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Electronic Data Capture (EDC) Market - Competitive Analysis Foreseen by 2025

03-15-2018 04:48 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: TMR Research

Electronic Data Capture (EDC) Market - Competitive Analysis

Global Electronic Data Capture (EDC) Market: Snapshot

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

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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.

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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.

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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 Telecom Managed Services 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.

About TMR Research

TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.

Our savvy custom-built reports span a gamut of industries such as pharmaceuticals, chemicals and metals, food and beverages, and technology and media, among others. With actionable insights uncovered through in-depth research of the market, we try to bring about game-changing success for our clients.

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TMR Research,

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Email: sales@tmrresearch.com

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