Analyzing Frost & Sullivan report “Hybridization of Clinical Trial Designs Reviving Global CRO Market Post-pandemic; 2019 - 2024”
Frost & Sullivan, the research & consulting firm, recently released an analysis of the CRO market projecting the overall market would grow on a compound annualized basis of 8.2% to $63.83 billion by 2024. This would represent a significant increase from the current market size of $43.03 billion in 2019.
Frost & Sullivan summarizes their findings from the analysis below:
“Due to the impact of the coronavirus, many large pharmaceutical companies have placed new trials on hold and numerous small, mid-size, and large enterprises have suspended ongoing ones, thereby demonstrating the magnitude of the disruption,” said Unmesh Lal, healthcare industry principal at Frost & Sullivan.
“Going forward, to minimize the adverse effect of the pandemic, organizations such as site management organizations (SMOs) and patient recruitment organizations (PROs), that operate traditionally, will have to explore collaboration opportunities with emerging virtual trial platform vendors, eRecruitment providers, and remote monitoring solutions providers to expand the capability to support distributed/hybrid CT models.”
These findings are consistent with what we have been seeing at Medable. Since the pandemic struck, we have helped an array of sponsors and CRO’s from all over the world restart their studies with the use of decentralized study modules ranging from utilizing remote electronic informed consents (and reconsents) to televisits, ePRO’s, and connected devices.
To help study managers right size their approach to hybrid/virtual/decentralized studies we developed a readiness framework that makes it relatively easy to determine the right tradeoff between decentralized trial modules and implementation time:
Figure 1: Readiness framework for transforming to decentralized trials
As you can see from the readiness framework, just about any study can benefit from lightweight accelerated virtualization whereby electronic consents (and reconsents) as well as televisits are introduced to an in-flight study. Doing so provides HIPAA-compliant options to reduce the number of visits patients and site staff need to make to a clinic. In our post-pandemic world, many sponsors and CRO’s have found that shifting some visits on the study schedule has enabled studies to continue that might otherwise not.
To learn more about Medable’s modular decentralized clinical trial platform, feel free to schedule a demo.