Electronic Data Capture (EDC) Poised to Disrupt Life Sciences Industry, Say Health Industry Insights
FRAMINGHAM, MA – MAY 7, 2007 – In a first-of-its-kind forecast for spending on electronic data capture (EDC), Health Industry Insights, an IDC company, estimates investment in EDC solutions to increase at a 14.7% compound annual growth rate (CAGR) and total more than $3.1 billion for 2006-2011. Authored by renown EDC thought leader, Chris Connor, the report also predicts 2007 to be a tipping point as the adoption rate for EDC nearly doubles from 24.2% in 2005 to 45.2% in 2007.
"EDC is the most disruptive technology to enter clinical development since the introduction of the personal computer itself," says Chris Connor, senior research analyst at Health Industry Insights. "This industry has relied on paper-based processes for decades, and we're not seeing the scalability. Today, we're on the verge of an explosive growth for EDC, and we expect the industry will never be the same."
According to Connor's report, EDC, a software-based solution designed to assist in the collection and management of clinical trial data, will see a significant rise in adoption across all stages of clinical trials. Connor's findings also estimate that by the end of this year, nearly half (45%) of all new clinical trials will be initiated using EDC.
"The life science industry is undergoing a fundamental shift away from batch-processes where clinical data recorded on paper can be locked up for weeks. EDC enables life science companies to conduct adaptive clinical trials that operate in real-time," adds Connor.
The in-depth analysis also identifies key factors impacting EDC adoption and spending today. Issues, such as investment trends and outsourcing, subscription pricing, integration with electronic health records (EHRs) and more, are highlighted in the report as major catalysts for change.
Connor's report, entitled "U.S. Electronic Data Capture 2006 – 2011 Spending Forecast and Analysis" (Doc # HI206351), is available online at http://www.healthindustry-insights.com . He will also host a web conference on this topic on May 9, 2007 at 1pm ET. To register, go to: http://www.idc.com/getdoc.jsp?containerId=IDC_P14986 .
NOTE TO EDITOR: Any data reported from this survey must be sourced as origination from "Health Industry Insights, an IDC company."
About Health Industry Insights
Health Industry Insights, an IDC company, provides health and life sciences industry executives, and the suppliers who serve them, with market research and advisory services. The company's integrated coverage spans the entire health industry value chain and closely follows the payer, provider and life sciences markets with special emphasis on developing and employing strategies that leverage IT investments to maximize organizational performance. Staffed by expert analysts and consultants with extensive industry experience, Health Industry Insights delivers a portfolio of offerings relevant to both IT and business needs. IDC is a subsidiary of IDG, the world's leading technology media, research and events company. For more information, visit http://www.healthindustry-insights.com .