Published Date: 31-Jan-2023
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According to a new report, published by KBV research, 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.
The Software segment is showcasing a CAGR of 15.1% during (2022 - 2028). It is projected that the rising regulatory requirements for conducting clinical trials and recruiting participants will lead to growth in demand during the projection period. The researchers or surveyors are able to capture data instantly upon examination thanks to the software, which results in an improvement in the validity of the data. In every stage of the research process, sponsors, contract research organizations (CROs), and research sites may use EDC Software to conduct both simple and intricate clinical studies.
The CROs segment is leading the Global Electronic Data Capture Systems Market by End-user in 2021 thereby, achieving a market value of $931.4 million by 2028. This is a direct result of the growing trend among pharmaceutical corporations to reduce overall expenditures and increase the amount of clinical research and development that is contracted out. It is predicted that this pattern will go on during the time under review. Other elements that contribute to the expansion of the category include associated advantages such as cost-effectiveness, greater efficiency of services, better compatibility, and a stronger emphasis on the key areas of development that are essential to the success of a firm.
The Phase I segment has shown the growth rate of 15.4% during (2022 - 2028). The need for EDC solutions has been growing as a result of a significant increase in the number of phases I trials as well as sophisticated management and analysis procedures of the information obtained from a variety of research. The presently accessible technologies have permitted a reduction in the number of mistakes that are caused by human intervention, as well as an improvement in both productivity and cost-effectiveness.
The Web & Cloud-based segment is generating highest revenue share in the Global Electronic Data Capture Systems Market by Delivery Mode in 2021 thereby, achieving a market value of $1.8 billion by 2028. This is because of the associated benefits, such as the absence or minimization of technological problems and remote access to data. Additional advantages include scalability, decreased expenses, the consolidation of data, and consistent and reliable uptime. Cloud-based delivery systems for EDC services are anticipated to record the highest demand in the not-too-distant future. The amount of implementation that is now taking place and the growth possibilities for the future both play a role in this expectation.
The North America market dominated the Global Electronic Data Capture Systems Market by Region in 2021 and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.2 billion by 2028. The Europe market is exhibiting a CAGR of 14.3% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 14.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/electronic-data-capture-systems-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Oracle Corporation, IBM Corporation, Veeva Systems, Inc., IQVIA Holdings, Inc., Medidata Solutions, Inc. (Dassault Systems SE), OpenClinica, LLC, DATATRAK International, Inc., Clario, Castor EDC, and Calyx.
By Development Phase
By Delivery Mode
Unique Offerings from KBV Research
North America Electronic Data Capture Systems Market Future Scope & Opportunities 2022-2028
Europe Electronic Data Capture Systems Market Size & Growth Forecast 2022-2028
Asia Pacific Electronic Data Capture Systems Market Size, Share & Industry Outlook to 2028
LAMEA Electronic Data Capture Systems Market Growth, Trends & Forecasts 2022-2028