Global Decentralized Clinical Trials Market is set to grow at a 10% CAGR to reach $14.2 bn by 2026

Decentralized clinical trials (DCTs) employ a method of conducting clinical trials where parts or all of the trial happen outside a traditional physical clinic or trial site. Clinical trial studies are conducted via telemedicine, mobile/local healthcare providers and digital/mobile technologies.

Covid-19 Pandemic triggers the Growth of Decentralized Clinical Trials Market

Covid-19 pandemic has severely impacted all health services globally and the clinical market segment was no different. More than 2000 trials registered on ClinicalTrials.gov were terminated because of the rising 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. 

During the hour of the Covid-19 pandemic, decentralized clinical trials (DCT) emerged as a vital medical 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.

Multiple Advantages of DCTs, impact of Covid-19 pandemic, increasing adoption by pharmaceutical, medical device companies & contract research organizations (CROs), formation of industry stakeholder groups such as Decentralized Trials & Research Alliance (DTRA) to facilitate collaboration and research, favorable funding & regulatory outlook, and surge in M&A activities are some of the key factors driving the growth of the decentralized clinical trials market.

Regulatory Hurdles Likely to Affect the 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.

Increasing Adoption and Financial Backing of DCTs by Pharmaceutical, Medical Device Companies, and Contract Research Organizations (CROs)

In recent years, due to Covid-19, there has been an increase in the use of the DCT model by the pharmaceutical, medical device companies and contract research organizations (CROs):

• To reduce contact, improve the patient experience and keep studies on track during the Covid-19 pandemic.
• Due to the growing trend toward more patient-centric trials.
• The formation of industry stakeholder groups to facilitate collaboration and research.

The possibility of reducing trial time and costs. Cost savings arising from diverse sources, including fewer sites (i.e., less investigator fees and costs for patient visits, and other site costs), less patient travel costs, and less site monitoring and management fees.

Competitive Landscape Analysis: Decentralized Clinical Trials Market

Get Detailed Research Insights on Decentralized Clinical Trials Market @ https://meditechinsights.com/decentralized-clinical-trials-market/

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Created on Aug 12th 2022 00:53. Viewed 166 times.

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