Electronic Data Capture (EDC) Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025
Global Electronic Data Capture (EDC) Market: Snapshot
The latest corporate intelligence report indicates that the global electronic data capture (EDC) market will record an impressive growth rate of 11.9 % over the forecast years i.e. 2021 to 2026. The research report places the initial evaluation of the global electronic data capture (EDC) market at US$ 361 million at the base year of 2020. The solutions and products in the global electronic data capture (EDC) market consist of a computerized system that is designed and developed to collect and store medical and clinical data in electronic format. These solutions in the global electronic data capture (EDC) market find multiple applications in human clinical trials. This helps the players in the pharmaceutical and biotech industries to conduct crucial clinical trials to streamline their data collection and since the data is stored electronically, it also becomes easier for them to speed up the market time for medical equipment, devices, and drugs.
The rising trend of outsourcing electronic data and clinical data by the players in the biotechnology as well as pharmaceutical sectors is one of the most significant drivers for the global electronic data capture (EDC) market. Furthermore, the rising demand for effective and faster EDC systems is also propelling the demand within the global electronic data capture (EDC) market. Some of the most significant end users that utilize the products and solutions in the global electronic data capture (EDC) market include hospitals, academic institutes, medical device manufacturers, contract research organizations or CROs, and pharmaceutical as well as biotechnology companies. The developers and players in the global electronic data capture (EDC) market offer their solutions from two distinct delivery modes, namely, cloud based as well as web based. The rising demand for cost effective and cloud based e-Clinical solutions is further motivating the growth within the global electronic data capture (EDC) market.
Electronic data capture (EDC) are electronic systems including software for the collection of a variety of clinical data, primary used for human clinical trials. These systems streamlines the entire collection methodology starting from the design to the data reporting, facilitating workflows in clinical trials. EDC systems are helpful for accelerating the time to market for drugs and help in easing the regulatory hurdles in new medical device development. These systems are being increasingly adopted by pharmaceutical companies and contract research organizations in various parts of the world. They are particularly beneficial in high risk trials since they help in eliminating discrepancy in data entry, leave a reliable audit trail, and allow for centralized review across the process. The use of EDC system not only decreases the physical storage space and reduces the maintenance cost but helps in ensuring patient safety as well. A user-friendly reporting platform and intuitive interface are some of the key features of EDC systems. Using EDC software, data for a clinical trial can be imported from a variety of sources in a seamless manner
The need for cleaner data and more efficient clinical trial is a prominent aspect driving the demand for electronic data capture systems. The ability of web-based EDC systems to support real time access of data is one of the key factors stoking their popularity. The unique benefit of adaptive trial designs in EDC systems is an attractive proposition boosting their adoption in next-generation healthcare system. The global electronic data capture market is likely to benefit from the advent of open source EDC software. The market will also benefit from the rising popularity of integrated EDC systems. The advent of cloud-enabled electronic data capture services is a welcome development in the market by enabling end users make high-performance clinical research in multiple environments.
Global Electronic Data Capture (EDC) Market: Overview
Electronic Data Capture (EDC) leverages different systems, which slightly vary in terms of features and functionalities, to gather clinical trial data in electronic form. A software, it streamlines and stores patient data accumulated during clinical trials. Data is either procured electronically or first recorded on paper and then transcribed into the system and saved in an electronic case report form (eCRF). Some of the basic features of an electronic data capture (EDC) are eCRF designer, query management, data entry, and data export.
Contract research organizations (CROs), sponsors, and sites are increasingly making a transition to electronic data software (EDC) for clinical trials on account of the advantages it accords. Institutions can either choose to build their own systems in-house or leverage the services of an EDC vendor.
Global Electronic Data Capture (EDC) Market: Key Trends
An electronic data capture (EDC) brings about quicker access to data, accuracy, and ensures data security with appropriate technical controls. Besides, it also brings about compliance with regulatory requirements – a factor that has majorly underpinned its demand as most clinical trials fall flat on their face because of being unable to satisfy regulatory needs that delay drugs in becoming commercially available.
Moreover, an electronic data capture (EDC) aids in upping efficiency of clinical trials because of its user-friendly navigation. It easy to locate and filter what is needed. To top it all off, an electronic data capture (EDC) comes in different price ranges to suit every budget. Plus, in the long run, it helps to save money notwithstanding the upfront investment. On account of the aforementioned unique perceived benefits, EDC systems are seeing significant uptake.
Other factors lending support to the market are the growing complications in managing clinical information generated before, during, and after the trial and continued technological improvements in the systems.
Global Electronic Data Capture (EDC) Market: Market Potential
The global market for electronic data capture (EDC) is highly dynamic with new developments constantly reshaping the competitive contours. Some such recent developments to have rocked the market are the raising of $30 million by clinical trial software company Medrio from Questa Capital Management for building of new software programs and the extending of partnership between CROS NT and Medidata that would enable the former’s customers’ access to Medidata’s electronic data capture (EDC) solution.
The cloud-based delivery systems for electronic data capture (EDC) services are primed for healthy growth in the near future on account of soaring demand, which in turn would be stoked by the greater efficiency in different applications, namely the trial design, data collection, and monitoring and report generation such modes of delivery bring about.
Global Electronic Data Capture (EDC) Market: Regional Outlook
Geographically, the main segments of the market electronic data capture (EDC) are Europe, Asia Pacific, North America, and the Rest of the World. Of them, North America is a key region due to the high degree of awareness about the benefits of such systems and strict regulations relating to handling with clinical information. Presence of prominent pharmaceutical companies in the region is also said to be catalyzing market growth in the region.
Global Electronic Data Capture (EDC) Market: Competitive Analysis
In order to gauge the competition prevailing in the global market for electronic data capture (EDC), the report profiles companies such as Oracle Corporation; Medidata Solutions, Inc.; BioClinica; Parexel International Corporation; eClinicalSolutions; Merge Healthcare, Inc.; Openclinica, LLC., OmniComm Systems, Inc.; and Acceliant.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report