Virtual Clinical Trials Market: Introduction
- Virtual Clinical Trials (VCTs), also called remote or decentralized trials, are a comparatively new and yet underutilized method of conducting clinical research taking full advantage of technologies such as apps, electronic monitoring devices, and online social engagement platforms
- Virtual trials, also called decentralized trials, have a vital role to play in the present COVID-19 crisis and are set to become a norm in the way trials and real-world studies are run
- A virtual method enables people to take part in the trial from their homes, ensuring that research can be continued even when site visits aren't possible. Moreover, it's a completely unique approach to collecting safe and effective data from participants of clinical studies.
- Virtual visits and remote patient monitoring of in-person site visits give participants a choice and peace of mind of not exposing them to unnecessary risks.
- Virtual studies enable sponsors to incorporate a bigger population in the study, thus improving recruitment, engagement, and retention. Additionally, it enables continuous real-time data collection through digital health technologies.
- Eventually, virtual connectivity, monitoring as well as management can significantly decrease the hassle, time commitment, and burden on participants, CRCs, and investigators
Key Drivers, Restraints, and Opportunities of Virtual Clinical Trials Market
- The COVID-19 pandemic has made an enormous impact on the domestic as well as global market. A large number of trials that are primarily created for traditional setting are being forced to change to virtual trials platform.
- Cancer patients are highly vulnerable during the COVID-19 pandemic. Investigators and sponsors managing oncology clinical trials have immediately incorporated virtual and remote trials to keep patients safe and keep the trials moving ahead.
- Biopharma companies and regulatory agencies are focused on the creation of digital technologies, virtual trials, and telemedicine, as they're potential solutions to limit trial disruptions
- The Food and Drug Administration has proposed virtual visits and remote checking via telemedicine as an alternative to in-person visits
- Therefore, companies are emphasizing on bringing out a change via technological development to fulfill rapidly augmenting healthcare digitalization
- For instance, in February 2020, Johnson and Johnson initiated a virtual trial design Heartline study to look at whether the Apple Watch and new iPhone app could decrease the chance of stroke discovering cardiac arrhythmia
- Additionally, advancements in technology in the healthcare industry are further anticipated to fuel the overall market. Direct delivery of IMPs (Investigational medicinal products) to patients is a part of decentralized (virtual) trials, which has been gaining popularity for the last few years. It is projected to boost the overall market across the world.
- Large amount of collection data, prove and manage reliability to regulators, technology failure, and data accuracy, are a few challenges that are anticipated to hamper the global virtual clinical trials market
North America to Dominate the Virtual Clinical Trials Market
- Based on the region, North America dominated the global virtual clinical trials market. The dominance is attributed to an increase in investments from the general public as well as the private sector and the contribution of leading players for enhanced virtual trial solutions.
- North America accounted for a prominent share of the global virtual clinical trials market, in terms of revenue, in 2019. The region is anticipated to maintain its dominance during the forecasted period. This could be attributed to an increase in R&D in the region, rise in the rate of adoption of the latest technologies in clinical research, and government support. Furthermore, market players are using digital technologies to cater to client needs.
- In terms of implication, the oncology segment is projected to achieve tremendous popularity due to a rise in the number of cases of cancer globally. VCT reduces the cancer patient’s risk of exposure to COVID-19 by eliminating the requirement for in-person trial visits.
- Based on the design, the interventional trial segment is anticipated to hold a notable share of the market owing to the rapid increase in the number of experiments to develop new medications for various diseases as well as the digitalization of laboratories
Key Players in Virtual Clinical Trials Market
- PRA Health Sciences
- Medable, Inc.
- LEO Innovation Lab
- Clinical Ink
- CRF Health
- Parexel International Corporation
- ICON Plc
Virtual Clinical Trials Market, Research Scope
Virtual Clinical Trials Market, by Indication
- Cardiovascular Disease
- Infectious Disease
Virtual Clinical Trials Market, by Design
- Observational Trials
- Interventional Trials
- Expanded Access Trials
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.