Abstract

My Independent Research Thesis examines the influence of clinical trials on medical device adoption rates, with an emphasis on MRI density in various countries. My introduction discusses the importance of clinical trials in potentially validating medical devices and their potential impact on adoption rates. My theoretical section analyzes market dynamics, such as information asymmetry and buyer-seller interactions, to determine how clinical trials influence acceptance. The empirical literature review looks at previous research on medical device regulation, safety, and market behavior, highlighting major results and gaps in medical device testing and the effects of clinical trials. The model specification and empirical strategy sections discuss the data sources, variables, and regression models used to analyze and test the relationship and statistical significance between clinical trials and MRI density. My regression models are shown in the results section of my paper, and with these results and testing I was able to reveal a strong positive correlation between clinical trials and MRI density, but no significant influence of GDP per capita. The findings from my data indicated that clinical trials result in higher medical device adoption rates, underlining the relevance of my paper and the relation to real-world situations between clinical trial testing of medical devices and the rate at which they get adopted.

Advisor

Davison, Colin

Department

Economics

Publication Date

2025

Degree Granted

Bachelor of Arts

Document Type

Senior Independent Study Thesis

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