Clinical trial trends and market changes to watch out for in 2022-23

By Akshay Daftary The world woke up to the importance of clinical trials in the aftermath of Covid pandemic. As the governments tried to control the rising cases, the scientific community threw their weight behind by inventing a vaccine against Coronavirus in record time. What followed was large scale clinical trials around the world to approve the vaccines for emergency usage.

This has not only proved the importance of innovation in clinical trials but has also led to changes in the market. According to James Riddle, Vice President of research and strategic consulting company Advarra, the biggest shift that has come to the industry since the 1990s is that we have achieved complete digitization, eliminating the use of paper. This is a major achievement to centralize the systems, make the processes efficient, and manage the data effectively.

Clinical trials are conducted in four stages. Safety testing is done in stage I, efficacy testing is done in stage II, final protection and efficacy testing is done in stage III, and post-purchase research is done in stage IV. From phase I through phase VI, there is less of a risk to those taking part in clinical studies.

From part I to section IV, there are more donors, which causes the cost of trials to rise. The market for clinical trials was estimated to be worth USD 17. 12 billion in 2018 and is expected to grow to USD 24.

87 billion by 2023, with a CAGR of 7. 75 percent from 2018 to 2023. So, what are some of the trends that we can expect in the clinical trial industry in coming years? Adoption of hybrid and decentralised trial designs is expected to be the dominant trend for 2022-23.

Around 1,300 trials with a decentralised and/or virtual component are expected to begin in 2022, according to GlobalData. One of the primary factors influencing decentralised research in the future is that it allows for more patient-centric trials, lessens participant hassles like travel, and makes it possible for qualified patients who live farther away from study sites to participate. Some of the biggest changes that are expected to happen in the clinical trials industry in next couple of years are going to be driven by technology.

Digital platforms and smart applications are going to be used to procure informed consent from the participants, store information, and conduct other critical tasks. Another tool that has grown in importance recently is electronic patient-reported outcomes (ePRO). Patients can use electronic devices to fill out and submit information regarding symptoms, side effects, drug administration, and other topics utilising the ePRO system.

The market for clinical trials is particularly driven by technological advancements, an increase in the demand for creative solutions in the healthcare sector and strengthened partnerships between pharma-biotech firms and clinical studies companies. The market for global clinical trials is developing as a result of factors such technological development and rising need for innovative healthcare solutions. Lastly, the Asia Pacific region has been the fastest growing market for clinical trials in terms of CAGR.

This increase has been attributed to the presence of emerging economies, an expanding healthcare sector, and uniform legislation governing the healthcare sector. The market has historically been dominated by the US and European areas, but as the Asia Pacific region becomes a market leader, this may alter in the years to come. Overall, there are many important changes that we are looking forward to in 2022-23.

These changes will help in advancement of clinical trials industry, propelling us forward in the direction of solving more complex problems. India will also play a crucial role in this as it did during the Covid vaccine development process. (The author is Director, SIRO Clinpharm.

Views expressed are personal and do not reflect the official position or policy of FinancialExpress. com. ).