The Global Virtual Clinical Trials Market size is expected to reach $10 billion by 2026, rising at a market growth of 6. 5% CAGR during the forecast period. Virtual Clinical Trials (VCTs) are also known as remote or decentralized trails, are a comparatively new but still underused technique of carrying out clinical research taking complete benefit of technologies like apps, online social interaction platforms, and electronic monitoring tools.
New York, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Virtual Clinical Trials Market By Study Type, By Indication, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p05999876/?utm_source=GNW
The market is significantly driven by growth in R&D activities, the growing digitization in healthcare, and the adoption of telehealth. Moreover, advances in technology, collaborations between clinical research companies, biotechnology companies, and pharmaceutical and support initiatives from governments are expected to boost the market.
Virtual clinical trials (VCT) abolish limitations presented by conventional clinical trials such as time-taking procedures and delay in recruitment of patients that has pushed the demand for the virtual clinical trial market. Additionally, advances in technology in healthcare infrastructure and partnerships between pharmaceutical, biotechnology, and clinical research companies are expected to propel the virtual clinical trials market development in the coming years. The rise in costs, combined with a higher rate of trail failures and an expansion in patient-centric trials, has resulted in a rise in demand to adopt technology in clinical trials. In fact, virtual clinical trials are expected to rise from high revenue to the highest revenue in the upcoming years. Still despite this development, for the majority of patients, getting clinical trials is still a difficult process, with enrollment and engagement presenting new challenges.
By Study Type
Based on Study Type, the market is segmented into Interventional, Observational, and Expanded Access and Others. The market was dominated by the interventional segment and represented the highest share of revenue in 2019. The fast growth in the number of experiments to create unique medications for different diseases and the modernization of labs are boosting the growth of this segment. The COVID-19 pandemic has fueled the demand for trials and testing of different new vaccines and drugs to fight situations all around the world, as conventional techniques of clinical trials accompany the massive danger of infection in individuals.
Based on Indication, the market is segmented into Oncology, Cardiovascular, Immunology, Gastrointestinal, Respiratory, Endocrinology, Ophthalmology and Other Indications. The market was dominated by the oncology segment and represented the highest share of revenue in 2019. The segment is also expected to add to the highest share of the revenue of the market during the forecast period. This is credited to the growing instances of cancer on a worldwide scale and the growing number of oncology clinical trials. Patients of cancer are the most unprotected during the outbreak of COVID-19.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Europe represents the second-largest market share and is anticipated to observe promising growth opportunities in the next few years. Support from the government for R&D for the medicines and treatment for coming infectious diseases and chronic diseases, particularly in nations like Germany and U.K is a significant component boosting the growth of the regional market. Furthermore, the existence of leading players and benefits environment for carrying out clinical trials is another element anticipated to push the growth of the clinical trial market in Europe during the forecast period.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation is the major forerunner in the Virtual Clinical Trials Market. Companies such as IQVIA Holdings, Inc., Dassault Systemes SE, and Medpace Holdings, Inc., are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IQVIA Holdings, Inc., ICON PLC, Laboratory Corporation of America Holdings (Covance, Inc.), Dassault Systemes SE (Medidata Solutions, Inc.), Oracle Corporation, Parexel International Corporation (Pamplona Capital Management), PRA Health Sciences, Inc. (KKR & Co., Inc.), Medpace Holdings, Inc., Medable, Inc. and Clinical Ink, Inc. (G.I. Partners).
Recent strategies deployed in Virtual Clinical Trials Market
Partnerships, Collaborations, and Agreements:
Nov-2020: Parexel came into collaboration with the Clinical Trial Center (CTC). This collaboration will increase the research capacity of delivering early Phase clinical trials. It will also support the rising demand and continuation of early phase clinical studying during the pandemic.
Oct-2020: Oracle collaborated with FHI Clinical for improving the efficiency of the clinical trial and helped in getting therapies to market faster.
Aug-2020: Clinical Ink partnered with CRO, a company that provides support to the pharmaceutical, biotechnology, and medical device. The partnership helped eLAS to be successfully tested, perfected, and adapted for multiple uses in lupus clinical trials.
Jul-2020: IQVIA partnered with LMC Manna Research, Canada’s largest network of fully-owned integrated sites. The partnership aimed to open its first Prime Site in Canada. This collaboration aimed to optimize processes and decrease the time taken to start clinical trials.
Jul-2020: IQVIA came into a partnership agreement with AstraZeneca PLC. This partnership aimed to develop vaccines and therapies against COVID-19, which come under US government projects. IQVIA aimed to enroll the U.S. study participants who received AZD1222 onto its virtual clinical trial platform.
Jul-2020: Medidata came into partnership with CTI, a leading contract research organization. The partnership provided trials for patients with rare and infectious diseases and cancer. CTI uses Medidata’s Remote Source Reviewed to improve remote monitoring and document review for many global studies, including several COVID-19 projects.
Jul-2020: Oracle collaborated with The National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health. Under this collaboration, Oracle developed a Cloud System called the CoVPN Volunteer Screening to identify and screen volunteers who wanted to participate in COVID-19 clinical trials.
