According to Grandview Research, the hybrid and decentralized clinical trial (DCT) market is projected to exceed a value of $12 billion by the year 2030. This remarkable growth has been catalyzed by the unprecedented events of the COVID-19 pandemic in 2020 and the subsequent surge in patient-centered technologies. These technologies have given rise to digital and decentralized trials, ushering in a lasting transformation in the landscape of clinical research.
In response to these changes, sponsors are increasingly embracing DCT platforms, aligning with the broader trends in Life Science and Software-as-a-Service (SaaS) solutions. However, the true potential of DCT lies not merely in its application to a single study but in its widespread adoption across the industry. In contrast to the modest 4% compound annual growth rate observed between 2017 and 2019, DCT adoption experienced a significant surge in 2020 and is anticipated to continue its growth trajectory with a compound annual growth rate (CAGR) of 26% between 2020 and 2022. Over the next three years, both Medable and industry analysts predict a CAGR of approximately 15%, surpassing the 4% CAGR observed in pharmaceutical companies' research and development (R&D) spending during the same period.
Remarkably, 13 of the top 20 Biopharma leaders have strategic plans to incorporate digital technology across their drug development pipelines. Over the past year, companies have reportedly entered into multi-year agreements with decentralized firms, aiming to shape the future of clinical research. This trend underscores a consistent commitment to and adoption of digital methodologies in drug development.
Learn more about how these industry leaders are focusing on a foundational digital platform approach for their future trials to deliver better patient experiences and outcomes by accessing the e-book below.