Dublin, March 16, 2023 (GLOBE NEWSWIRE) -- The "Global Electronic Data Capture Systems Market Size, Share & Industry Trends Analysis Report By Component, By End User, By Development Phase, By Delivery Mode, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Electronic Data Capture Systems Market size is expected to reach $2.7 billion by 2028, rising at a market growth of 13.8% CAGR during the forecast period.
Market Growth Factors
Rising Demand for eClinical Solutions
One of the reasons that are driving the market for eClinical solutions is the growth in the sickness load that is prompting the creation of new medications. eClinical solutions improve the visibility of the data, which in turn makes the decision-making process go more quickly.
The fragmentation of data and the difficulty in making decisions are both problems that may be solved by streamlining operational data management. Technology is designed to bring up new opportunities in clinical trials and to push the expansion of eClinical solutions by solving issues with data management via the automation of drive and by making the process of data driving easier through the use of eClinical solutions.
Workflow streamlining and accelerated clinical trials
Streamlining processes, which leads to clinical tests that are completed more quickly and with more effectiveness, is one of the primary advantages of using electronic data-capturing systems in clinical trials. Because illnesses change on a daily basis, there is a growing need for the conduct of rapid clinical trials in order to find treatments and medications that may combat these diseases. The legal process can take many years. As a result, there is an increased need for exhaustive testing, clinical studies, and comprehensive assessments to determine whether or not medications and vaccines are safe and effective.
Market Restraining Factor
Concerns regarding patient privacy
Because of advancements in technology and artificial intelligence, clinical trial sponsors and clinical research organizations (CROs) are modifying the ways in which they conduct their tests. They make it possible for researchers to collect an enormous amount of data and assess it in a more complete and expedient manner. Big data and artificial intelligence both offer a lot of potential benefits, but there are also some potential drawbacks. One sort of digital danger consists of hackers with the intention of stealing patient information and corrupting data. As a result, there needs to be a considerable amount of emphasis placed on cybersecurity.
Delivery Mode Outlook
Based on delivery mode, the electronic data capture systems market is classified into on-premise and, web & cloud-based. In 2021, the on-premise segment garnered the significant revenue share in the market. On-premises solutions provide increased levels of data protection and management, in addition to improved operational efficiencies. However, they entail substantial costs of implementation, which could be a factor in restraining the development of the category. It is anticipated that an expanding number of businesses will drive the expansion of the market.
Component Outlook
Based on Component, the electronic Data Capture Systems Market is divided into Services and Software. The service segment led the electronic data capture system market in 2021, with the biggest revenue share. Through the automation of data input and the reduction of mistakes that it causes, EDC may help you save both time and money. In addition to this, it may assist you in enhancing the quality of your data by offering real-time validation and audit trails. In addition to this, EDC can assist you in meeting regulatory obligations by providing a safe and tamper-proof method for the collection and storage of data.
Development Phase Outlook
Based on development phase, the electronic data capture systems market is segregated into phase I, phase II, phase III, and phase IV. In the electronic data capture systems market in 2021, the Phase III segment generated the highest revenue share. This comes as a result of the strong demand for EDC software, which is intended to reduce overall costs and enhance the effectiveness of operations. On the other hand, Phase I is anticipated to expand at a profitable pace due to the fact that these systems assist in the analysis of clinical data, future outcomes, and the elimination of drug candidates that have a low likelihood of succeeding in clinical trials.
End-user Outlook
On the basis of End-user, the electronic data capture systems market is segmented into CROs, Pharmaceutical & Biotechnology Firms, Hospitals/Healthcare providers, Medical Device Firms, and Others. In 2021, the Hospitals/ Healthcare providers segment showcased the significant revenue share. This is a result of these end-users increased usage of EDC systems and services. It is critical to have accurate patient data in order to provide appropriate treatment and monitoring for patients. All of your data entry requirements may be met in a timely way with the assistance of a specialized electronic data capture system.
