Visiongain has published a new report entitled the Decentralized Clinical Trials Market Report 2022-2032. It includes profiles of Decentralized Clinical Trials and Forecasts by Study Design (Interventional Study Design, Observational Study Design, And Expanded Access Study Design) Market Segment by Indication (Oncology, Cardiovascular, Immunology, Respiratory, And Others) Market Segment by End-User (CROs, Pharmaceutical & Biopharmaceutical Companies, and Others). PLUS, Regional Market Analysis and COVID-19 Recovery Scenarios.
The global decentralized clinical trials market was valued at US$7,235.5 million in 2021 and is projected to grow at a CAGR of 6.95% during the forecast period 2022-2032. The growing adoption advanced e-clinical solutions, rising focus on clinical research, increasing investment in R&D, and adoption of decentralized clinical trials by bio pharmaceutical companies are some of the major factors that drive the growth of the global decentralized clinical trials market.
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How has COVID-19 had a highly positive impact on the Decentralized Clinical Trials Market?
The COVID-19 pandemic has accelerated the use of DCTs with aid of digital health technologies (DHTs), while reducing in-person interactions and placing enormous demands on healthcare resources. DHTs support remote real-time data collection while maintaining security and privacy. The COVID-19 outbreak has accelerated the implementation of decentralised clinical trials, with an increase in trial activities being conducted remotely and at the participants' homes.
DCTs have gained in relevance in recent months, according to a growing consensus. After years of hesitation, the industry is now embracing home-based research to provide long-term patient supervision and excellent data gathering during the pandemic. Companies are transitioning trials away from site-based models and toward completely decentralised or hybrid models, with more than half of new trials incorporating decentralised aspects right from the initial stage, both to meet patient preferences and to prepare for COVID-19.
How this Report Will Benefit you?
Visiongain’s 422+ page report provides 306 tables and 289 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global decentralized clinical trials market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for decentralized clinical trials. Get the financial analysis of the overall market and different segments including therapy type, product & services, indication, and testing assay type and capture higher market share. We believe that high opportunity remains in these fast-growing decentralized clinical trials market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Advancement in decentralized clinical trials is the major factor driving the market growth. Electronic patient-reported outcomes (ePROs) and electronic clinical outcomes assessments (eCOAs) employ digital platforms to collect data directly from study stakeholders. As a result, there is far less paper recording and considerably more timely data, as well as more patient uniformity. Virtual methods for creating data analytics, enabling remote source data verification, and conducting other monitoring operations are accessible when clinical research colleagues are unable to physically attend an investigator site or clinic.
Traditional site activities (such as medicine administration, evaluations, and data verification) can also be conducted remotely by others or by trial participants themselves, decreasing trial investigators' effort. Decentralization broadens trial access to reach a larger and potentially more varied pool of patients, as 70% of eligible participants frequently reside more than two hours away from trial locations. As a result of these benefits, the rising popularity of decentralised clinical trials is driving market expansion.
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Where are the market opportunities?
Evolution of decentralised trials technologies is projected to boost the market growth during the forecast period 2022-2032. The epidemic has necessitated improved medication development procedures that priorities safety, effectiveness, and efficiency. Owing to COVID-19 impact, the DCT has now also penetrated other countries, particularly those that are were not actively engaging in clinical trials. The reach of decentralised clinical trials has indeed begun to broaden, providing patients with rare and chronic diseases with new experimental drugs in the areas where they had previously been unable to participate.
Direct-to-patient (DTP) clinical trial processes have shown to be an advantageous option for both patients and businesses. Some sponsors were initially hesitant to incorporate DTP models, but these reservations are gradually dissipating, influenced by the use of these solutions as a result of the COVID-19 pandemic, as well as the benefits these strategies offer patient recruitment and retention, overall trial compliance, and data transfer speed thereby opening new avenues for the CROs and biopharma companies for conducting clinical trials in a completely new way.
Competitive Landscape
The major players operating in the decentralized clinical trials market are IQVIA Holdings, Inc.,ICON PLC, Laboratory Corporation of America Holdings (Covance, Inc. ), Dassault SystemesSE (Medidata Solutions, Inc. ), Oracle Corporation, Parexel International Corporation (Pamplona Capital Management), Medrio Inc. , Medable, Inc. , Clinical Ink, Inc. (G. I. Partners), Florence Healthcare Inc. , Syneos Health, Pharmaceutical Product Development, Inc. , Castor Edc, Cloudzby, Inc. , Ergomed Plc.
Product Development, strategic collaboration, R&D investment, and geographic expansion are some of the primary strategies used by the market's leading companies to gain the largest revenue share. For instance, In February 2021, ICON launched two service offering FIRECREST suite and FIRECREST Site Question Management that supported improved drug delivery, tracking and management.
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