Virtual Clinical Trials

Virtual Clinical Trials

The Virtual Clinical Trials market is expected to register a CAGR of approx. 5% over the period of 2022-2030. Virtual clinical trials (also known as decentralized clinical trials or remote clinical trials) are a modern approach to conducting clinical research and drug development that utilizes digital technologies and remote methods to gather data from participants. In traditional clinical trials, participants typically need to visit physical research centres or hospitals for assessments and data collection. In contrast, virtual clinical trials leverage digital tools, such as mobile health apps, wearable devices, telemedicine, and electronic data capture systems, to enable remote data collection and monitoring. The growing demand for Virtual Clinical Trials can be attributed to patient-centric approaches around the globe. Virtual clinical trials offer increased convenience and flexibility for participants, as they can remotely contribute data from their homes or local healthcare facilities. This patient-centric approach helps improve patient recruitment and retention rates, leading to faster and more diverse participant enrollment. These approaches boost the demand of the market and attract companies to collaborate and invest in the market. For Instance, in 2022, Oracle and ObvioHealth entered into a strategic collaboration to integrate diverse data sets into virtual/decentralized clinical trials in the Asia Pacific region. This initiative is expected to allow the quick collection, integration and analysis of multi-source data collected from labs, devices, patients, and sites. Furthermore, the blood grouping reagent market has witnessed rapid advancements in digital health technologies that have made virtual clinical trials more feasible and accessible. The availability of smartphones, wearable devices, remote monitoring tools, and telemedicine platforms has enabled remote data collection, real-time monitoring, and virtual interactions between researchers and participants. In addition, Virtual clinical trials allow for continuous data collection and real-time monitoring of participants, leading to more comprehensive and accurate data. Wearable devices and mobile health apps enable the collection of objective and real-world data, providing researchers with valuable insights into participants' daily lives and health conditions. However, some of the restraints in the market, including the high costs of advanced reagents and stringent regulations are impeding the growth of this market all over the world.

• Based on the study design, the market has been categorized into interventional, observational, and expanded access. Among them, the interventional segment is expected to grow at the highest CAGR in the market. The rapid increase in the number of experiments to develop novel medications for various diseases and the digitalization of laboratories are factors driving the segment. The outbreak of coronavirus has raised the demand for testing and trials of new drugs and vaccines to combat the situation around the world as the traditional method of clinical trials comes with a huge risk of infection in people.
• Based on the therapeutic area, the market has been categorized into CNS, autoimmune/inflammation, cardiovascular disease, metabolic/endocrinology, infectious disease, oncology, and others. Among them, the oncology segment is expected to grow at a higher CAGR in the market. This is attributed to the rising cases of cancer globally and the increasing number of oncology clinical trials. Cancer patients are the most vulnerable during the COVID-19 pandemic. Investigators and sponsors managing oncology clinical trials have quickly incorporated virtual and remote trials to keep patients safe and trials moving forward.
• Based on the phase, the market has been categorized into Phase I, Phase II, Phase III, and Phase IV. Among them, the Phase II category is to witness higher adoption of virtual clinical trials during the forecast period. This is largely due to the adoption of DCT tools and platforms in phase II and phase I clinical trial procedures for patient participation. Virtual clinical trials are most beneficial in phase II of the clinical trials as It delivers value to the biopharmaceutical and pharmaceutical industry by saving time-sensitive patient data, delayed approvals, and site payments.
• For a better understanding of the market adoption of virtual clinical trials, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. Virtual Clinical Trials have gained increasing popularity in North America due to various factors. Regulatory agencies in North America, such as the U.S. Food and Drug Administration (FDA) and Health Canada, have shown support for virtual clinical trials. They have issued guidelines and provided flexibility to adapt to remote trial methodologies, facilitating the growth of virtual trials in the region. For instance, In February 2021, the FDA released new guidance on conducting clinical trials during the COVID-19 pandemic, emphasizing the use of remote and decentralized approaches, including virtual trials, to ensure patient safety and trial continuity. Moreover, North America is home to many technology companies and innovative startups that are driving advancements in digital health technologies. The availability of sophisticated platforms, wearable devices, telemedicine solutions, and data analytics tools facilitates the implementation of virtual clinical trials in the region. For instance, in 2021, numerous technology companies in North America continued to develop and enhance their platforms and solutions for virtual clinical trials. For example, Medable, a California-based company, raised $91 million in Series C funding to further develop its decentralized trial platform, which enables remote data collection and patient engagement. Furthermore, the potential of virtual clinical trials and the digital health market, in general, has attracted significant investment in North America. Venture capital firms, pharmaceutical companies, and private investors are investing in technology providers and startups that offer solutions for virtual trials, contributing to market growth. For instance, in 2021, Science 37, a California-based company specializing in virtual trials, raised $40 million in Series D funding. The funding will support the expansion of the company's platform and services for decentralized clinical trials.
• Some of the major players operating ICON, plc; Parexel International Corporation; IQVIA; Covance; Medable, Inc.; Signant Health; Oracle; Halo Health Systems; Croprime; LEO Innovation Lab. among others. Several M&A’s along with partnerships have been undertaken.