Electronic Data Capture (EDC) Systems Market Size, Share, Growth, Trend and Forecast Report
by Susan Hill Business ConsultantThe
global electronic data capture (EDC) systems market is
expected to reach USD 1.16 billion by 2025, according to a new study by Grand
View Research, Inc. The rising demand for software solutions in clinical
trials, increasing R&D expenditure by companies in healthcare, supportive
government initiatives to boost trials, and increasing number of potential
customers implementing Electronic Data Capture (EDC) systems are some of the
key factors contributing to the market growth.
The market
is growing rapidly owing to the technological advancements in eClinical solutions
and this is anticipated to serve this industry with future growth
opportunities. Furthermore, increasing awareness pertaining to EDC solutions is
predicted to fuel the demand in near future. Moreover, government organizations
such as Agency for Healthcare Research and Quality and The Office of National
Coordinator for Health Information Technology are promoting the adoption of
electronic systems for data management. The aforementioned factors have
resulted in the rising adoption of electronic data collection by pharmaceutical
companies.
Moreover,
increasing adoption of EDC systems by major pharmaceuticals to propagate clinical
trials is predicted to provide this market with lucrative growth. For
instance, in May 2016, Simbec-Orion Group selected Oracle's product, the Siebel
Clinical Trial Management System, to strengthen its development processes and
to expand its international operations & business. The system will provide
efficient data capture and speed up the trial timelines. The strategies like this
are anticipated to boost demand in coming years.
Further Key Findings
from the Study Suggest:
- The software
segment is predicted to witness lucrative growth owing to growing adoption
by large pharmaceutical companies
- The cloud-based
segment is anticipated to experience the fastest growth as it allows easy
data access over remote locations and provides larger storage space
- Phase I
clinical trials segment is expected to exhibit fastest CAGR over the
forecast period as consequence of the rising R&D expenditure on the
development of novel drugs by pharmaceutical companies
- CROs held the
largest revenue share of EDC systems owing to rising demand from major
players in the medical device sector
- Asia Pacific
market for EDC systems is anticipated to witness highest growth rate owing
to the presence of large number of outsourcing firms in this region
offering cost-efficient eClinical
solutions
- The market is
facing intense competition as there are many organizations that offer
technologically efficient solutions for clinical data management
- Companies are
adopting strategies such as merger & acquisition, new product
development, and distribution channel enhancement to gain competitive
advantage
Grasp advance
knowledge on global electronic data capture (EDC) systems industry through
in-depth research insights: www.grandviewresearch.com/research-insights/electronic-data-capture-edc-systems-market-size-share
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Created on Sep 11th 2019 09:04. Viewed 387 times.