Virtual Clinical Trials

The digital transformation of clinical trials and research is accelerating rapidly and offers sponsors numerous advantages from efficiency and cost effectiveness to improved patient compliance and datasets that capture a broader population. And in 2023 it will accelerate further. 

While virtual clinical trials were being explored long before the pandemic, they have accelerated since the pandemic, and everyday more steps are being taken to implement the virtual clinical trials as part of regular clinical trial practice. Industry associations, regulatory authorities, sponsors and CROs are gaining valuable insight into the benefits of a new way of working, which will significantly change the way clinical trials are carried out in the future. 

Big Pharma 

In 2023 we will see more big pharma companies start adopting precision medicine to help them get ahead. Precision medicine considers a person’s genes, environment and lifestyle to predict which treatment will be most effective. The defining feature of this practice of medicine is the focus on genomic data to design the specific treatment paths, this is the study of how a person will respond to a drug based on their genetic makeup. 

By 2025 it is predicted that the precision medicine market will be worth over $85bn dollars, but pharma companies still have a long way to go in understanding and adopting this new approach to healthcare.

Medical Devices 

Starting in 2023, the medical device industry is predicted to grow at a CAGR of 4.2%. by 2028 and is estimated to be worth 13,280 million USD. This is a significant expansion considering the sector’s current worth is 9,902.6 million USD. With a thriving medical device industry coupled with revolutionised technology, 2023 will see an explosion of notable new medical devices set to change patient outcomes globally. 

Wearable devices, for example, will be increasingly used in 2023. They’ll also feature more advanced technologies, such as processors that deliver in-device analytics. This means that data will no longer need to be sent to the cloud for collection, analysis, and feedback. Instead, wearers will be provided with faster outputs to warn and protect against potentially life-threatening conditions in real-time.