Virtual Clinical Trials Market Size Worth USD 11,239 Million by 2027 at CAGR 5.89% – Report by Market Research Future (MRFR)
New York, US, May 03, 2022 (GLOBE NEWSWIRE) — Virtual Clinical Trials Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Virtual Clinical Trials Market Information by Study Type, Phase, Indication, End-User and Region – Forecast till 2027”, the global market is expected to cross USD 11,239 Million by 2027 at a CAGR of 5.89%.
Market Scope:
A virtual clinical trial (also known as remote/decentralized clinical trials) refers to clinical trial methods that are enabled by digital technology. This is a very new method of conducting clinical trials that is currently underutilized but has a lot of potential. Patient-facing technologies, such as tablets, smartphone apps, or wearable sensors, are used in virtual clinical studies. Mobile technology, web-based patient diaries, wearable technologies, and other digital approaches are expected to be used more in virtual clinical trials. Virtual trials, decentralized trials, remote trials, direct-to-patient trials, and hybrid trials are all terms used to describe them.
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Market Drivers
Virtual trials employ dedicated apps for patient involvement and tracking and are based on telemedicine. They significantly lessen the financial and time commitments. Patients can be enrolled in virtual trials from the comfort of their own homes and followed remotely. Furthermore, virtual trials use telemedicine to connect patients with a variety of doctors around the country/world for more specialized care, rather than relying on a single location for treatment. It has the potential to reduce patient dropout and shorten trial timelines, two of the most critical concerns in life sciences research and development. Furthermore, AI technology can help synthesize and evaluate ever-increasing data while also speeding up the process. Life science businesses and clinical trial sponsors are increasingly interested in virtual clinical trials because of these advantages.
Virtual clinical trials for certain conditions, such as dermatological disease, that require telehealth follow-up can be conducted quickly and conveniently without having volunteers to travel to the experimental site. Due to the patient recruitment process, the majority of clinical trials are delayed. In comparison to traditional methods, virtual clinical trials use digital technologies to retain patient records, use big data to discover potential volunteers, report bad effects in real-time, and give other benefits.
During the predicted period, a large number of experimental therapies, investigational medications, and medical devices are expected to be licensed. In 2018, smaller biopharmaceuticals were responsible for over half of all approved treatments, and large pharmaceutical corporations have recently curtailed in-house research and development activities in favor of licensing or acquiring items to fill their pipelines. Contract research organizations are attracting increasing outsourcing assignments in the form of clinical trials from clinical-stage companies. In the pharmaceutical business, the availability of research funding has increased to a greater level.
Restraints on the Market:
Virtual modalities can help reach more patients by digitizing key elements in the process, but they also raise ethical issues that are better handled in person. Furthermore, several of the surgical operations under consideration cannot be conducted remotely. Investigators are now compelled to encrypt data as the use of eConsent grows. The conditions for eConsent differ from country to country. Non-compliance with regulatory standards might stymie study progress and cause delays.
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Analysis of COVID-19
Companies were obliged to switch to virtual studies to resume research when the Covid-19 outbreak put many clinical trials on hold. Startups offering decentralized clinical trial services benefited from this. Since then, the number of venture capital funding deals has increased. Companies will be able to make technology breakthroughs and expand their customer/geographic reach as VC investment grows. As a result, overall adoption and market growth will increase.
Segmentation of the Market
The global virtual clinical trials market is divided into three types of studies: interventional, observational, and others.
The global virtual clinical trials market is divided into four phases: phase 1, phase 2, phase 3, and phase 4.
Oncology, cardiovascular, immunology, gastrointestinal, respiratory, endocrinology, ophthalmology, and others are the indications that make up the global virtual clinical trials market.
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Regional Perspectives:
In 2020, North America had the biggest market share in virtual clinical trials. One of the key factors contributing to market growth is the presence of key players such as Medable, Inc. (US), Oracle Corporation (US), IQVIA Holdings, Inc. (US), Syneos Health (US), PPD, Inc. (US), and Medpace Holdings, Inc. (US). Furthermore, in the United States, a higher percentage of clinical trials are now underway. The virtual clinical trials market in the region is being driven by rising R&D spending.
In 2020, the virtual clinical trials market in Europe held a large market share. With support from the Innovative Medicines Initiative, European Federation of Pharmaceutical Industries and Associations, Electronic Components and Systems for European Leadership, Medical Products Agency, and Clinical Trial Facilitation Group, virtual clinical trials in Europe are likely to grow.
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The Asia-Pacific market is experiencing tremendous growth as a result of expanding research infrastructure and contract research organizations, as well as an increase in the number of academic institutes. Japan, for example, has a well-developed research infrastructure and a thriving pharmaceutical industry, but India is quickly emerging in the healthcare R&D field. Up to 2020, China has spent the most on R&D, with a total of USD 378 billion, a rise of 10.3 percent. Because of these factors, the Asia-Pacific area is expected to develop at the fastest rate during the projection period.
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