Reportlinker.com announces the release of the report “Clinical Trials Software Market: Distribution by Type of Deployment, Type of Delivery, Features of software and Geographical Regions, Industry Trends and Global Forecasts, 2022-2035” – https://www.reportlinker.com/p06243856/?utm_source=GNW
These studies account for around 50% of the total time and capital invested in the development process. However, the conduct of trials is often fraught with several challenges, including scientific and operational complexity, concerns associated with recruitment and retention of suitable patients, issues related to data handling and increasingly stringent regulatory guidelines. In fact, the failure of a clinical trial can impose an enormous financial burden on sponsors, estimated to be in the range of USD 800 million (in case of therapies with limited applications) to USD 1.4 billion (for a drug that is anticipated to be a blockbuster). Further, during the COVID-19 pandemic, the conduct of clinical trials has become increasingly difficult. In order to address these challenges, players engaged in the pharmaceutical industry have leveraged novel and advanced digital health technologies, such as mobile devices, advanced applications, remote monitoring devices, telemedicine, and online social interaction platforms for the virtual conduct of clinical trials. Various clinical trials software, including EDC, eCOA/ePRO, and eConsent integrated clinical study automation software, are also being recruited to collect data at each stage of the trial, improve trial participant recruitment and retention, provide eConsent, measure real-time clinical outcomes, and track adverse events in real-time.
Virtual clinical trials software solutions have the potential to induce substantial digital changes in clinical research methodology, resulting in a more patient-centric, cost-effective, and easy to manage approach. They enable the participants to participate from the comfort of their own homes rather than traveling to a study location, which enhances participant engagement and retention. At present, several companies are engaged in the development of clinical trials software, which allows drug developers to enhance the quality of their clinical products and reduce the time to get a product to market. The market has witnessed substantial partnership activity over the last few years. The activity in this segment has also attracted the attention of both private and public sector investors/investment funds, which have extended financial support to the initiatives of capable developer companies. Driven by the substantial progress in this domain, encouraging virtual clinical trial results, and ongoing technological advancement, the clinical trials software market is anticipated to grow at a commendable pace in the mid to long term.
Source: Finance.Yahoo
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