Clinical Trial Recruitment Industry To Grow Substantially At A CAGR Of 6.10% From 2022 To 2030
The global clinical trial recruitment industry size was valued at USD 15.7 billion in 2021 and will grow at a healthy CAGR of 6.1% during the forecast period 2022-2030, according to the " Clinical Trial Recruitment Industry Data Book, 2023 – 2030 ," published by Grand View Research. Soaring demand to enhance patient recruitment and expedite the time to market new drugs has underpinned the industry growth. Optimizing the recruitment process by introducing well-trained trial sites and live and in-platform translation facilities will encourage stakeholders to further their geographical footprint. In addition, the adoption of AI and ML will gain traction in data collection and cleaning operations to minimize cost, as patient recruitment is regarded as one of the most expensive parts of a clinical trial. A study cited in Clinical Leader claimed that the cost of patient recruitment is around 40% of the clinical research, while almost 80% of all clinical trials fail to m...