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Electronic Data Capture Systems Market Size, Share Analysis, Trends 2024-2033
Electronic Data Capture Systems Market Size
According to The Business Research Company's, The electronic data capture systems market size has grown rapidly in recent years. It will grow from $1.75 billion in 2023 to $2.02 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to regulatory compliance, cost reduction initiatives, increasing clinical trial complexity, demand for real-time data access, globalization of clinical trials.
The electronic data capture systems market size is expected to see rapid growth in the next few years. It will grow to $3.64 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to aging population and chronic diseases, personalized medicine and precision healthcare, adoption of risk-based monitoring, expansion of real-world evidence (RWE) studies, emerging markets growth. Major trends in the forecast period include increased emphasis on patient-centricity, integration of artificial intelligence and machine learning, expansion of decentralized clinical trials, growth of wearable technology integration, enhanced focus on data security and privacy.
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Market Drivers and Trends:
The rising demand for outsourcing clinical trials to contract research organizations is expected to propel the growth of the electronic data capture systems market going forward. Clinical trial outsourcing refers to hiring external organizations or service providers to conduct various aspects of clinical trials on behalf of pharmaceutical, biotechnology, or medical device companies. The demand for outsourcing clinical trials is due to the cost efficiency, access to expertise, global reach, flexibility, scalability, and focus on core competencies that contract research organizations (CROs) provide. Electronic data capture systems are used in clinical trials to collect, manage, and analyze patient data digitally, streamlining the data collection process, improving accuracy, and facilitating real-time monitoring and reporting of trial outcomes. For instance, in October 2023, according to Applied Clinical Trials Online, a digital platform owned by MJH Life Sciences, a US-based medical media company, the utilization of functional service provider (FSP) outsourcing by large biopharma companies is experiencing annual growth of over 13%. Therefore, the rising demand for outsourcing clinical trials to clinical research organizations is driving the growth of the electronic data capture systems market.
Major companies operating in the electronic data capture systems market are focusing on developing innovative software solutions such as Virtual Data Capture (VDC to gain a competitive edge in the market. Virtual data capture (VDC) is a software platform used in clinical trials and research studies to electronically collect, manage, and analyze data remotely from participants or sites. For instance, in January 2021, ClinCapture Inc., a US-based software company, launched Virtual Data Capture (VDC), a software application designed to facilitate clinical trials through decentralized and remote trials with minimal in-person patient contact. This software aims to expedite clinical trials by utilizing cutting-edge software modules to accelerate the planning, execution, and management of remote trials. With features such as electronic Patient Reported Outcomes (ePRO), electronic Consent (eConsent), and electronic Clinical Outcomes Assessment (eCOA), VDC leverages electronic Source records (eSource) technology to streamline data collection and enhance efficiency, potentially speeding up the delivery of new treatments and ultimately saving lives.
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Major Key Players of the Market:
International Business Machines Corporation (IBM), Oracle Corporation, IQVIA Inc., Parexel International Corporation, Veeva Systems Inc., Clario Medical Imaging, Medidata Solutions Inc., Signant Health, Calyx International, ArisGlobal LLC, Kinapse Ltd., Merge Healthcare Inc., OmniComm Systems Inc., MedNet Solutions, eClinical Solutions, BioForum Group, Acceliant Corporation, DATATRAK International Inc., OpenClinica LLC, Castor EDC, DatStat Inc., eResearchTechnology Inc., Cmed Technology Ltd., Clinerion Ltd., Arithmos Srl.
Electronic Data Capture Systems Market 2024 Key Insights:
• The electronic data capture systems market size is expected to see rapid growth in the next few years. It will grow to $3.64 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%.
• Surging Demand For Clinical Trial Outsourcing Fuels Growth In The Electronic Data Capture Systems Market
• Emergence Of Virtual Data Capture In Clinical Trials
• North America was the largest region in the electronic data capture systems market in 2023
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