The global electronic clinical assessment outcome (eCOA) solution market will see increasing use of connected devices and the Internet of Things (IoT) over the next 4 years.
Global technology and research advisory company, Technavio, has released a study of the electronic clinical assessment outcome (eCOA) technology market. It is expected to grow by over $1.2 million from 2022 to 2027, with a compound annual growth rate (CAGR) of 14.3%.
The market is segmented based on a company’s chosen deployment location (cloud-based or on-premises), target end-user (CROs, hospitals, pharmaceuticals, biological industry groups, and others), and primary location (North America, Asia, Europe, and the rest of the world). North America will contribute at least 36% to the growth of the global market during the forecast period, thanks to the increasing prevalence of chronic and lifestyle diseases, growing subsidies from government agencies, and greater adoption of innovative products.
The growth of the eCOA solution market is likely the result of growing digitization within the healthcare industry. Healthcare groups are prioritizing digital health, with common services like prescriptions, patient appointments, and diagnostics taking place remotely via state-of-the-art technology and devices. This trend helps drive the demand for eCOA solutions. Hospital systems will leverage these solutions to collect data and store it in one central location. Another factor is the rise of geriatric populations, which has shifted the focus toward solutions that improve the quality of all forms of patient care and make information easier to exchange between the patient and the provider.
The global eCOA solution market is also seeing increasing use of connected devices. Internet of Things (IoT) and connected medical devices, which are expected to dominate the healthcare industry, contributing to the the growth of the eCOA global market. IoT infrastructure not only improves accessibility to services, but it also reduces the operational burden on healthcare facilities and supports the development of digital ecosystems in healthcare organizations.
See also: A Virtual You: Digital Twins will Sample the Medicine Before You Do
Privacy and security concerns could block advancement
However, continued concerns over data security and privacy may impede market growth over the next five years. Healthcare organizational information and patient data have become vulnerable to cyberattacks due to the integration of data-generating devices into healthcare systems and the growing availability of data from health insurance companies and hospitals in a centralized place.
The global eCOA solution market will grow significantly in the next few years, as the healthcare industry continues its pursuit of digitization and digital transformation. With the increasing use of connected devices and technologies, and the rise in the geriatric population, the market can expect strong interest and investment. Although data security and privacy concerns may hinder market growth during the forecast period, this will be an area of potential for developers and investors alike.
