Global Patient Recruitment and Retention Services Market: Overview
An online newsletter ‘Biopharma Dive’ published an article on the challenges in patient recruitment and retention services and their and possible resolutions. The article focuses on the interoperability, usability, and connectivity of various domains within medical research. Furthermore, the need for integrating research schedules with points of care is also included therein. Patient recruitment and retention services are, thereby, gaining attention of several analysts of the healthcare industry. The need for ensuring regular inflow of medical insights in the healthcare industry has also popularized this procedure.
Clinical trial follows a series of testing and safety checks to ensure sound development of drugs. Several medical research institutes have made tall claims about the integrity and safety of their process of drug development. The assertive claim of these institutes is backed by robust procedures for clinical trials followed by them. It is expected that the domains of drug development, disease testing, and diagnosis would become top-notch priorities of the medical research fraternity. Owing to the factors stated above, the global patient recruitment and retention services market is set to grow by leaps and bounds.
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A report by Transparency Market Research (TMR) on the global patient recruitment and retention services market compares and contrasts several trends pertaining to market growth. The global patient recruitment and retention services market can be segmented on the basis of the following parameters: application and region. On the basis of application, the use of patient recruitment and retention services in drug development and testing is expected to gather momentum.
Global Patient Recruitment and Retention Services Market: Notable Developments
The need for improved medical testing and analysis has generated a multitude of opportunities within the global patient recruitment and retention services market. Some of the key developments that have taken shape in this market are:
- Icon Public Limited Company can expect an 8.5% upside down on the USA broker ratings, as revealed by a recent study. The company currently has a market cap of $8,384m. Icon Plc has made conscious efforts to improve its testing and trial services. Apart from patient recruitment and retention services, the company also cover clinical pharmacology, patient centric monitoring, and virtual trial services.
- EndBrainCancer Initiative (EBCI) is asking for support in the FDA’s new set of guidelines related to clinical trial enrolments. The initiative focuses on advocating better interactions with patients suffering from rare diseases including brain cancer. This move is expected to generate new opportunities for growth within the global patient recruitment and retention services market.
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Some of the leading vendors in the global patient recruitment and retention services market are:
- Abnex, Allscripts
- Access Clinical Research
- Accurate Clinical Research
- AD VERBUM
Global Patient Recruitment and Retention Services Market: Growth Drivers
- Educating People about the Value of Clinical Trials
Medical companies in the U.S. are required to submit their applications for clinical trials and pharmaceutical breakthroughs to the food and drugs administration (FDA). This mandates strict procedures during clinical trials and drug development. Hence, the global patient recruitment and retention services market is slated to expand at a starry rate in the coming years.
- Reducing Time to Market for Medical Companies
Improved rate of patient recruitment ensures faster clinical trials and drug development. This gives medical companies an opportunity to reduce their time to market. Hence, there is tremendous relevance of patient recruitment and retention services across the medical industry.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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