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Decentralised Clinical Trials Market Report 2024-2034

Decentralised Clinical Trials Market

31 May 2024

Decentralised Clinical Trials Market Report 2024-2034

Visiongain has published a new report entitled Decentralised Clinical Trials Market Report 2024-2034: Forecasts by Study Design (Interventional, Observational, Expanded Access), by Indication (Oncology, Cardiovascular, Immunology, Respiratory, Others), by Component (Mobile Healthcare, Telemedicine, Wearable Devices, Web-based Technology, Others), by End-users (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organisations (CROs), Others)) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The Global Decentralised Clinical Trials Market is valued at US$9,231.3 million in 2024 and is expected to register a CAGR of 7.6% from 2024 to 2034.

Increasing Demand for Real World Evidence

Growing demand for real-world evidence (RWE) serves as a significant catalyst for the Decentralized Clinical Trials (DCTs) market growth. Real-world evidence encompasses data gathered outside the controlled confines of clinical trials, often sourced from electronic health records, claims databases, wearables, and patient-reported outcomes. Since the stakeholders in healthcare and regulatory agencies increasingly acknowledge the limitations of conventional clinical trial data, there emerges a heightened reliance on RWE to complement and contextualize trial results.

Decentralized clinical trials present a distinct opportunity to amass robust real-world evidence by collecting data in naturalistic settings, closer to the everyday lives of patients. By leveraging remote monitoring technologies, DCTs can acquire a wealth of real-world data concerning treatment efficacy, safety profiles, adherence rates, and patient-reported outcomes in real time. This comprehensive dataset furnishes invaluable insights into the performance of treatments in routine clinical practice, transcending the controlled environment of traditional trials.

How has COVID-19 had a Significant Impact on the Decentralised Clinical Trials Market?

Decentralized Clinical Trials (DCTs) emerged as a viable solution amidst the challenges brought about by the pandemic, enabling trials to proceed while adhering to social distancing measures and reducing the necessity for physical site visits. Essential digital tools such as telemedicine platforms, and home healthcare services played a pivotal role in facilitating trials by enabling the collection of data and participant interactions from their residences. This transition not only ensured the continuity of ongoing trials but also expedited the commencement of new studies, particularly those focused on COVID-19 treatments and vaccines.

The pandemic emphasized the significance of real-world evidence (RWE) as a complement to traditional clinical trial data, as healthcare systems sought deeper insights into intervention effectiveness in real-world contexts. DCTs, with their capacity to capture data in natural settings, gained prominence in generating RWE to guide clinical decision-making.

How will this Report Benefit you?

Visiongain’s 321-page report provides 141 tables and 168 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the Decentralised 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 Decentralised Clinical Trials. We provide financial analysis of the overall market and different segments including design, delivery and type of application. We believe that there are strong opportunities in this fast-growing Decentralised 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 will 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?

Favourable Regulatory Scenarios Anticipated to Fuel Industry Growth

As the landscape of clinical research evolves and decentralized trial models become more prominent, regulatory agencies play a critical role in establishing the framework and oversight necessary to safeguard patient safety and uphold trial quality. Regulatory agencies worldwide have increasingly acknowledged the potential of decentralized trial approaches to expand patient access, enhance trial efficiency, and generate real-world evidence. Increasing regulatory support for decentralized trials is evidenced by the issuance of guidance documents, and regulatory pathways specifically tailored to address the implementation of decentralized trial models. Several national agencies such as the FDA have released guidelines and recommendations to clarify regulatory expectations and facilitate the adoption of decentralized approaches. These guidance documents furnish sponsors and researchers with clear principles, best practices, and regulatory considerations for designing, conducting, and reporting decentralized trials.

Growing Collaborations between Pharmaceutical and Biotech Companies

Increasing collaborations between pharmaceutical companies play a crucial role in pooling resources, and infrastructure, thereby facilitating the development and execution of decentralized trial models. Partnerships with technology providers, contract research organizations (CROs), and academic institutions provide access to state-of-the-art technologies, data analytics capabilities, and clinical trial knowledge. In 2020, funding for both early and late-stage research and development (R&D) experienced significant growth, seemingly unaffected by the disruptions caused by COVID-19. This uptrend reflects a strong emphasis on innovative pathways and approaches for discovering and developing novel therapeutics. Venture capital investment in the life sciences sector surged by 50% in 2020, with sustained interest and high valuations in early-stage companies. Concurrently, the aggregate R&D expenditures by the top 15 pharmaceutical companies globally reached $123 billion, surpassing 20% of their combined reported corporate sales for the first time. Partnerships among pharmaceutical firms facilitate the exchange of knowledge, best practices, and insights gleaned from previous experiences with decentralized trials. By leveraging collective expertise, companies can overcome shared obstacles, identify opportunities for enhancement, and establish industry-wide standards and benchmarks for conducting decentralized trials.

