FORT COLLINS, Colo., April 8, 2024 (Globe Newswire) —
Increased use of electronic data capture solutions is projected to drive industry growth
Electronic data capture (EDC) solutions serve as a centralized platform for collecting patient data, including vital information such as demographics, medical history, and laboratory results. EDC platforms, when integrated with Interactive Response Technology (IRT) systems, streamline randomization and drug assignment procedures in clinical trials. These processes rely on predetermined criteria such as patient eligibility and treatment group assignment. This integration ensures that patients are accurately assigned to study groups and receive the treatment plan outlined in the protocol.
As a result, patient data collected via the EDC is seamlessly synchronized with randomization and medication supply management functions monitored by the IRT system. This integration optimizes pilots, reduces manual data entry errors, and enhances data accuracy and comprehensiveness. This increased adoption of electronic data capture (EDC) solutions has increased the demand for integrated solutions that harmoniously blend EDC and EDC platforms. Interactive response technology (IRT) in the clinical trial market; Forecast growth during the forecast period.
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Segmentation overview:
The global Interactive Response Technology (IRT) Clinical Trials market is segmented into deployment mode, application, technology, end user, and region.
Cloud-based is a rapidly growing segment due to its popularity
Based on deployment type, the segmentation of the Interactive Response Technology market includes on-premises and cloud-based. Cloud-based technology is expected to dominate the market growth during the forecast period. This is because it provides on-demand scalability, allowing organizations to grow or shrink resources based on changing trial needs without making large infrastructure investments.
Pharmaceutical companies will hold major market share in 2023
Based on end user, the market is further segmented into pharmaceutical companies, contract research organizations (CROs), academic research institutions, and others. The pharmaceutical companies held a significant market share in 2023 and are expected to continue dominating the market during the forecast period.
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Interactive Response Technology (IRT) Clinical Trial Market Report highlights:
- The global interactive response technology (IRT) clinical trials market is expected to grow rapidly. CAGR of 21.6% by 2032.
- IRT systems can use AI and ML algorithms to optimize patient recruitment, predict patient behavior, detect anomalies, and identify trends in trial data.
- In Europe, the interactive response technology (IRT) clinical trials market is growing rapidly due to expanding healthcare infrastructure, increasing clinical trial activity, and increasing pharmaceutical R&D investments.
- Some of the prominent players in the Interactive Clinical Trials market report include Oracle Corporation, ERT (eResearch Technology), Bioclinica, IQVIA, Cenduit LLC, Almac Group, Bracket Global (now Signant Health), YPrime, 4G Clinical, ICON plc, etc.
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