Clinical trials are the backbone of discoveries in the medical field. Several inventions need to be approved in terms of their safety and efficacy.
Defining A Decentralized Clinical Trial
A purposeful clinical trial is a trial in which the participants are selected randomly and managed by the medical/scientific staff. Several trials have been conducted in different parts of the world, and most of them are managed by a team. However, they are all executed independently. This means that each participant has a treatment plan administered by medical staff.
A decentralized clinical trial is not like the trials mentioned above. A decentralized clinical trial is one where the research team manages all aspects of the trial and keeps track of all data. The clinical trial is conducted with patients who will be treated for specific conditions under particular circumstances.
The medical staff will be responsible for selecting patients who will get enrolled, monitoring their health status, signing consent forms, and reporting to the sponsor on the progress made so far.
The Decentralized Clinical Trials Market: Market Size And Growth
The market size of this industry was $1 billion as of 2014. It is expected to reach $7 billion by 2020 at a CAGR of 18%. This growth can be attributed to the rising demand for new drugs and formulations to improve the quality of life for people across the globe.
Several factors, such as the rising obesity rate and the increasing prevalence rate of chronic diseases such as cancer, have increased the number of individuals suffering from chronic conditions requiring treatment.
Additionally, resistance to the available antibiotics is an increasing concern among healthcare providers. The growing geriatric population and the increase in the number of people living with a disability are also expected to boost the market growth in the coming years.
According to Medable, “the combination of DCT platform and training programs enable you to plan and execute decentralized clinical trials while upskilling your workforce.”
The decentralized clinical trial solution is a promising approach that increases the efficiency of the clinical trial process. It allows for a high level of customization, which reduces the time and cost associated with conducting clinical trials.
With the help of a decentralized clinical trial solution, companies can now conduct their clinical trial efficiently and reduce the associated costs. However, numerous challenges are yet to be addressed to make this solution more effective and reliable for conducting clinical trials.
The Decentralized Clinical Trials Market: Market Segmentation
This analysis is provided for the five major countries, namely:
- North America (The US, Canada, and Mexico)
- Asia Pacific (China, India, Japan, and the Rest of Asia Pacific)
- Europe (UK, France, Germany, Russia, and Italy)
- Middle East (Saudi Arabia, UAE, and South Africa)
- Africa (South Africa)
- South America Brazil
The Asia Pacific is the fastest-growing region for the decentralized clinical trials market. The market in the Asia Pacific is expected to grow at a CAGR of 8.1% from 2016 to 2021. China, Japan, India, and South Korea are the key countries driving the growth of this market in the Asia Pacific.