The global Virtual Clinical Trials market size is expected to rake US$ 21.5 billion by 2030 and is anticipated to grow at a CAGR of 6.7% during forecast period 2021 to 2030.
The global Virtual Clinical Trials market size is expected to rake US$ 21.5 billion by 2030 and is anticipated to grow at a CAGR of 6.7% during forecast period 2021 to 2030.
Growth Factors
There has been a rise in the R&D of new drugs and vaccines that has increased the volume and complexity of the trials. Virtual clinical studies eliminate challenges posed by traditional research studies, for example, delays in patient recruitment and time-consuming procedures. Also, studies have revealed that around 75.0% of people favored a mobile trial over traditional ones and 80.0% of patients are more likely to participate in a research study that uses mobile technology.
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The current pandemic of COVID-19 is making the industry change the way of conducting ongoing or upcoming research studies. The pandemic, for the first time in history, has resulted in the global disruption of traditional onsite research studies. Hence, the regulatory bodies such as the U.S. FDA, the European Medicines Agency (EMA), the National Institutes of Health (NIH), and China’s National Medical Products Administration (NMPA), and several other regulating authorities have issued guidelines related to the conduct of research studies during the outbreak of coronavirus, and are in complete support of incorporating virtual services.
Virtual research studies make use of monitoring devices, software apps, and online social engagement platforms to conduct every step of the clinical trial process including patient recruitment, counseling, measuring clinical endpoints, informed consent, and adverse reactions. Telehealth, home care, and remote patient monitoring have been gaining momentum as a healthcare offering, and the COVID-19 is adding more horsepower to this initiative.
Report Highlights
The interventional design segment led the market and accounted for the largest revenue share of 46.6% in 2020. The rapid increase in the number of experiments to develop novel medications for various diseases and the digitalization of laboratories is driving the segment growth. 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 of people. This, in turn, is propelling the growth of the interventional design segment for virtual/decentralized trials.
The virtual trials are better suited for chronic diseases as well as less interventional observational studies including cardiovascular diseases, immunology, gastrointestinal, dermatology, respiratory, and endocrinology. The firm that first started this concept conducted an entire interventional Phase2b “site-less” clinical trial with 372 patients across 10 states using their proprietary mobile telemedicine-based platform namely “NORA”.
The oncology segment dominated the market and accounted for the largest revenue share of 25.0% in 2020. The segment is also anticipated to contribute to maximum revenue share during the forecast period. 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.
Besides, cancer researchers face considerable challenges in patient recruitment. Till June 2019, approximately 14,000 oncology trials were actively recruited with a participation rate of 3% to 8% of possible candidates, with a limited number in geriatric and minority populations. Low rate of enrollment poses risks to the success of specific clinical studies; they may hamper the treatment advances and corresponding benefits to outcomes. Hence, the low recruitment rate and the need for a diverse population for oncology clinical studies are anticipated to boost the adoption of virtual/decentralized clinical trials.
North America dominated the Virtual/Decentralized Clinical Trials (DCTs) market and accounted for the largest revenue share of 49.4% in 2020. The region is expected to continue its dominance over the forecast period. This can be attributed to increasing R&D in this region, increasing the adoption of new technologies in clinical research, and government support. Furthermore, market players are also using digital technologies to meet client needs. For instance, Parexel performed more than 100 decentralized trials including hybrid and virtual/decentralized approaches. Covance also has around 1,900 LabCorp patient service centers across the U.S. to bring virtual/decentralized clinical trials to patients.
In Asia Pacific, the market is anticipated to witness the fastest CAGR of 6.8% during the forecast period owing to the increasing availability of a large patient pool enabling easy recruitment of candidates and enhanced penetration of digital technologies in the region. Furthermore, the outbreak of coronavirus is anticipated to boost the adoption of telemedicine, hence driving the market growth.
Key Players
- ICON, plc
- Parexel International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink, Inc.
- Medable, Inc.
Market Segmentation
- Study Design Outlook
- Interventional
- Observational
- Expanded Access
- Indication Outlook
- Oncology
- Cardiovascular
- Others
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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