Key Market Overview:
Electronic Data Capture System Market size was worth USD 756.3 Million in 2022, accounting for a CAGR of 14.2% during the forecast period (2023-2030), and the market is projected to be worth USD 2,375.2 Million by 2030.
An electronic data capture (EDC) system is a software application used by businesses to collect and manage data in clinical trials, research studies, or other data-intensive processes. Electronic data capture systems automate the process of collecting and managing data, allowing businesses to streamline their workflows and improve data quality. With electronic data capture systems, businesses create electronic forms for data collection, which are accessed by authorized users from any location with an internet connection. The system can also capture and store data in real-time, eliminating the need for manual data entry and reducing the likelihood of errors. Additionally, electronic data capture systems are configured to perform data validation and edit checks, ensuring the accuracy and completeness of the data.
Electronic data capture systems are commonly used in the pharmaceutical, biotech, and medical device industries to manage clinical trial data. Furthermore, they are also used in other industries, such as market research or customer satisfaction surveys, to collect and manage data efficiently. Overall, electronic data capture systems provide businesses with a streamlined and efficient method for collecting and managing data. By automating the data collection and management process, businesses can improve data quality, reduce costs, and accelerate time-to-market for products and services.
Market Dynamics
Drivers:
The rising demand for clinical trials in the pharmaceutical, biotech, and medical device industries is driving the growth of the electronic data capture system market. These systems provide an efficient and cost-effective way to manage and collect data from clinical trials. Furthermore, the increasing prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases has led to a rise in clinical trials and research studies. For instance, as the number of cancer cases continues to rise, the demand for effective cancer treatments and related medical technologies, including electronic data capture, is expected to grow. According to NCI, The United States is projected to see approximately 1.8 million new cases of cancer in 2020, with roughly 606,000 deaths resulting from the disease. This is driving the demand for these systems that has ability to efficiently collect and manage large amounts of data.
Restraints:
The initial cost of implementing an electronic data capture system is high, which limits small and medium-sized businesses to use these systems. This limit the adoption of electronic data capture systems, particularly in emerging markets where cost-sensitive solutions are in demand. Furthermore, these systems involve the storage and transfer of sensitive data, which raises concerns around data security and privacy. Businesses are hesitant to adopt electronic data capture systems due to the risk of data breaches and cyber-attacks, which compromises patient or customer data. Hence, the above mentioned factors hamper the market growth.
Opportunities:
The use of blockchain technology in electronic data capture provides an opportunity for the market growth as it can offer a more secure, efficient, and reliable way of collecting and storing data. This can be particularly attractive to organizations that conduct clinical trials or other research projects where the accuracy and integrity of data are crucial. The ability to provide transparent and tamper-proof data can improve trust and confidence in the research outcomes, leading to increased adoption of electronic data capture solutions. As a result, electronic data capture vendors who offer blockchain-based solutions can differentiate themselves from competitors and capture a larger share of the market, driving growth in the industry.
Electronic Data Capture System Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 2375.2 Million |
| CAGR (2023-2030) | 14.2% |
| By Component | Software and Services |
| By Deployment | Cloud-Based, Web-Based, and On-Premise |
| By End-use | Hospitals/Healthcare Providers, CROs, Pharmaceutical and Biotechnology Firms, Medical Device Firms, and Others |
| By Region | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Key Players | Castor, Calyx (GLO Healthcare UK Limited), OpenClinica, LLC, IBM Corporation, Medidata Solutions, Inc. (Dassault Systèmes Corp.), Oracle Corporation, Clario, Datatrak Int., Veeva Systems Inc., and Caidya |
Market Segmentation:
By Component
Based on components, the electronic data capture system market is bifurcated into software and services. The software segment holds the largest market share in the year 2022. As the electronic data capture software allows for the efficient and accurate collection of clinical trial data. The software captures data from various sources, including electronic health records, patient-reported outcomes, and laboratory results. This eliminates the need for manual data entry, which is time-consuming and prone to errors.
