Life sciences companies are increasingly looking to Internet of Things (IoT) technology to help reduce overall costs and improve efficiency with decentralized clinical trial (DCT) approaches. Connected mobile devices and wearable technology make patient data collection more efficient and cost-effective during clinical trials, and IoT managed services help life sciences companies deploy, manage, and scale DCTs by handling the complexities of managing connected devices across the globe.
As of February 1st, 2021, there were around 366,000 clinical studies registered globally. The number of clinical studies has grown significantly over the past couple of decades, up from 2,119 registrations in 2000. The European Clinical Trials Market size has been estimated at 4.62 billion in 2021 and is projected to reach 6.51 billion by 2026 at a CAGR of 7.10%. Another major market just behind Europe is the APAC Clinical Trials Market size has been estimated at 4.11 billion in 2021 and is projected to reach 6.29 billion by 2026 at a CAGR of 8.9%.
A key component of decentralised clinical trials is eCOA, or electronic clinical outcome assessment. The global eCOA solutions market is expected to grow at a compound annual growth rate of 15.1% from 2019 to 2025. The growth in eCOA solutions can likely be attributed to its ability to help reduce study costs. According to a recent article in MedCity News, gathering trial data directly from the source — study participants in this case — eliminates the need for source data verification (SDV), which can cost as much as 25% of the entire trial.
IoT managed services help companies reduce the complexity of decentralized clinical trials. These services include end-to-end project management, consulting, and comprehensive Mobile Device Management (MDM) specifically built to meet the unique patient privacy and security requirements of the life sciences industry. Clinical trial companies can improve and enhance data collection with custom controls that result in lower risk, reduced costs, and improved efficiency in the operation and execution of clinical trials. IoT managed service providers support DCTs with device management, wireless connectivity, network management, and deployment and logistics services.
When selecting an IoT managed services provider for DCTs, life sciences companies should be confident in the vendor’s ability to handle the complex logistics of global clinical trial deployments. Here are some questions to consider asking any potential DCT vendor:
Additionally, it’s critical that life sciences companies ensure any DCT partner is fully regulatory compliant with proven process rigor and commitment to quality management, as demonstrated by certifications such ISO 9001 and 13485.
KORE provides the perfect combination of wireless connectivity and network management, mobile device management, as well as deployment and logistics services. Combined with our upfront solution design and consulting, we ensure you can deliver your solution faster with a reduced total cost of ownership. FDA and ISO-compliant, KORE can ship, sanitize, reprogram, and dispose of medical hardware and peripherals in line with current regulations.
Download the eBook, “Key Considerations for Clinical Trials,” to learn more about the key questions you should ask potential vendors regarding regulatory compliance, wireless managed services, ecosystem, logistics, and more.
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