Virtual Clinical Trials Market: Introduction
- Virtual Clinical Trials (VCTs), also called remote or decentralized trials, are a comparatively new and yet underutilized method of conducting clinical research taking full advantage of technologies such as apps, electronic monitoring devices, and online social engagement platforms
- Virtual trials, also called decentralized trials, have a vital role to play in the present COVID-19 crisis and are set to become a norm in the way trials and real-world studies are run
- A virtual method enables people to take part in the trial from their homes, ensuring that research can be continued even when site visits aren’t possible. Moreover, it’s a completely unique approach to collecting safe and effective data from participants of clinical studies.
- Virtual visits and remote patient monitoring of in-person site visits give participants a choice and peace of mind of not exposing them to unnecessary risks.
- Virtual studies enable sponsors to incorporate a bigger population in the study, thus improving recruitment, engagement, and retention. Additionally, it enables continuous real-time data collection through digital health technologies.
- Eventually, virtual connectivity, monitoring as well as management can significantly decrease the hassle, time commitment, and burden on participants, CRCs, and investigators
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Key Drivers, Restraints, and Opportunities of Virtual Clinical Trials Market
- The COVID-19 pandemic has made an enormous impact on the domestic as well as global market. A large number of trials that are primarily created for traditional setting are being forced to change to virtual trials platform.
- Cancer patients are highly vulnerable during the COVID-19 pandemic. Investigators and sponsors managing oncology clinical trials have immediately incorporated virtual and remote trials to keep patients safe and keep the trials moving ahead.
- Biopharma companies and regulatory agencies are focused on the creation of digital technologies, virtual trials, and telemedicine, as they’re potential solutions to limit trial disruptions
- The Food and Drug Administration has proposed virtual visits and remote checking via telemedicine as an alternative to in-person visits
- Therefore, companies are emphasizing on bringing out a change via technological development to fulfill rapidly augmenting healthcare digitalization
- For instance, in February 2020, Johnson and Johnson initiated a virtual trial design Heartline study to look at whether the Apple Watch and new iPhone app could decrease the chance of stroke discovering cardiac arrhythmia
- Additionally, advancements in technology in the healthcare industry are further anticipated to fuel the overall market. Direct delivery of IMPs (Investigational medicinal products) to patients is a part of decentralized (virtual) trials, which has been gaining popularity for the last few years. It is projected to boost the overall market across the world.
- Large amount of collection data, prove and manage reliability to regulators, technology failure, and data accuracy, are a few challenges that are anticipated to hamper the global virtual clinical trials market
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North America to Dominate the Virtual Clinical Trials Market
- Based on the region, North America dominated the global virtual clinical trials market. The dominance is attributed to an increase in investments from the general public as well as the private sector and the contribution of leading players for enhanced virtual trial solutions.
- North America accounted for a prominent share of the global virtual clinical trials market, in terms of revenue, in 2019. The region is anticipated to maintain its dominance during the forecasted period. This could be attributed to an increase in R&D in the region, rise in the rate of adoption of the latest technologies in clinical research, and government support. Furthermore, market players are using digital technologies to cater to client needs.
- In terms of implication, the oncology segment is projected to achieve tremendous popularity due to a rise in the number of cases of cancer globally. VCT reduces the cancer patient’s risk of exposure to COVID-19 by eliminating the requirement for in-person trial visits.
- Based on the design, the interventional trial segment is anticipated to hold a notable share of the market owing to the rapid increase in the number of experiments to develop new medications for various diseases as well as the digitalization of laboratories
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Key Players in Virtual Clinical Trials Market
- PRA Health Sciences
- Medable, Inc.
- LEO Innovation Lab
- Clinical Ink
- CRF Health
- Parexel International Corporation
- ICON Plc
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