Where are the Market Opportunities?

Expansion of Clinical Trials Activities in Emerging Markets

The expansion of clinical trial activities in emerging markets signifies a significant shift in the global healthcare landscape. Emerging markets are characterized by rapid economic development and evolving healthcare infrastructures, present unique opportunities for pharmaceutical companies and researchers alike. These regions offer diverse patient populations, novel disease profiles, and distinct healthcare challenges, making them ideal settings for conducting clinical trials. Moreover, emerging markets often boast streamlined regulatory processes, lower operational costs, and access to untapped talent pools, providing an attractive environment for efficient and cost-effective research endeavours. By expanding clinical trial activities into emerging markets, researchers can ensure a more comprehensive understanding of how treatments perform across different populations, thereby improving the generalizability and applicability of study findings. The expansion of clinical trial activities in emerging markets fosters collaborations between local research institutions, pharmaceutical companies, and technology providers. These partnerships facilitate the transfer of knowledge, resources, and best practices, strengthening the clinical research ecosystem and enhancing local capabilities in trial conduct and management.

Accelerated Drug Development Projected to Offer Lucrative Growth Prospects

Accelerated drug development is a critical factor in the pharmaceutical industry, driven by the urgent need to address unmet medical needs and bring life-saving therapies to patients in a timely manner. This process involves streamlining various stages of drug discovery, development, and approval to expedite the journey from bench to bedside. One key strategy for accelerating drug development is the use of innovative technologies and methodologies, such as high-throughput screening, computer-aided drug design, and biomarker-based approaches, which enable faster identification and optimization of promising drug candidates. Regulatory agencies have implemented programs and initiatives to expedite the review and approval of promising therapies, such as fast-track designation, breakthrough therapy designation, and accelerated approval pathways. These regulatory mechanisms allow for earlier access to potentially beneficial treatments for patients with serious or life-threatening conditions, while still ensuring robust evaluation of safety and efficacy. Increasing collaborative efforts between academia, and regulatory bodies play a crucial role in accelerating drug development. Partnerships enable the sharing of resources, expertise, and data, facilitating more efficient research and development processes. Furthermore, initiatives like open innovation and precompetitive collaborations encourage information sharing and collaboration across the pharmaceutical ecosystem, driving innovation and accelerating the pace of drug discovery and development.

Competitive Landscape

Key players include Castor, Clario, Clinical Ink, Cloudbyz, Dassault Systemes SE (Medidata Solutions, Inc.), Ergomed Group, Florence Healthcare, Inc., ICON Plc, IQVIA Inc., KORE Wireless Group, Inc., Laboratory Corporation of America Holdings (Covance), Medable Inc., Medrio, Oracle Life Sciences, Parexel International (MA) Corporation, ProPharma Group MIS Limited, Science 37, Signant Health (CRF Bracket), Syneos Health, Thermo Fisher Scientific Inc. (PPD), and Veeva Systems are increasingly adopting decentralised trial approaches to improve efficiency, reduce costs, and enhance patient participation. Some larger pharmaceutical companies may develop in-house capabilities for decentralised trials, while others may partner with CROs or technology providers. Examples include Pfizer, Novartis, Eli Lilly, and Roche.

The decentralised clinical trials market is also characterised by a growing number of startups and innovators offering specialized solutions and services, such as virtual trial platforms, patient recruitment tools, remote monitoring devices, and decentralised trial consulting. These startups often focus on niche areas or emerging technologies to differentiate themselves in the market. Academic institutions and research organisations play a role in driving innovation and conducting studies to evaluate the effectiveness and feasibility of decentralised trial approaches. They may collaborate with industry partners or government agencies to conduct decentralised trials across various therapeutic areas.

Recent Developments

  • On 25th April 2024, Parexel and Palantir collaborated to accelerate clinical data delivery and power clinical outcomes for patients. This multi-year strategic partnership leveraged AI to help enhance and accelerate the delivery of safe and effective clinical trials for the world’s biopharmaceutical customers.
  • On 10th April 2024, DNAnexus and Oracle collaborated to advance precision health. This visionary endeavour is intended to drive scientific breakthroughs and improve patient outcomes globally by accelerating innovation in genomics and healthcare.

Notes for Editors

If you are interested in a more detailed overview of this report, please send an e-mail to contactus@visiongain.com or call +44 207 336 6100.

About Visiongain

Visiongain is one of the fastest-growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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