The global virtual clinical trials market is expected to grow at a CAGR of around 5.8% from 2020 to 2027 and expected to reach the market value of around US$ 14.5 Bn by 2027.
Clinical trials are a cornerstone of medical product development, assisting in the evaluation of efficacy and identifying safety issues with new drugs, and are a necessary regulatory requirement for bringing novel therapies to market. Clinical trials are one of the most painful and expensive processes in the pharmaceutical industry. It would shape the future of clinical development and transform the trial process by integrating technology.
Big calls for "Technology enabled clinical trials" bolster the growth of the global market
The complexity and costs associated with traditional randomised, controlled trials have increased exponentially over time, and now threaten to stifle the development of new drugs and devices, according to a report released by the American Heart Association, Inc. Nonetheless, the increasing use of electronic health records, mobile apps, and wearable devices holds great promise for transforming clinical trials and making them more pragmatic and efficient. There are several reasons to be optimistic about these technology-enabled approaches. To begin, the US Food and Drug Administration (FDA) recently announced the establishment of the Center of Excellence for Digital Health, with the goal of “modernizing the regulatory approach to help this industry grow and reach its full potential, while protecting patients.” Second, major technology companies such as Microsoft, Google, and Amazon have all announced plans to relocate. Finally, venture capital funding for digital health technologies surpassed US$8 Bn in 2018, surpassing all medical device investments combined. Furthermore, one of the most appealing aspects of mHealth-enabled clinical trials is their promise to reduce trial costs. According to reports, the use of newer technologies has reduced the cost of trial operations. For example, if the ADAPTABLE trial had been conducted as a traditional clinical trial, the cost would have been more than US$150 Mn, but the study's actual budget is nearly ten times that amount, thanks to ADAPTABLE's ability to implement EHR and mobile technologies.
Virtual clinical trials climb all-time high during COVID-19: Dollar Gains: Market Wrap
The COVID-19 pandemic imposed strict guidelines on the conduct of clinical trials. The COVID-19 pandemic has significantly hampered clinical research and trials around the world. One of the observed disruptors is a decrease in patient enrollment in clinical trials, as well as operational challenges arising from the need to protect patient safety and comply with the social distancing, shelter-in-place, and other rules and regulations that have become critical components of the public health response to the pandemic. Dr. David Boulware and his colleagues at the University of Minnesota in Minneapolis conducted one example of a virtual clinical trial. They conducted a virtual randomized controlled trial of the malaria drug hydroxychloroquine to see if it was effective in protecting people from COVID-19 (the results found that it was not). The trial enrolled over 800 people and delivered medicine to them via FedEx while monitoring their health via virtual appointments. As the number of virtual trials has increased, the FDA has issued guidelines for conducting virtual trials in order to streamline the process. According to the report by California's Stem Cell Agency, virtual trials could help speed up participant enrollment, which could help speed up the drug-development process while still maintaining rigorous standards.
Government involvement fuel the growth of global virtual clinical trials market
Pharmaceutical and medical device companies now have the ability to use robust data sets to optimise trials and products in order to improve treatment efficacy. Because of the depth and breadth of information that can be collected, wearable data can provide profound insights that can be leveraged in product development. Wearable’s have the potential to be used across therapeutic areas for deep phenotyping, detection and interpretation of adverse effects, and clinical trial recruitment. Wearable’s, on the other hand, continuously track consumer and patient data over long periods of time, with the potential for real-time feedback, resulting in rich data sets and opportunities for deeper insights. Personal data collected in EHRs, as well as biological data collected through personal wearables and medical devices, are critical components in clinical trial success. AI tools can help with analysis both before and during a trial, and many life science organizations are beginning to recognize their value. Novartis, for example, collaborated with QuantumBlack, which is well-known for collecting data from Formula One races and using machine learning to optimize race operations. Novartis piloted the platform with QuantumBlack's assistance to support its global drug development team's plan to simulate country allocation scenarios for clinical studies. The successful incorporation of wearables into clinical studies is also dependent on meaningful collaboration with regulators to ensure that the scope of the clinical study is well defined and that outcomes can be achieved and implemented. Furthermore, guidelines such as the Clinical Trials Transformation Initiative encourage such collaboration by recommending the use of mobile technology such as wearables. A wide variety of wearable devices are currently available for purchase on the market, with even more in the works, with promising implications for both overall health and cost efficiency. The global wearable computing devices market was 181.5 million units in 2019, and it is expected to reach 520.1 million units by 2025, with a compound annual growth rate of 19.9 percent between 2020 and 2025.
The global virtual clinical trials market is segmented based on study design and indication. Based on study, the market is segregated as interventional, observational, and expanded access. Further, indication is segmented as oncology, cardiovascular, and others.
Based on study design segment, interventional design segment will hold dominant market share in the forecast period. By indication, the oncology segment will hold reasonable market share in the coming years.
North America has dominated the virtual clinical trials market in the past and is expected to do so again during the forecast period. Over the forecast period, the region is expected to maintain its dominance. This can be attributed to rising R&D in this region, which is one of the major factors driving the growth of the global virtual clinical trials market. Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the coming years. This is due to the increased availability of a large patient pool, which allows for easier candidate recruitment and increased penetration of digital technologies in the region. Furthermore, the outbreak of the Corona virus is expected to increase the adoption of telemedicine, thereby driving market growth.
The prominent players of the global virtual clinical trials market involve ICON plc, Parexel International, IQVIA, Covance Inc., PRA Health Sciences, LEO Innovation Lab, Medidata Solutions, Oracle Corporation, CRF Health, Clinical Ink, Inc., Medable, Inc., and among others
Market By Study Design
Market By Indication
Virtual clinical trials market is expected to reach a market value of around US$ 14.5 Bn by 2027.
The virtual clinical trials market is expected to grow at a CAGR of around 5.8% from 2020 to 2027.
Based on study design, interventional segment is the leading segment in the overall market.
Technological advancements is one of the prominent factors that drive the demand for virtual clinical trials market.
ICON plc, Parexel International, IQVIA, Covance Inc., PRA Health Sciences, LEO Innovation Lab, Medidata Solutions, Oracle Corporation, CRF Health, Clinical Ink, Inc., Medable, Inc., and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years