Jun-2020: Parexel partnered with TriNetX, a global health research network. The partnership aimed to develop richer and actionable insights intended to increase the execution of clinical research. It enhanced access to real-world data and clinical trials with the faster delivery of new therapies.
Jun-2020: Medable partnered with LabCorp. This partnership allowed clinical trial participants to indulge with trials remotely which helped in decreasing patient drop-offs spurred by the pandemic.
Apr-2020: ICON extended its partnership for three years with Pfizer, an American multinational pharmaceutical corporation. This partnership aimed to provide a vast trial network and add global expertise in the planning, execution, and conduct of clinical trials.
Mar-2020: Medpace collaborated with Medidata. Following the collaboration, Medidata Rave Imaging integrated with Medpace’s imaging systems and workflow. This created a seamless platform for capturing, managing, analyzing, and storing images and imaging data for clinical trials.
Oct-2019: Parexel partnered with Datavant, a developer of a healthcare data platform. It aimed to connect real-world data across the clinical trials Parexel conducts. This partnership integrated Datavant’s connectivity technology into Parexel’s standard data workflow for all studies. It connected the sponsors to real-world data with their clinical trial data.
Aug-2019: Oracle collaborated with HCL. It helped life sciences companies to execute and scale the next generation of digital clinical trials to decrease the time and cost of drug development.
Acquisition and Mergers:
Oct-2020: Medidata acquired MC10, a company focused on improving human health through digital solutions. The MC10 provided novel clinical analytics and biosensor capabilities to Medidata’s existing Patient Cloud solutions. It improved Medidata’s capabilities of integrating data from wearable sensors to help customers in successfully virtualized clinical trials.
Jul-2020: LabCorp took over GlobalCare, a globally recognized industry leader in patient-centric decentralized clinical trials (DCTs). This acquisition expanded the access and increased trials while improving trial resiliency.
Oct-2019: ICON acquired Symphony Clinical Research, a leading provider of at-home patient and site support services. It aimed to enhance the ICON’s patient, site, and data strategy and complements ICON’s existing PMG Research and MeDiNova Research site networks in the US and EMEA. It also reduced the travel cost for patients that broadened the ICON’s recruitable population, provided patients access to clinical research studies.
Product Launches and Product Expansions:
Oct-2020: LabCorp improved the clinical trial experience to streamline the drug development process. This improvement enabled LabCorp to decentralized clinical trials for quick and efficient connection of patients to clinical trials.
Oct-2020: Medidata added myMedidata LIVE, a new feature on the myMedidata patient portal. It includes an advanced, intuitive platform for patients to allow flexible participation in clinical trials for new medicines and vaccines.
Sep-2020: ICON introduced Accellacare, a global clinical research network. It offers easier and faster access to treatments and deploys decentralized trials for the patients.
Sep-2020: Medable introduced Teleconsent, a part of its Telehealth family of cloud-based software. This software enabled fully virtual trials and allowed patients to handle the lengthy process of consenting from anywhere.
Jun-2020: LabCorp introduced COVID-19 Clinical Trial Connect in the U.S. A site designed to help people in accessing the information on how to participate in COVID-19 research. The Covid-19 clinical trial aimed to connect interested people in these clinical trials with sponsors to find solutions to the global pandemic.
Jun-2020: Oracle launched Clinical One Data Collection Cloud Service. It enabled to capture data from any source into one single and unified platform. It redefined technology to support clinical research for better efficiency and helped in the speedy delivery of the therapies.
May-2020: Parexel introduced #KeepingPatientsFirst integrated Real-World Evidence (RWE) research platform. It accelerates patient and physician access to insights on treatment and outcomes in COVID-19.
Apr-2020: IQVIA introduced the COVID-19 Trial Matching tool. It is designed to match every patient with specific clinical trials in the Covid-19 disease. The company created the first comprehensive online screener and trail matching tool for every U.S. Covid-19 trial.
Mar-2020: PRA Health Sciences expanded its industry by the introduction of the Mobile Health Platform. The platform allowed the sponsors to do everything in a physician’s office or clinical site, virtually. This platform also added support for clinical trial sponsors and sites participating in clinical studies by helping them to connect and coordinating with patients.
Feb-2020: IQVIA launched its Avacare Clinical Research Network. It is a technology-based global site network that enhances the opportunity for more clinical trials. Avacare’s distinctive analytical tools helped sites to match clinical trials quickly and effectively.
May-2019: ICON launched its web-based clinical trial patient engagement platform. It provided specific information and connectivity with the close investigative site. This platform added patient recruitment outreach by sites and expand the visibility of potential participants for sites and sponsors.
Scope of the Study
Market Segments Covered in the Report:
By Study Type
• Expanded Access
• Other Indications
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• IQVIA Holdings, Inc.
• ICON PLC
• Laboratory Corporation of America Holdings (Covance, Inc.)
• Dassault Systemes SE (Medidata Solutions, Inc.)
• Oracle Corporation
• Parexel International Corporation (Pamplona Capital Management)
• PRA Health Sciences, Inc. (KKR & Co., Inc.)
• Medpace Holdings, Inc.
• Medable, Inc.
• Clinical Ink, Inc. (G.I. Partners)
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