Decentralized Clinical Trials Market, Size, Share, Growth, and Industry Analysis, By Type (Interventional, Observational, Expanded Access), By Application (Oncology, Cardiovascular, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Decentralized Clinical Trials Market Report Overview

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The global decentralized clinical trials market size was USD 6979.8 million in 2021 and is expected to touch USD 29153.1 million by 2031, at a CAGR of 15.4% during the forecasted period.

Decentralized clinical trials are processes and studies that take place with the help of telemedicine or local healthcare providers. These studies deploy an approach that differs from traditional clinical trial modes. These trials are specially designed, keeping in mind the needs and comfort of the patients. Researchers are continuously devising ways to improve technology and provide patients with virtual healthcare, increasing their convenience and saving travel time and costs.

This process is carried out with data visualization, an effective tool for making the process virtual. Healthcare companies use cloud data and several other options in this process to provide quick solutions and improve patient healthcare. Unlike the traditional way of bringing a patient on-site for diagnosis, decentralized clinical trials are much more effective, convenient, and the perfect solution for the modern-day, marred by the pandemic. The pandemic has increased the use of this technology, which will spur market growth. Decentralization also reduces the workload of administrators and trial investigators.

COVID-19 Impact: Pandemic Induced Restrictions Proliferated Market Growth

The sudden spike in CAGR is attributed to demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented, with decentralized clinical trials experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

The technology of decentralized trials existed before the pandemic hit the world hard; however, it was hardly used by companies due to a lack of awareness. The pandemic led to the industry's growth massively, as traditional health systems collapsed and people found a haven for themselves amidst the crisis. Most patients reported having a better experience remotely or at their homes. Companies thus banked on bringing healthcare to patients and recorded massive profits over the last two years. The major players in the industry are based in the U.S.

LATEST TRENDS

"Evolving Technology and Services to Lead Market Growth"

The industry's growth is due to evolving technologies and services being offered in the market. Electronic consent, telehealthcare, and remote patient monitoring allow trial administrators to maintain contact with patients despite being physically present on the site. Mobile and remote healthcare at the patients' houses or alternative locations help catalyze the process away from traditional research sites. End-to-end digital tools and the self-administration of medicines make the process easier. Thus, these developments will lead to market growth.

Decentralized Clinical Trials Market Segmentation

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• By Type

Based on the types, the market categorizes into interventional, observational, and expanded access.

• By Application

Based on the applications, the market categorizes into oncology, cardiovascular, and others.

DRIVING FACTORS

"Increased Interaction with Virtual Systems to Propel Growth"

The present time is perfectly suitable for developing decentralized clinical trials owing to the pandemic. The momentum caused by the pandemic will lead to decentralized clinical trials market growth, as the virtual interaction of patients with these systems will increase three-fold post-pandemic. The physicians' comfort has also increased with virtual methods, as most patients stayed home for the course of two years. The argument is supported by the increased use of innovative healthcare devices such as watches and apps, increasing consumer preference and comfort for these processes.

"Patient Convenience and Improved Tools to Aid Market Growth"

Tools such as sensors, cameras, video, and voice processes are increasingly being adopted and validated after the advent of the pandemic. This has established standards for broader use amongst patients, thus increasing their convenience. Regulatory systems have also promoted the process, with some guidelines to be followed already in place. Technology innovators invest in decentralized elements and provide point-to-point solutions to sponsors to propel market growth.

RESTRAINING FACTORS

"Market Expansion Will Be Limited Due to the Predominance of Trials"

According to research, not all the trials will be virtual or decentralized, which may impede market growth and create obstacles for major industrial players. Even though the demand for clinical trials has increased significantly over the last two years, investigators will decide upon each case and provide end-to-end solutions based on suitability. Complex on-site processes will have to be carried out in person for procedures such as screenings and MRIs. This may reduce profits for major industry players. Hence, work on technology and improved, efficient operations should be carried out by researchers to increase growth, and investors must take cognizance of these factors.

Decentralized Clinical Trials Market Regional Insights

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"North America to Lead Market Share Owing to Increased Pandemic Spread"

The North American region will lead the decentralized clinical trials market share due to the devastating effects of the pandemic. The U.S. was affected severely, so the deployment of decentralized clinical trials in the region will increase rapidly. The companies producing the trial technology are primarily based in the U.S., with the leading companies owning most of the market share. Thus, the region will spur industry growth as the pandemic recedes and leaves long-term effects on people.

KEY INDUSTRY PLAYERS

The report analyzes different market players in the industry, and the information is published after proper research, analysis of trends, key developments, new initiatives, and technological developments and innovations. Other aspects of the report include research on companies, regions, technical and environmental outcomes, and newly emerging industries' impact and risks. The facts in the information may be subject to change, given the situation of market players from time to time. North America will lead the industry with the largest share.

List of Market Players Profiled

• Medidata (U.S.)
• IQVIA (U.S.)
• Labcorp (U.S.)
• PRA Health Sciences (U.S.)
• Parexel (U.S.)
• ICON (Ireland)
• Oracle (U.S.)
• CRF Health (U.S.)
• Clinical Ink (U.S.)
• Medable (U.S.)
• Science 37 (U.S.)

INDUSTRY DEVELOPMENT

June 2022: Mediadata, a U.S.-based company and a subsidiary of Dassault Systems Company, launched new clinical operations technology to address critical clinical trial management issues along with Rave CTMS (Clinical Trial Management Systems). It will help both companies to monitor data quickly and visualize it to make quick, enhanced judgments and decisions. This development will improve data oversight and reporting for sponsors and contract research organizations, driving market growth and generating industry growth. 

REPORT COVERAGE

The report examines elements that affect the demand and supply and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, the latest trends, and industrial developments. After evaluating financial and technical market factors, the report provides exhaustive PEST and SWOT analysis. The research is subject to alteration if crucial players and analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.