However, the services segment is anticipated to witness fastest CAGR over the forecast period. The services segment includes consulting, implementation, training, maintenance, and support services. The consulting services help organizations in selecting the right electronic data capture system, while the implementation services help in setting up the system and integrating it with other clinical trial management systems.
By Deployment
Based on deployment, the market is categorized into cloud-based, web-based, and on-premise. The cloud-based segment holds the largest market share in the year 2022. This deployment model allows for even greater flexibility and scalability than web-based deployment, as the software and data can be accessed from anywhere with an internet connection. Cloud-based deployment also requires little upfront investment in hardware and IT resources, as the third-party provider manages and maintains the system.
However, the web based segment is expected to witness fastest CAGR over the forecast period. This deployment model allows users to access the system from anywhere with an internet connection and a compatible web browser. Web-based deployment requires less upfront investment in hardware and IT resources than on-premise, or cloud based deployment and is typically used by smaller organizations or those with limited IT resources.
By End-use
Based on the end-use segment the market is classified into hospitals/healthcare providers, CROs, pharmaceutical and biotechnology firms, medical device firms, and others. The hospitals/healthcare segment holds the largest market share in the year 2022. This is due to the increasing adoption of these systems in hospitals and other healthcare organizations for clinical research studies and other applications. Also, the healthcare organizations seek to improve patient care through better data management and analysis, thereby propelling the market growth.
However, the pharmaceutical and biotechnology firms is expected to witness fastest CAGR over the forecast period. As clinical trials are a critical component of the drug development process, and these systems are essential for managing the data generated during clinical trials. Pharmaceutical and biotechnology companies invest heavily in clinical trials, and the usage of these systems is widespread in this industry.
By Region
Based on region, the electronic data capture system market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America holds the largest market share in the year 2022. This is due to the high adoption rate of technology and advanced healthcare infrastructure. The presence of major players in the market, such as Oracle Corporation and Medidata Solutions, further strengthens the position of North America as the largest regional segment for the electronic data capture system market.
However, Asia Pacific is anticipated to witness fastest CAGR over the forecast period. This is due to the increasing investments in healthcare infrastructure and the growing demand for clinical research activities have been driving the growth of the market. Countries such as China and India have a large and diverse patient population, making them attractive markets for clinical research activities.
For instance, the Indian Ministry of Health and Family Welfare, including the Department of Health Research, has been allocated a nominal increase of approximately 3.5% in its budget from Rs 86,175 crore in 2022-23 to Rs 89,155 crore in 2023-24. This increase in budget allocation reflects the government’s commitment to enhancing the healthcare infrastructure and services in the country. Additionally, the increasing awareness about the benefits of electronic data capture solutions and the rising demand for advanced healthcare technologies in the region are expected to fuel the growth of the electronic data capture system market in Asia Pacific.
Electronic Data Capture System Market Competitive Landscape:
The market is highly competitive, with a large number of players operating at the global and regional levels. The players compete on various parameters such as price, quality, innovation, and customer service. They are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-
- Castor
- Calyx (GLO Healthcare UK Limited)
- OpenClinica, LLC
- IBM Corporation
- Medidata Solutions, Inc. (Dassault Systèmes Corp.)
- Oracle Corporation
- Clario
- Datatrak Int.
- Veeva Systems Inc.
- Caidya
Recent Developments
- In June 2022, Clario has formed a partnership with ActiGraph, a provider of wearable activity-sensing technology. Through this partnership, Lario aims to expand its evidence-generation platform and suite of decentralized technologies. The partnership is expected to benefit clinical trial sponsors and sites by improving the accuracy and efficiency of data collection while enhancing convenience for study participants. By leveraging ActiGraph’s wearable technology, Clario can provide a more comprehensive and reliable set of data to its customers, which can help to optimize study outcomes. This partnership can also help Clario differentiate itself from competitors and attract more customers, leading to potential business growth opportunities.
- In March 2022, IBM has formed a partnership with Genomics England with the goal of supporting Genomics England’s mission to provide clinicians with leading-edge treatment and diagnosis services for patients in the National Health Service (NHS). The partnership will also aim to accelerate scientific discovery in the field of genomics to improve patient outcomes in the future.
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