Visiongain has published a new report titled Decentralized Clinical Trials Market Report 2022-2032. It includes profiles of decentralized clinical trials and predictions by study design (interventional study design, observational study design, and expanded access study design (CROs, pharmaceutical and biopharmaceutical companies, and others). PLUS, Regional Market Analysis & Scenarios for recovery from Covid-19 disease.
the Decentralized global clinical trial market It was valued at $7,235.5 million in 2021 and is expected to grow at a compound annual growth rate of 6.95% over the forecast period 2022-2032. Increasing reliance on advanced electronic clinical solutions, increasing focus on clinical research, increased investment in research and development, and adoption of decentralized clinical trials by biopharmaceutical companies are some of the major factors driving the growth of the global decentralized clinical trials market.
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How has COVID-19 had a very positive impact on the decentralized clinical trial market?
The COVID-19 pandemic has accelerated the use of DCTs with the help 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 implementation of decentralized clinical trials, with increased experimental activities conducted remotely and in participants’ homes.
DCTs have gained prominence in recent months, according to a growing consensus. After years of hesitation, the industry is now embracing home research to provide long-term patient supervision and collect excellent data during an epidemic. Companies are moving experiments away from location-based models toward fully decentralized or hybrid models, with more than half of new experiences incorporating aspects decentralized from the initial stage, to meet patient preferences and COVID-19 preparedness.
How will this report benefit you?
Visiongain’s 422+ report provides 306 pages of tables and 289 charts/graphs. Our new study is suitable for anyone who needs in-depth commercial analyzes of the global decentralized clinical trials market, along with detailed market segment analysis. Our new study will help you assess the overall global and regional market for decentralized clinical trials. Get the financial analysis of the total market and different sectors including treatment type, product, services, indication, type of test test and get higher market share. We believe there is still a huge opportunity in this rapidly growing decentralized clinical trial market. Learn how to use current and upcoming opportunities in this market to reap revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making process, allowing you to devise strategies for growth, enhance analysis of other market players, and maximize company productivity.
What are the current market drivers?
Advances in decentralized clinical trials is the main factor driving market growth. Electronic Patient Reported Outcomes (ePROs) and Electronic Clinical Outcomes Assessments (eCOAs) digital platforms are used to collect data directly from study stakeholders. As a result, there is much less paper recording and significantly more timed data, as well as more patient standardization. Virtual methods can be accessed for creating data analytics, enabling remote source data validation, and performing other observations when clinical research colleagues are unable to physically attend an investigator’s site or clinic.
Traditional site activities (such as drug administration, evaluations, and data validation) can also be performed remotely by others or by trial participants themselves, reducing the efforts of trial investigators. Decentralization expands access to trials to reach a larger and more diverse group of patients, with 70% of eligible participants often residing more than two hours away from trial sites. As a result of these benefits, the increasing popularity of decentralized clinical trials has led to further market expansion.
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Where are the market opportunities?
The development of decentralized experiment technologies is expected to boost the market growth during the forecast period 2022-2032. The pandemic has necessitated improved drug development procedures that prioritize safety, efficacy, and efficacy. Due to the impact of COVID-19, DCT has now also penetrated into other countries, particularly those that have not actively participated in clinical trials. The scale of decentralized clinical trials is already beginning to expand, providing patients with rare and chronic diseases with new experimental drugs in areas where they were previously unable to participate.
Direct-to-patient clinical trials (DTP) processes have shown to be a beneficial option for both patients and companies. Some sponsors were initially reluctant to integrate 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 offered by these strategies for patient recruitment and retention, overall trial compliance, speed of data transmission and thus opening new horizons for CROs and biopharma companies to conduct clinical trials in an entirely new way.
The major players operating in the decentralized clinical trial market are IQVIA Holdings, Inc. and 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. (GI Partners), Florence Healthcare Inc. , Syneos Health, Pharmaceutical Product Development, Inc. , Castor Edc, Cloudzby, Inc. , Ergomed Plc.
Product development, strategic collaboration, investment in research and development, and geographic expansion are key strategies that market leaders use to capture the largest share of revenue. For example, in February 2021, ICON launched two services offering the FIRECREST and FIRECREST Site Question Management suite that supported the improvement of drug delivery, tracking, and management.
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