Drug development is such a complex and lengthy process that only 1 in 5000 drugs that enter the pre-clinical testing phase become available in the market. Before this, drugs undergo rigorous testing to ensure they are safe and effective at treating the condition they were developed for. The journey from pre-clinical research to clinical trials is vital in bringing a new drug to market and that is why the clinical trials market should grow at a robust rate for the foreseeable future.
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Extensive Bureaucracy Makes it Difficult for Pharmaceutical Companies to Cut Costs
Every clinical trial has a protocol that elucidates the type of patient, test schedules, drug dosages, length of and expected outcome of the study. Similarly, healthcare professionals have to follow all guidelines decided by the FDA. Clinical trials involve exhaustive paperwork running into thousands of pages as every assessment requires reporting. Furthermore, it has become tougher for pharmaceutical companies to keep apace with ever-increasing requirements in the clinical trials market. The cost of clinical trials, manufacturing, R&D and compliance has skyrocketed and companies have been compelled to adopt new technologies to stay competitive in the clinical trials market.
Diverse Populations in Clinical Trials Market Help Maximize Understanding of Side-effects
The clinical trial is the gold standard of modern-day medicine in determining the safety and efficacy of drugs. Clinical trials are controlled under robust regulatory norms, compliance measures, and levels of standardization. Clinical trials not only gauge drug efficacy but also help gain an in-depth understanding of potential side effects – both short and long-term. Clinical trials are conducted in heterogenous groups and the US Food & Drug Administration does this by including participants of different ethnicities, age groups, races, and genders. Volunteers who agree to participate must agree to the terms and conditions in order to guarantee their own safety.
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Rising Costs are Directly Proportional to Approved Drugs in Clinical Trials Market
The vast majority of clinical trials that occur in the clinical trials market are conducted in North America and Europe with far fewer taking place in South America or the Middle East. The costs of clinical trials have risen exponentially with a 13.5% rise in the past two decades alone. However, these costs have had a tangible benefit as approx. 300 drugs have been approved in 10 years. Drug commercialisation is a critical step in drug development and a successful strategy is underpinned by reliable data from varied authoritative studies. It takes anywhere between 10-15 years to develop a new commercial drug providing a treasure trove of molecular and clinical data. Pharmaceutical companies have adopted machine learning, neural networks, and artificial intelligence to outpace rivals in the clinical trials market.
Large Companies Dominate the Clinical Trials Market
A few companies profiled in this report on the clinical trials market are Covance, IQVIA, Syneos Health, Pharmaceutical Product Development (PPD), PRA Health Sciences, Icon plc., Charles River Laboratories, Parexel International Corporation, WuXi Apptec, Medpace Holdings, Inc., KCR Pharmaceuticals Pvt. Ltd., and Pharmaceutical Solutions Industry Ltd.
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New York, NY 18 Feb 2021: The global virtual clinical trials market size is expected to reach USD 13.78 billion by 2027 according to a new study by Polaris Market Research.
The report “Virtual Clinical Trials Market Share, Size, Trends, Industry Analysis Report, By Design (Observational Trials, Interventional Trials, Expanded Access Trials), By Indication (CNS, Autoimmune/Inflammation, Cardiovascular Disease, Metabolic/Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology), By Phases (Phase I, Phase II, Phase III, Phase IV), By Regions; Segment Forecast, 2020 –2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Virtual Clinical Trials (VCT) are a new method of directing clinical trials which is inclusive of web platforms (informed consent, recruitment, adverse reactions, counseling and measurement of endpoints) and taking advantage of technology such as monitoring devices, apps and others.
VCT are operationally feasible and have lower drop-out rates, higher recruitment rates, better compliance and are faster than traditional method.
Request For Sample Copy @ https://www.polarismarketresearch.com/industry-analysis/virtual-clinical-trials-market/request-for-sample The growth of virtual clinical trials is mainly owing to the advantages offered by these trials in place of traditional clinical trials.
Moreover, delay in clinical trials is majorly caused by patient recruitment resulting in loss of revenue of millions of dollars per day for the pharmaceutical companies.
