Clinical Trial Patient Recruitment: Market Trends and Opportunities
It is estimated that 80% of studies do not meet their designated clinical trial patient recruitment deadlines. In addition, retaining patients is also a matter of concern, considering that the approximate dropout rate across clinical studies is around 30%. Delays in product launch, due to inability of proper clinical trial patient recruitment / retention practices, are highly common and are estimated to result in an average loss of USD 8 million per day in opportunity costs, within the a blockbuster drugs market.
Roots Analysis has highlighted below some of the most interesting insights from our study.
A steadily increasing demand for clinical trial recruitment services, coupled to the complexities associated with patient enrollment, have prompted drug / therapy developers to outsource this process to specialty service providers.
Presently, close to 140 companies claim to be actively engaged in offering clinical trial patient recruitment / retention services to the pharmaceutical and medical devices industries, employing a variety of outreach methods and solutions
The market landscape is fragmented and distributed across various geographies; the growing need for specialized / niche study populations and cost saving options have made offshoring a popular trend.
Majority of the clinical trial recruitment service providers are based in developed regions; the market is characterized by the presence of both established players and small-sized companies / new entrants
Companies involved in the clinical trial patient recruitment domain are steadily expanding their capabilities in order to enhance their respective services portfolios and comply to evolving industry benchmarks.
The growing trend of outsourcing of patient recruitment – related activities is evident from the rise in partnership activity in the recent past and from the opinions expressed by eminent stakeholders in the industry.
Several growth opportunities, driven by increasing volume of clinical trials, exist; some of these focus specially on the development of therapies for rare and complex indications.
We expect the overall patient recruitment services market for the service providers to increase steadily and grow by over 60% in the coming years.
The opportunity is anticipated to be well-distributed across various geographical regions, different clinical phases of development and therapeutic areas
You can also download the SAMPLE REPORT on patient recruitment services by Roots Analysis.
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About Author
Arun_Gupta
Arun is an enthusiastic professional and has been associated with Roots Analysis since the very early years. He has led multifaceted roles over the years be it business research, consulting, competitive intelligence, IT & technology, sales and marketing. He currently drives strategic thinking and execution within the sales and marketing domain. With educational background in life sciences from Thapar University and digital marketing credentials from Indian School of Business, he has led a lot of critical initiatives at the organization. His background in life sciences has been one of the key reasons for quick understanding and implementation of customized marketing strategies. During his early years, he has led multiple consulting assignments for global clients ranging from competitive landscaping, deal structuring and preparing go-to-market strategy for his clients.