsman International LLC, Dassault Systemes SE, OmniComm Systems Inc., Hexion Inc., Parexel International Corporation, Veeva Systems Inc., TransPerfect Translations International Inc., KUKDO CHEMICAL CO. LTD., Medidata Solutions Inc., Signant Health, Clario Inc., ArisGlobal LLC, WIRB-Copernicus Group Inc., Merge Healthcare Inc., YPrime LLC, eClinical Solutions LLC, CRF Bracket Company, Anju Software Inc., Castor EDC B.V., Kayentis, Mednet Solutions LLC, Clinical Ink Inc., Cloudbyz Inc., Climedo Health GmbH, ClinCapture Inc.
Electronic Clinical Outcome Assessment Solutions Market 2024 Key Insights:
• The electronic clinical outcome assessment solutions market size is expected to see rapid growth in the next few years. It will grow to $2.84 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%.
• Rising R&D On Electronic Clinical Outcome Assessment Solutions Market
• Technological Trends Shaping Ecoa Solutions Market
• North America was the largest region in the electronic clinical outcome assessment solutions market in 2023
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