Stakeholders in Clinical Trials Market Harness Internet of Medical Things (IoMT) to Explore New Frontiers in Vaccine Development: TMR

ALBANY, N.Y., Feb. 11, 2021 /PRNewswire/ -- Clinical trials community, including industry and the academia, has been relentlessly conducting studies to mitigate and prevent outbreaks of infectious diseases. Ongoing trials around the world underpin hopes of new drugs and therapies. The recent one, COVID-19 pandemic, has brought forth several unique challenges for the trial managers, upending the whole trial processes. Unprecedentedly, the COVID-19 has caused community-wide disruptions, pressing for urgent need for speeding up the current trials in various nations. In the backdrop of these trends, the clinical trials market is poised to witness new avenues over new few months. Unique set of challenges faced by trial managers include low recruitment of participants, uncertainties in data collection, and recurrent concern of patients' safety as well as healthcare staff.

All in all, the researchers at TMR foresees a vast potential: by 2030, the clinical trials market is expected to surpass US$ 83.5 Bn. International trial management groups are likely to benefit from guidance from regulatory agencies such as the U.S. FDA and European Medicines Agency (EMA).

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Key Findings in Clinical Trials Market

    --  Guidelines by Regulatory Agencies to Set Up New Protocols for In-person

Patients' safety has been one of the top concerns stakeholders in the clinical trials market have to grapple due to COVID-19 pandemic exposures. The US Food and Drug Administration (FDA) and the National Institute for Health Research (NIHR) had come with new norms in 2020 to ensure patient's safety, for instance. Thus, investigators and sponsors are adopting protocols that reduce in-person visits. In particular, patients are exhorted to go for virtual clinical trials. These protocols are likely to govern non-COVID-19 trials as well, notably those related to cardiovascular diseases and cancer.

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    --  Telemedicine Emerging as Popular Virtual Tools to Fill Gaps

The COVID-19 pandemic has brought fresh avenues in clinical trials market. A case in point is telemedicine, the business proposition for which is fast building up. Regulatory thrust is expected to spur interest of clinical trials managers, trial sponsors, and researchers to clear the administrative hurdles in the use of telemedicine to expedite COVID-19 vaccine trials. Concerns to meet the urgent need for improving the quality of clinical trials are expected to be key underpinnings of the adoption of telehealth in future as well. Telehealth also shows potential in mitigating challenges related to site management and compliance norms for clinical trial managers.

IoMT to Set Tone for Innovation in Clinical Trials Market

Internet of Medical Things (IoMT) is emerging as a new frontier to bring various partners in clinical development programs on the same page. The IoMT ecosystem opens new promises to improve trial outcomes. Past epidemics have seen IoMT technologies put to mitigate infection spread. Concomitantly, advance in sensors and IoT frameworks will spur investments by clinical trials sponsors on IoMT. The growing use of digital biomarkers to monitor trial outcomes is a case in point. Thus, IoMT will act as a key lever as well as a robust accelerant in boosting the growth of the clinical trials market. The expanding point-of-care devices and wearables is also expanding the use cases of IoMT in medical ecosystem.

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Clinical Trials Market: Key Driving Factors and Promising Avenues

    --  Prevalence of chronic diseases in developing and developed regions of
        the world has spurred the number of clinical trials
    --  Rise in investment by biotech and pharmaceutical companies to support
        new avenue sin the clinical trials market.
    --  The shift toward discovering precision medicine in oncology and
        autoimmune diseases is a key trend for vaccine developers and drug
    --  Global coalition by governments and private stakeholders toward speeding
        up trials of COVID-19 vaccine is expanding the canvas for players in the
        clinical trials market.

Clinical Trials Market: Key Players

    --  IMS Health
    --  Icon plc
    --  Medpace Holdings, Inc.
    --  WuXi AppTec
    --  Charles River Laboratories, Inc.
    --  PPD, Inc.
    --  PRA Health Sciences, Inc.

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