Press release
Global Decentralized Clinical Trials Market is poised to witness a healthy growth of 10% to reach $14.2 billion by 2026 - Olympus, Boston Scientific, Pentax (Hoya), Fujifilm, Cook Medical, Karl Storz, Ethicon, Medtronic, Stryker, Medi-Globe, Arthrex
Covid-19 Pandemic triggers Adoption of Global Decentralized Clinical Trials Market
Covid-19 pandemic has adversely impacted the health services globally and the clinical industry was no different. More than 2000 trials registered on ClinicalTrials.gov were terminated because of the challenges of doing clinical research during the Covid-19 pandemic. Covid-19 adversely impacted participant recruitment, retention, the safety of trial subjects, protocol compliance, and highlighted the need for safe, reliable, and secure remote capabilities, which in turn led to a renewed focus on digitization.
In the wake of the Covid-19 pandemic, decentralized clinical trials has emerged as an important tool using which patients can be recruited remotely, physician visits/patient consent can take place via telemedicine, and mobile technology can be used for remote data collection.
Regulatory Hurdles Likely to Affect the Adoption of Decentralized Clinical Trials Market
Clinical trial regulations have not kept pace with the digital tools used for decentralized trials. For instance, for wearable devices, there is a need to create an ecosystem where data from different devices and technologies are standardized, validated, and exchanged without data integrity issues.
Regulatory agencies follow a variety of approaches to DCTs, but currently, there is no international standard. The DCT regulatory landscape is continuously changing, and hence clinical-trial sponsors need to align their studies with the most up-to-date guidelines. For multi-regional clinical trials, there is a need to recognize the increased regulations and limited possibilities for variation in research methods. A customized strategy and consideration for complexity in the clinical trial design are required for all global clinical trials that implement decentralization.
Emerging Adoption and Financial Backing for Decentralized Clinical Trials by Pharmaceutical, Medical Device Companies and Contract Research Organizations (CROs)
Fundings from big pharmaceutical companies to virtual clinical trial specialists is likely to boost the growth of the decentralized clinical trials market. For instance, in August 2020, Science 37, an American clinical research company that specializes in decentralized clinical trials, secured $40 million in funding from Novartis, Amgen, Sanofi, PPD, and Google's VC arm.
The global decentralized clinical trials market is a booming market and is expected to gain further momentum in the upcoming years due to its ability to harness technological developments to improve the efficiency, participant experience, and generalizability of clinical studies.
Competitive Landscape Analysis: Decentralized Clinical Trials Market
The decentralized clinical trials market is marked by the presence of key market players such as ICON, Parexel, IQVIA, Covance, Thermo Fisher, LEO Innovation Lab, Huma, Medidata (part of Dassault), Oracle, CRF Health, Medable, Signant Health, and Clinical Ink, among others.
Explore Detailed Insights on Decentralized Clinical Trials Market @ https://meditechinsights.com/decentralized-clinical-trials-market/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Devices & Pharma Services.
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