Companies offering data and workflow management platforms and solutions to assist with the operational management of a clinical trial, including site management, monitoring processes in terms of risk and documentation, and payment automation.

Companies using remote patient monitoring tools and other connectivity solutions to enable remote collection of patient data and monitoring and run trials virtually, without requiring the patient to be physically present in the clinical trial site.

This is the use of software, incorporating AI and Machine Learning technology to improve the matching process of patients with suitable clinical trials.

Companies that offer workflow management platforms that are used to manage logistics tasks and processes for clinical trials, primarily the randomization of assigning patients in a clinical trial and automation of logistics workflows based on clinical trial data.

Companies that offer software solutions for identifying and evaluating potential trial sites, along with documentation and workflow management systems to complete the processes before launching, including electronic patient consent and other required regulatory tasks.

Includes companies that provide digital data management platforms to collect and store patient reported outcome data. These platforms are also incorporating data analytics to help understand the results and identify trends and patterns. Additionally, the platforms are enabling connectivity with remote monitoring devices, including Medical Internet of Things.

Companies that provide software tools that help with the design of clinical trials, including identifying protocol violations, collecting participant input on potential design ideas for the trial, and crowdsourcing of protocol ideas for clinical trials.

Incorporating technology to improve efficiency and success rate of clinical trials

Clinical Trial Technology

Overview

<div>
  <p>
    The clinical trials stage is the longest step in the drug development process. Its success rate is estimated to be between 10% and 20%, depending on the therapeutic areas being considered. AI and telemedicine are being incorporated into clinical trials and are enabling virtual trials that are significantly cheaper to operate than traditional ones. Additionally, the automation of workflow processes and regulatory documentation requirements are reducing the operational costs of running a clinical trial. 
  </p>
  <p>
    Technology has the potential to improve the success rates of clinical trials through data-driven feasibility studies and the crowdsourcing of clinical trial protocols, helping improve clinical trial designs and tackle the lack of commercial interest. As the pharmaceutical industry grapples with the pressure the drug development process puts on financial returns, clinical trial tech provides an avenue to expand returns by reducing the time and effort required to bring new drugs to market. 
  </p>
</div>


The global clinical trial technology market could reach USD 10.8 billion to USD 13.9 billion by 2026

Market Sizing

<div>
  <p>
    The Covid-19 pandemic made regulators and clinical trial researchers more open to operating decentralized and virtual clinical trials in response to patient concerns on health and safety during that time.
  </p>
  <ul>
    <li>
      <p>
        In March 2020, over 70% of clinical trials were disrupted by the Covid-19 pandemic.
      </p>
    </li>
    <li>
      <p>
        The use of electronic consent for clinical trials increased from 13% of all clinical trials pre-Covid to over 23% post-Covid.
      </p>
    </li>
    <li>
      <p>
        Startups such as Medable and IQVIA partnered with the US Government’s Covid-19 vaccine efforts to speed up the development and testing of vaccine candidates.
      </p>
    </li>
  </ul>
  <p>
    However, one challenge faced during the pandemic was reduced patient enrollments.
  </p>
  <ul>
    <li>
      <p>
        This was primarily a short-term effect, with patient enrollments recovering to a stable level by October 2020.
      </p>
    </li>
    <li>
      <p>
        However, enrollments in certain therapeutic areas, such as oncology, could take longer to recover to pre-Covid levels.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


COVID19-IMPACT

Market Mapping

<div>
  <h3>
    <b>Growth-stage clinical trial management startups and incumbents most prominent</b>
  </h3>
  <p>
    Startups in the growth-stage and providing clinical trial management solutions are most common, with several startups initially offering one specific solution before expanding into offering solutions across multiple parts of the clinical trial process.
  </p>
  <p>
    Incumbents also focus on the clinical trial management segment in terms of partnerships and acquisitions, as these tend to have the most value in terms of improving the speed and cost of their own clinical trials.
  </p>
  <p>
  </p>
</div>


The Disruptors

<div>
  <p>
    <b>Disruptors partner with big pharma companies and clinical research organizations to provide services and technology</b>
  </p>
  <p>
    Clinical trial technology disruptors operate in partnership with their customers, which include big pharma and clinical research organizations that run and execute clinical trials. Whilst these customers have developed some technology solutions internally, they are always open for externally developed solutions that can provide efficiencies in terms of cost or time.
  </p>
</div>


Disruptor Funding History

The Incumbents

<div>
  <p>
    Pharmaceutical companies and clinical research organizations are increasingly adopting clinical trial technology to expedite the drug development process. Being the longest stage in drug development, any reduction in the time required for clinical trials would result in a significant benefit.
  </p>
  <p>
    Additionally, multiple tech companies have expressed interest and are working in the clinical trial tech space due to the significant volume of data that needs to be processed and the potential for providing cloud services and conducting big data analytics.
  </p>
  <p>
    While some tech companies conduct in-house development, incumbents prefer to operate through partnerships with relevant startups, which can specialize in addressing challenges in the clinical trial process.
  </p>
  <p>
  </p>
</div>


Clinical Trial Technology

Clinical Trial Technology

About EDGE

Contact Us

Resources

Area of Focus

Technology Research Made Effortless