Global Decentralized Clinical Trials Market is projected to witness a decent CAGR of 10% to reach $14.2 billion by 2026 : Medi-Tech Insights

Decentralized Clinical Trials employ a technique of conducting clinical trials where parts or all of the trial happens outside a physical clinic or trial site. Clinical trial studies are conducted via telemedicine, mobile/local healthcare providers & digital/mobile technologies.

Covid-19 Pandemic Triggers the Adoption of Decentralized Clinical Trials Market

Covid-19 pandemic had severely impacted all 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 had impacted the participant recruitment, retention, the safety of trial subjects, protocol compliance, and highlighted the requirement for safe, reliable, and secure remote capabilities, which led to a renewed focus on digitization.

In the wake of the Covid-19 pandemic, decentralized clinical trials emerged as a vital tool using which patients can be recruited remotely, physician visits/patient consent can be done via telemedicine, and mobile technology can be used for remote data collection.

"The Covid-19 pandemic compelled several sponsors to incorporate the virtual elements such as telemedicine, remote electronic medical record access for monitors and virtual monitoring of data & study documentation into their trials." -Senior Director, Leading DCT Solution Provider, United States

Regulatory Hurdles Likely to Hamper the Adoption of Decentralized Clinical Trials Market

Clinical trial regulations have not kept pace with the digital tools and technologies 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 global standard. The DCT regulatory landscape is rapildy 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 clinical trials that implement decentralization.

Growing Adoption and Financial Backing of Decentralized Clinical Trials by Pharmaceutical, Medical Device Companies, and CROs

In the recent years, due to Covid-19 pandemic, there has been a significant increase in the application of the DCT model by the pharmaceutical, medical device companies and contract research organizations (CROs) due to the following benefits:
• To reduce contact, improve the patient experience and keep studies on track during the Covid-19 pandemic.
• Due to the emerging trend towards more patient-centric trials.
• The formation of industry stakeholder groups to facilitate collaboration and research.
• The possibility of reducing trial time and costs.

Moreover, fundings from big pharmaceutical companies to virtual clinical trial specialists is likely to boost the growth of the decentralized clinical trials market.

The global decentralized clinical trials market is an emerging market which is anticipated to gain a conistent momentum in the upcoming years due to its ability to harness technological developments to improve the efficiency, participant experience, and generalisability of clinical studies.

Competitive Landscape Analysis: Decentralized Clinical Trials Market

The global decentralized clinical trials market is marked by the presence of established and new 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.

Get Detailed Insights on Decentralized Clinical Trials Market with a Sample Report PDF @ https://meditechinsights.com/decentralized-clinical-trials-market/

Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@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 Technology, Medical Devices & Pharma Services.

This release was published on openPR.