Electronic Data Capture Market Size to Grow at a CAGR of 11.9% During the Forecast Period 2021-2026

Electronic Data Capture (EDC) Market size in 2020 is estimated to be $361 million, growing at a CAGR of 11.9% during the forecast period 2021-2026. The Electronic Data Capture Market system (EDC) is a computerized system designed to collect clinical data in electronic format and is primarily used in human clinical trials. EDC replaces the traditional paper-based data collection methodology to streamline data collection and speed up the time to market for drugs and medical devices. However, EDC software stores patient data collected in clinical trials. Moreover, Data is usually first recorded on paper and then transcribed to the system and stored in an electronic case report form (eCRF). Increasing outsourcing by pharmaceutical and biotechnological companies and demand from EDC services are contributing to enhancing the overall market demand for Electronic Data Capture Market during the aforesaid period.

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Electronic Data Capture Market Segment Analysis- By Delivery mode

Based on the Delivery Mode, Electronic Data Capture Market is segmented into Web-Based, Cloud-Based. The Web-Based segment is estimated to dominate the market during the period 2021-2026. This is attributed to High data maintenance costs involved in clinical trials, which have increased dramatically. These high costs are expected to contribute to the high reluctance of pharmaceutical companies. The Cloud-Based segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 12.3% during the period 2021-2026. This is mainly owing to the increasing efficiency in a wide range of applications, such as trial design, data collection processes, and monitoring and reporting generation.

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Electronic Data Capture Market Segment Analysis- By Development Phase

Based on the Development Phase, Electronic Data Capture Market is segmented into Phase I, Phase II, Phase III, Phase IV. In 2020, Phase III segment is estimated to hold major share in the market. This is mainly owing to the high requirement for Electronic Data Capture software to reduce overall costs and improve process efficiency. Also, Phase I segment is projected to grow with a CAGR of 12.1% over the period 2021-2026. This is owing to Rising R&d expenditure on the development of novel drugs by pharmaceutical companies, Besides, direct data and remote information capture are factors that contribute to the increasing popularity of Phase I, clinical trials, medical devices components during the coming years.

Electronic Data Capture Market Segment Analysis- By Geography

North America dominated the Electronic Data Capture Market share accounting for 41% of the market in 2020. This is mainly owing to the presence of major pharmaceutical companies and the presence of higher levels of awareness and strict regulatory standards for handling clinical trials information in the North American region. However, the Asia-Pacific region is projected to be the fastest-growing over the period 2021-2026. This is owing to the presence of a large number of CROs offering clinical trials solutions and medical devices to major pharmaceutical companies across the globe.

Electronic Data Capture Market Drivers

Increasing Demand for Cost-Effective eClinical Solutions

The eClinical solutions offer a wide range of options for the workflow which presents the market with lucrative growth opportunities for clinical trials, medical devices, electronic medical record. These benefits include recommendations for the medical interpretation of emerging findings and the elimination of data disparities. Also, the other advantages of using Electronic Data Capture methods include advanced statistical analysis and improved compilation of the technical and scientific data required for the regulatory agreement on clinical trials. These are considered to strengthen the overall approval process and therefore expand the consumer base for EDC methods over the projected timeframe.

Rising Advancement in Electronic Data Capture technologies

The rising advancement in technologies is considered to be the most important driver for the growth of the Electronic Data Capture market. A large number of suppliers are constantly engaged in the development of new EDC techniques to keep up with changes in the industry. Furthermore, A company PAREXEL International Corporation has launched the Patient Sensor Solution, which enables to capture, transmit, store and visualize information from clinical trials. This technique enables an end-to-end technology and service solution that facilitates remote data collection through medical devices in turn, help the market rise at a rapid pace.

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Electronic Data Capture Market Challenges

Electronic Data Capture does not permit central data cleaning at the point of entry or traditional CRF follow-up manual upon receipt so that alternative approaches are required. Besides, site-specific EDC training is required, and site staff should be encouraged to submit clinical trials, medical devices, electronic medical record data immediately following participant visits, rather than batching data entry. Database user access and internet browser compatibility monitoring systems are required to ensure that only current site staff have access and use the supported browser.

Electronic Data Capture Market Landscape

Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Electronic Data Capture Market. Electronic Data Capture Market top 10 companies are Oracle Corporation, Acceliant, Parexel International Corporation, Bioclinica, Clinical Clinipace, Inc, Datatrak International, Inc, Medidata Solution, Inc, Merge Healthcare Incorporated, Eclinicalsolutions, Omni Comm Systems, Inc and, among others.

Developments:

In June 2020, Oracle Corporation has launched the Clinical One Data Collection Cloud Service. With the ability to capture data from any source on a single, unified platform, Oracle Clinical One is redefining how technology supports clinical research to improve efficiency and help speed up the delivery of breakthrough therapies.

In June 2019, Medidata Solutions has been acquired for $5.8 billion in revenue of approximately $660 million for a significant amount of revenue. This acquisition opens up opportunities and challenges as two very different cultures for the life sciences/clinical testing technology system come around each other.

Key Takeaways

In 2020, North America dominated the Electronic Data Capture Market owing to the presence of higher awareness levels and stringent regulatory norms about the handling of clinical trials information.

Increasing scrutiny from regulatory bodies to meet the complex regulatory requirements of clinical trials across the world is driving the market growth of EDC Market.

Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Electronic Data Capture Market report.

Related Reports :

A. eClinical Solutions Market

https://www.industryarc.com/Report/16039/eclinical-solutions-market.html

B. Digital Health Market

https://www.industryarc.com/Report/16913/digital-health-market.html

For more Lifesciences and Healthcare Market reports @ https://www.industryarc.com/Domain/8/lifesciences-healthcare-market-research.html

Venkat Reddy
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