Dublin, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The "Virtual Clinical Trials Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The virtual clinical trials market is one of the innovative approaches for traditional clinical trials, through remote monitoring and more patient-centric approaches.
These virtual clinical trials adoption was high during the COVID-19 pandemic period and the usage of decentralized clinical trials components application rate. Most clinical trial conductors started to move towards the decentralized or hybrid clinical trial model.
Virtual clinical trials are also known as de-centralized clinical trials. Although the vendors adopted virtual clinical trials for many years, however, it was very slow adoption before the pandemic.
The virtual clinical trials market includes the application of digital tools and technological processes that take trials from healthcare settings to patients' homes or places of work.
The reduction in site visits, associated time, and economic cost cuttings eliminate the burden placed on patients and solve the challenges for trial participation. The virtual clinical trials market brought significant advantages and reduced major challenges like patient retention, recruitment, and more. These are the factors that fuel market growth.
| Report Attribute | Details |
| No. of Pages | 276 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value (USD) in 2021 | $1930 Million |
| Forecasted Market Value (USD) by 2027 | $5103.16 Million |
| Compound Annual Growth Rate | 17.5% |
| Regions Covered | Global |
Market Trends
Virtual clinical trials are an alternative method to traditional clinical trial methods. The new connected devices power clinical trial activities with better clinical data collection, analysis, and interpretations play a significant role.
Clinical trial monitoring devices, clinical trial software, eCOA & ePRO, and eConsent are some digital tools that strengthen clinical trial activities and give a new shift in the clinical trial industry.
On another side, the bring-your-own-devices strategy, a newly adopted trend, is widely accepted among CROs and sponsors. This new strategy allows the trial participants to deliver required data with their own internet-enabled solutions. Technological advances and confidence in improved study outcomes can bring new solutions.
The latest retrospective approach, adopting the synthetic clinical trial approach, delivers significant clinical development. Many biopharma and medical device companies face challenges in finding participants for clinical trials; this synthetic arm process is one of the easy methods, using the innovative approach for collecting and comparing data called the synthetic control arm.
This is one of the fully new approaches in the virtual clinical trials market and is expected to drive significant growth. In addition, the involvement of Artificial Intelligence (AI) in clinical trials significantly changes the trial procedure as AI can expedite target validation, clinical trial design, and patient identification for participation in virtual clinical trials.
Industry Drivers
The COVID-19 pandemic is the significant factor that shifted the traditional clinical trials approach to the virtual clinical trials market. The rapid surge of COVID-19 infections poses substantial challenges in the clinical trial space, where the virtual clinical trial model significantly pushed the biopharmaceutical and medical device industry towards decentralization (DCT).
During the COVID-19 pandemic period, approximately 87% of clinical trial sponsors and contract research organizations decentralized the clinical trial activities compared with 28% only pre-covid period.
The market players and the companies pioneer in clinical trials activities understand that decentralization in clinical trials is the future of the clinical trials space.
Over the last few years, decentralization has rapidly grown in the clinical trials industry. Decentralization of clinical trials has significant potential since the virtual clinical trials are independent of regional/geographical locations and are implemented through digital health platforms as well as mobile and local healthcare segments; this makes the providers eliminate the constraints associated with the traditional model.
Regulatory changes in favor of DCT: The pandemic period (COVID-19 Crisis) has supercharged the changes for virtual clinical trials from regulatory agencies worldwide. Including Food Drugs Administration (FDA), UK's Medicine and Healthcare Product Regulatory Agency (MHRA), European Medicine Agency (EMA), China's Center for Drug Evaluation (CDE), and Singapore Health Science Authority (HSA) have made revolutionary regulations towards the virtual clinical trials market.
On another side, the challenges associated with the virtual clinical trials model, such as the high expenditure required for the initial implementation, data reliability and integrity, and varied state law and regulations, are some factors that hamper the market growth. In addition, the increasing digital tools and growing risk of cyber-attacks are challenging aspects of the virtual clinical trials market growth.
