Virtual Clinical Trials (VCTs), which are also called as decentralized or remote trials, are a comparatively new and yet underutilized process of conducting clinical research, taking full benefit of advancements of technology like electronic monitoring devices, applications, and online social engagement platforms.
Virtual trials, also known as decentralized trials, have an important role to play in the present situation of the COVID-19 crisis and are yet to become a norm in the way real-world studies and trials are run. The virtual method helps individuals to take part in the trial from their residence, ensuring that the trials can be conducted and continued even the visit to the actual site physically is not possible. Also, it is a completely unique method to collect effective and safe data from participants of clinical studies.
Virtual studies enable sponsors to attract a bigger population to the study, thus improving engagement, recruitment, and retention. In addition, it enables to continue the real-time collection of data by digital health technology. Eventually, connecting virtually, monitoring as well as management can decrease the hassle, burden on participants, CRCs, and investigators.
Impact of COVID-19 Pandemic on Virtual Clinical Trials Market (Pre and Post Analysis)
- The outbreak of COVID-19 is likely to have a moderate impact on the market in the forecast period. R&D activities to identify the threat of SARS-CoV-2 virus on the patients suffering are likely to slow the virtual clinical trials market growth.
- COVID-19 pandemic has brought about a significant burden on the healthcare industry globally, with disruption in the treatment of non-communicable diseases. Challenges exist in providing effective care.
- Realizing the disturbing healthcare trends, governments globally are making efforts to provide excellent quality healthcare to patients globally. Nationwide lockdowns, canceled or postponed elective surgeries, denied wound care services, rise in skin injuries as part of COVID-19, the market is expected to show a decline during the forecast timeline. However, on the flip side, the latter half of the forecast is predicted to show a drastic rise.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The COVID-19 pandemic has made a huge impact on the global as well as domestic market. Several trials that are primarily made for traditional settings are being mandatory to change to virtual trails platform.
Patients with cancer are highly susceptible during the COVID-19. Sponsors and investigators are managing clinical trials on oncology virtually and remote trials to keep the individuals safe and keep the trials in the process. Regulatory agencies and biopharma companies are focused on the creation of virtual trials, digital technologies, and telemedicine, as they are capable of solutions to limit the disruptions in trials. The Food & Drug Administration has suggested remote checking and virtual visits via telemedicine as an alternate option to in-person visits.
Therefore, the companies are emphasizing to bring in the change via advancements in technology to rapidly fulfill augmenting healthcare digitalization.
For example, Johnson & Johnson, in February 2020, initiated a virtual design Heartline study to check whether the iPhone app or iPhone watch could reduce the chance of stroke discovering cardiac arrhythmia.
In addition, technological advancements in the healthcare industry are predicted to fuel the overall market. Direct delivery of Investigational medicinal products (IMPs) to patients is decentralized trials (virtual), which has gained immense popularity for the last many years. It is anticipated to boost the worldwide virtual clinical trials market. Large amounts of data, technological failure, data accuracy and prove and reliability to reliability to regulators are some of the challenges that are witnessed to restrain the virtual clinical trials market globally.
North America is dominated the virtual clinical trial’s market globally because of the rise in investments from the public as well as private players and the contribution of core market leaders for enhanced virtual trial solutions. It accounted for a prominent share in the virtual clinical trials market globally in terms of revenue, due increase in R&D activities in the region, increasing rate of adoption of technology in the region in the clinical region, and government support. Also, market players are adopting digital technologies to interact with clients.
Asia-Pacific followed by Europe is witnessed lucrative growth and holding a notable share in the market owing to a rapid increase in the number of experiments to adopt new medications for different diseases as well as the digitalization of laboratories.
Key Benefits of the Report
- This study presents the analytical depiction of the global virtual clinical trials market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global virtual clinical trials market share.
- The current market is quantitatively analyzed to highlight the global virtual clinical trials market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global virtual clinical trials market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Report
- What are the leading market players active in the virtual clinical trials market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the virtual clinical trials market?
- What are the projections for the future that would help in taking further strategic steps?
Virtual Clinical Trials Market Report Highlights
By End User
Key Market Players
Covance, CRF Health, Medable, Inc., ICON Plc., Parexel International Corporation, LEO Innovation Lab, Clinical Ink, PRA Health Sciences, IQVIA, Medidata