PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454043
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454043
According to Stratistics MRC, the Global EConsent in Healthcare Market is accounted for $432.1 million in 2023 and is expected to reach $1035.6 million by 2030 growing at a CAGR of 13.3% during the forecast period. EConsent in healthcare refers to the electronic process through which patients provide their informed consent for medical treatment, procedures, or participation in research studies using digital platforms or electronic systems. It encompasses the use of electronic signatures, online forms, and digital documentation to capture and store patients' consent preferences securely. It aims to streamline the consent process, making it more efficient and accessible for both patients and healthcare providers. It allows patients to review information about their treatment options, risks, benefits, and alternatives online, at their own pace, before consenting electronically.
According to the State of eConsent 2020 report by Signant Health, 28% of survey respondents integrated eConsent with EDC products and clinical trial management systems, while 17%, 19%, and 26% integrated eConsent with randomization & trial supply management solutions, electronic trial master file, and electronic clinical outcome assessment, respectively.
Increased adoption of electronic health records (EHRs)
The healthcare industry is witnessing a surge in the adoption of electronic health records (EHRs), particularly in the realm of EConsent. The integration streamlines the consent process, offering patients greater accessibility and transparency in managing their healthcare decisions. This shift towards digital consent not only enhances efficiency but also ensures compliance with regulatory standards while bolstering patient engagement. As a result, the market is experiencing significant growth propelled by the widespread embrace of technology.
Concerns about data security and privacy
With sensitive patient information being digitized and shared electronically, there are worries about unauthorized access, data breaches, and potential misuse of personal health data. Ensuring robust encryption protocols, stringent access controls, and compliance with stringent privacy regulations is imperative. Insufficient encryption measures and inadequate safeguards against cyber threats pose significant challenges.
Expansion of digital health initiatives
The healthcare sector has seen a significant expansion of digital health initiatives, particularly in the integration of electronic consent solutions. By leveraging digital platforms, such as mobile apps or web-based portals, patients can conveniently access, review, and sign consent forms remotely. This not only improves efficiency but also ensures compliance with regulatory requirements while promoting patient engagement and empowerment in their healthcare decision-making process.
Initial implementation costs
The initial implementation costs in the market can vary depending on factors such as the size of the healthcare organization, the complexity of the system, and the level of customization required. They encompass expenses related to software licensing, hardware infrastructure, staff training, integration with existing systems, and compliance with regulatory standards. Hence, these are the factors hampering the growth of the market.
The COVID-19 pandemic has significantly impacted the eConsent in healthcare market. With social distancing measures and the need to minimize physical contact, healthcare providers are increasingly adopting electronic consent solutions to facilitate remote patient interactions. This shift has accelerated the digital transformation in healthcare, leading to greater adoption of eConsent platforms for obtaining patient consent for treatments, procedures, and clinical trials. The pandemic has underscored the importance of efficient, secure, and accessible consent processes, driving the growth of the eConsent market in healthcare.
The general consent segment is expected to be the largest during the forecast period
The general consent segment is expected to be the largest during the forecast period. General consent within these platforms typically encompasses broad permissions granted by patients for routine healthcare activities, treatments, and disclosures of health information. By digitizing the consent process, eConsent solutions enhance efficiency, accuracy, and compliance while empowering patients to make informed decisions about their care.
The clinical trails segment is expected to have the highest CAGR during the forecast period
The clinical trails segment is expected to have the highest CAGR during the forecast period. This digital approach streamlines the consent process, offering benefits such as enhanced participant comprehension, remote access, and real-time tracking. As technology evolves, the integration of eConsent systems is anticipated to grow, revolutionizing the clinical trial landscape by enhancing efficiency and transparency in participant recruitment and consent processes.
North America is projected to hold the largest market share during the forecast period. Offering greater convenience and accessibility, eConsent tools enhance patient engagement and comprehension while ensuring compliance with regulatory standards. With features like electronic signatures and interactive multimedia, these solutions improve transparency and facilitate informed decision-making, ultimately fostering efficiency and accountability across the healthcare continuum.
Asia Pacific is projected to hold the highest CAGR over the forecast period. Data security and privacy are paramount concerns in the adoption of eConsent solutions. eConsent solutions offer benefits such as improved accessibility, enhanced patient education, and greater transparency in the consent process. The adoption in the market is expected to continue growing as healthcare organizations recognize the value of digital solutions in improving patient care, enhancing operational efficiency, and ensuring regulatory compliance.
Key players in the market
Some of the key players in EConsent in Healthcare market include Citadel Group, Veeva Systems, Thieme Compliance GmbH, Wellbeing Software, Interlace Health, Florence Healthcare, 5thPort, LLC, Adobe Inc., Concentric Health Ltd, GE Healthcare, Koninklijke Philips N.V., HealthStream Inc., Cerner Corporation, Medtronic, Siemens Healthineers and ClinOne.
In June 2022, uMotif and ClinOne announced a partnership to address the challenges faced by patients & clinical research coordinators who struggle to navigate multiple systems, apps, & sensors for each protocol.
In October 2020, Veeva Systems launched two new applications built on Veeva Clinical Network - Veeva Site Connect and Veeva eConsent.