Vendor Landscape
Medable, Science 37, THREAD, Dassault Systemes (Medidata), IQVIA, Clinical ink, Castor, ObvioHealth, Labcorp Drug Development, ERT, Signant Health, Covance, Jeeva, Accenture, and Delve Health are some of the significant players in the global virtual clinical trials market.
Further, factors such as increasing drug development focused by various big pharma and biotech companies, continuously increasing their expenditure on research and development activities, clinical trials, and development of advanced solutions triggered high competency in the biopharmaceutical industry. Increasing competition in the pharma industry directly impacts the competitiveness in the virtual clinical trial market.
THREAD offers a unique, innovative, and highly advanced decentralized clinical trial platform in the virtual clinical trials market. THREAD is a fully configurable and singular DCT platform with services that deliver global scalability and rapid flexibility from DCT study design. In 2022, the company acquired inVibe to ingrate the voice of the trial participants and broaden the trial design and research capabilities.
Key Company Profiles
- Dassault Systemes
- Medable
- Science 37
- THREAD
Key Companies To Watch
- Accenture
- Castor
- Clinical ink
- Clario
- Delve Health
- eClinicalHealth
- IQVIA
- Labcorp Drug Development
- ObvioHealth
- Signant Health
- Thermo Fisher Scientific
Other Prominent Vendors
- Advarra
- Curavit Clinical Research
- CMIC Holdings
- Icon Plc
- Jeeva Informatics Solutions
- LEO Innovation Lab
- Oracle
- Paraxel International Corporation
- ProPharma Group
Key Questions Answered:
1. What is the size of the global virtual clinical trials market?
2. What is the global virtual clinical trials market growth?
3. What are the trends in the global virtual clinical trials market?
4. Who are the key players in the global virtual clinical trials market?
5. Which region will dominate the global virtual clinical trials market share?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market Segmentation by Study Type
4.3.2 Market Segmentation by Stage of Development
4.3.3 Market Segmentation by Therapeutic Area
4.3.4 Market Segmentation by Company Size
4.3.5 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Premium Insights
6.1 Overview
7 Introduction
7.1 Overview
8 Market at a Glance
9 Market Opportunities & Trends
9.1 Adoption of "Bring-Your-Own-Device" Strategy
9.2 Clinical Trials Powered With Better Data Through New Connected Devices
9.3 Adoption of Synthetic Clinical Trials
10 Market Growth Enablers
10.1 Spike in Virtual Clinical Trial Adoption Due to Covid-19
10.2 Decentralization of Clinical Trials
10.3 Regulatory Changes in Favor of Virtual Clinical Trials
11 Market Growth Restraints
11.1 Challenges Associated With Virtual Clinical Trials
11.2 Complexity in Decentralized Clinical Trials
11.3 Increasing Alternatives for Virtual Clinical Trials
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.2.1 Insights by Study Type
12.2.2 Insights by Phases
12.2.3 Insights by Therapeutic Area
12.2.4 Insights by Geography
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 Study Design
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Interventional
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.4 Others
13.4.1 Market Overview
13.4.2 Market Size & Forecast
14 Phases
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Late Stage
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.4 Early Stage
14.4.1 Market Overview
14.4.2 Market Size & Forecast
15 Therapeutic Area
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Oncology
15.3.1 Market Overview
15.3.2 Market Size & Forecast
15.4 Rare & Genetic Diseases
15.4.1 Market Overview
15.4.2 Market Size & Forecast
15.5 Central Nervous System
15.5.1 Market Overview
15.5.2 Market Size & Forecast
15.6 Immunology
15.6.1 Market Overview
15.6.2 Market Size & Forecast
15.7 Others
15.7.1 Market Overview
15.7.2 Market Size & Forecast
16 Company Size
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3 Small- & Mid-Sized
16.3.1 Market Overview
16.3.2 Market Size & Forecast
16.4 Large-Sized
16.4.1 Market Overview
16.4.2 Market Size & Forecast
17 Geography
18 North America
19 Europe
20 APAC
21 Latin America
22 Middle East & Africa
23 Competitive Landscape
24 Key Company Profiles
25 Key Companies to Watch
26 Other Prominent Vendors
27 Report Summary
28 Quantitative Summary
29 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/32d1h5
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