Fort Collins, Colorado, April 08, 2024 (GLOBE NEWSWIRE) --
The rise in the use of electronic data capture solutions is projected to drive the industry growth
Electronic Data Capture (EDC) solutions serve as centralized platforms for gathering patient data, encompassing vital information such as demographics, medical history, and study outcomes. When integrated with Interactive Response Technology (IRT) systems, EDC platforms streamline clinical trials' randomization and drug assignment procedures. These processes rely on predetermined criteria like patient eligibility and treatment arm allocation. Through this integration, patients are accurately assigned to study groups, ensuring they receive the treatment regimen outlined in the trial protocol.
Consequently, patient data collected via EDC is seamlessly synchronized with the randomization and drug supply management functions overseen by the IRT system. This amalgamation optimizes trial operations, mitigates manual data entry errors, and augments data accuracy and comprehensiveness. Thus, the increasing adoption of Electronic Data Capture (EDC) solutions is fueling demand for integrated solutions that harmoniously blend EDC platforms with Interactive Response Technology (IRT) within the Trials Market, projecting growth over the forecast period.
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Segmentation Overview:
The global interactive response technology (IRT) clinical trials market has been segmented into deployment mode, application, technology, end-user, and region.
Cloud-based is a fast-growing segment attributed to its popularity
Based on deployment type, the interactive response technology market segmentation includes On-premise and Cloud-based. Cloud-based technology is expected to dominate the market growth in the forecast period. This is because it offers scalability on-demand, allowing organizations to scale resources up or down based on changing trial needs without significant infrastructure investments.
Pharmaceutical companies accounted for a significant market share in 2023
The market is further segmented based on end-users into pharmaceutical companies, contract research organizations (CROs), Academic Research Institutions, and Others. Pharmaceutical companies held a significant market share in 2023 and are expected to continue dominating the market in the forecast period.
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Interactive Response Technology (IRT) Clinical Trials Market Report Highlights:
- The global interactive response technology (IRT) clinical trials market growth is anticipated at a 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.
- Europe is witnessing rapid growth in the Interactive Response Technology (IRT) Clinical Trials market driven by expanding healthcare infrastructure, rising clinical trial activity, and increasing pharmaceutical research and development investments.
- Some 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 and ICON plc.
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