Recent Strategies Deployed in Electronic Data Capture Systems Market
Partnerships, Collaborations and Agreements:
- Nov-2022: IQVIA teamed-up with Clalit, a health services organization based in Israel. This collaboration would enable both companies with their combined expertise to focus on the future of innovation, consisting of precision medicine and offering data-driven trials
- Oct-2022: Oracle collaborated with Obviohealth, a provider of a decentralized clinical trial app. This collaboration would help get breakthrough therapies to boost commercialization through higher efficient combination of the wide range of data sets
- Jun-2022: Clario partnered with ActiGraph, a provider of activity-sensing wearable technology. This partnership would broaden its vast evidence-generation platform and suite of decentralization technologies. Moreover, the partnership would help clinical trial sponsors and sites propel accuracy and efficiency during enhancing convenience for study participants
- May-2022: Clario announced an expanded partnership with a cognitive science company, a cognitive assessment, and training company. Under this partnership, both companies would offer data quality solutions to assist the unique demands of neuroscience assessments for therapeutic development
- Mar-2022: Medidata extended a partnership with Labcorp, a life sciences company. Under this partnership, together both companies would advance digital biomarkers and broaden the use and functionality of decentralized trials
- Mar-2022: IBM teamed up with Genomics England. The partnership was aimed to support Genomics England's objective of enabling clinicians to deliver leading treatment and diagnosis services to NHS patients and boosting scientific discovery to change care into the future
- Feb-2022: Medidata extended a partnership with Parexel, a clinical research organization focused on the delivery and advancement of the latest innovative therapies. This partnership represents a chance to transform patient experience and development timelines for the advancement of the latest vaccines and medicines
Product Launches and Product Expansions:
- Dec-2022: Medidata released the myMedidata app, a patient-centric native app created to offer trial participants another choice for a smooth platform experience and a unique login for all their isolated trial activities. The product would feature every myMedidata patient-centric solution with a focus on electronic clinical outcome assessments
- Nov-2022: Castor launched Virtual Visits, the latest telemedicine feature created to allow diverse and faster clinical trials. This launch is aimed to simplify clinical trials for everyone who participated, consisting of individuals facing daily life commitments or researcher managing various studies
- Nov-2022: Medidata introduced Rave Companion, an advanced scalable, patent-pending technology supporting clinical trial sites to decrease errors and save time in transferring EHR data to the Rave EDC system. The product meets the need of the long-standing industry challenge of duplicate data entry by allowing unstructured and structured data from any electronic health record to be utilized by Rave EDC
- Oct-2022: Veeva Systems released Veeva ePRO, the latest development in patient-centric digital trials. The product simplifies the exchange and collection of patient-reported outcomes in digital clinical trials
- Jun-2022: Medidata announced a partnership with MMS Holdings, a data-focused clinical research organization. The partnership is aimed to offer clients a comprehensive range of solutions for the decentralized clinical trial (DCT) technologies and clinical data management. The company's potential to work on Medidata's unified platform, particularly with Rave EDC and other clinical data management solutions opens the latest chances to support Sponsors
Key Market Players
List of Companies Profiled in the Report:
- Oracle Corporation
- IBM Corporation
- Veeva Systems, Inc
- IQVIA Holdings, Inc
- Medidata Solutions, Inc. (Dassault Systems SE)
- OpenClinica, LLC
- DATATRAK International, Inc
- Clario
- Castor EDC
- Calyx
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 272 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $1103.7 Million |
| Forecasted Market Value (USD) by 2028 | $2702.8 Million |
| Compound Annual Growth Rate | 13.8% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Electronic Data Capture Systems Market by Component
Chapter 5. Global Electronic Data Capture Systems Market by End-user
Chapter 6. Global Electronic Data Capture Systems Market by Development Phase
Chapter 7. Global Electronic Data Capture Systems Market by Delivery Mode
Chapter 8. Global Electronic Data Capture Systems Market by Region
Chapter 9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ql2gx3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
