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Decentralized Clinical Trials Market is set to witness a CAGR of 10% to reach $14.2 billion by 2026
Growing adoption by pharmaceutical, medical device companies & CROs, formation of industry stakeholder groups, favorable funding & regulatory outlook and surge in M&A activities are the key factors driving decentralized clinical trials market growth.
Covid-19 fuels the Adoption of Decentralized Clinical Trials Market
Covid-19 pandemic has adversely impacted all the health services worldwide and the clinical industry was no exception. 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 (DCT) 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 Hamper the Decentralized Clinical Trials Market
Clinical trial regulations have not kept pace with the digital tools and technologies used for decentralized trials. For instance, for healthcare wearable devices, there is an essential need to create an ecosystem where data from various devices and technologies are standardized, validated, and exchanged without data integrity issues.
Regulatory agencies follow multiple approaches to DCTs, but currently, there is no international standard. The DCT regulatory landscape is changing rapidly, and hence clinical-trial sponsors need to align their studies with the most up-to-date and latest 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.
The decentralized clinical trials market is a booming market which 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 top 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.
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