According to a report “Electronic Data Capture (EDC) Systems Market Analysis By Component, By Delivery Mode (Web Based, Licensed Enterprise, Cloud Based), By Development Phase (Phase I, II, III, IV), By End-use, And Segment Forecasts, 2018 - 2025” published by Grand View Research, Inc, The 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.
Key Takeaways from the report:
- 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
U.S. EDC systems market, by component, 2014 - 2025 (USD Million)
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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.
Global EDC systems market share, by end use, 2016 (%)
Grand View Research has segmented the EDC systems market on the basis of the component, delivery mode, development phase, end use, and region:
Global EDC Systems Component Outlook (Revenue, USD Million, 2014 - 2025)
- Software
- Services
Global EDC Systems Delivery Mode Outlook (Revenue, USD Million, 2014 - 2025)
- Web hosted
- Licensed enterprise
- Cloud based
Global EDC Systems Development Outlook (Revenue, USD Million, 2014 - 2025)
- Phase I
- Phase II
- Phase III
- Phase IV
Global EDC Systems End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Hospitals
- CROs
- Academic institutes
- Pharma & Biotech Organizations
- Medical Device Manufacturers
EDC Systems Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia Pacific
- Japan
- China
- India
- Latin America
- Mexico
- Brazil
- MEA
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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