Report Id: SNS/HC/2493 | July 2022 | Region: Global | 129 Pages
Report Scope & Overview:
The Virtual Clinical Trials Market Size was valued at USD 7.5 billion in 2021, and is expected to reach USD 11.0 billion by 2028, and grow at a CAGR of 5.5% over the forecast period 2022-2028.
Patient-facing technologies, like wearable sensors, tablet apps, and smartphones, are used in virtual clinical trials. It is projected that the virtual clinical trials would incorporate more mobile technology, wearable technology, web-based patient diaries, and other digital methods. They are frequently referred to as distant trials, direct-to-patient trials, virtual trials, decentralized trials, and hybrid trials. Several factors, like the COVID-19 pandemic's increased shift toward virtual clinical trials, the development in integration of mobile-based health platforms, and the rising demand for investigational site flexibility, are driving the industry. The absence of laws and the necessity for data integration brought on by the massive influx of data, however, might impede the market's expansion.
Convenience offered in comparison to the conventional approach
The incorporation of a mobile health platform
As a catalyst for virtual trials, COVID-19
Inadequate data security
There is a growing need for online clinical studies.
Demonstrate your dependability to regulators.
IMPACT OF COVID-19
People from all over the world have been affected by the current COVID-19 pandemic, which has also prompted the closure of operational facilities worldwide. The healthcare industry encountered unprecedented difficulties during the shutdown, including supply chain delays that led to a rise in warehouse stockpiles of produced items. The market for virtual clinical trials did not suffer significantly, though.
The COVID-19 pandemic opened up expansion potential for the businesses operating in the field of virtual clinical trials. This is because more research and development are being done to create medications to treat COVID-19, test vaccines in clinical settings, and take use of virtual clinical trials that minimize contact between researchers and volunteers.
By switching to a hybrid approach, producers of pharmaceuticals, biologics, medical devices, and new therapies were able to continue their ongoing clinical trials. During the COVID-19 pandemic, contract research firms concentrated on working with technology providers to adapt to the new clinical trial environment.
By Study Type
In an interventional study, the target population is subjected to an intervention, such as a prospective drug in development, a medical device like a vibration vest, an exercise routine, or a treatment. To demonstrate their efficacy and safety, new prospective medications must endure three stages of interventional testing.
Observational research doesn't evaluate prospective treatments. Instead, they keep tabs on individuals' health outcomes while they are following their current treatment regimen. For instance, following the FDA's approval of a new drug, the pharmaceutical company is frequently required to do what is known as a Phase 4 study to continue tracking the drug's efficacy and safety.
The extended access based on compassionate use studies are the other ones that have been noticed. Patients needing emergency treatment for acute illnesses or disorders that pose a threat to their lives. So that patients can receive treatment quickly, some medications, biologics, and medical devices may be approved on a compassionate basis.
The possibility that the novel therapy will outperform the already present one must be demonstrated by researchers. A phase 1 clinical trial determines if a new medication, medical procedure, or equipment is safe for humans. Researchers gather data on the dosage, dosage frequency, side effects, and complications related to the surgery.
A phase 2 clinical study aids researchers in learning about the treatment's safety and effectiveness with various populations. Diagnostic tests are used to determine whether a new treatment is effective in symptom reduction and pain relief. A researcher may use a radiological examination to estimate the tumor's size or examine blood samples to see whether biomarkers are present. The effectiveness of therapy and the treatment plan are documented in patient health records.
Phase 3 clinical trials assess the effectiveness of treatments that were successful for volunteers in phase 2 clinical trials. Researchers compare the new treatment to the already available conventional treatment in a phase 3 trial. Research is done on the toxicity, safety, and effectiveness of therapies in order to compare them to other options. This stage may go on for many years. Clinical trial interpretations are recorded and submitted to regulatory agencies. If end points satisfy predetermined criteria, regulatory agencies examine and approve drugs, medical equipment, and treatments.
Clinical trials in phase four are started to check on the efficacy of approved goods or practises. The term "post-marketing surveillance research" is often used. To comprehend safety, pharmacovigilance of pharmaceuticals and medical devices is required.
However, regulatory bodies may require sponsors to start the recall process if specific negative effects or difficulties occur. Sponsors may evaluate the effectiveness of a drug or combination therapy during the ongoing phase 4 study to get regulatory approval for additional indications.
The biggest revenue share came from the oncology area, which led the market for virtual/decentralized clinical trials. During the projection period, it is also anticipated that the sector will contribute the most to market share. This is explained by the rise in cancer incidence worldwide and the number of oncology clinical trials. During the COVID-19 pandemic, cancer patients are most at risk. To ensure patient safety and trial progress, investigators and sponsors overseeing oncology clinical trials have quickly adopted virtual and remote trials.
The success of particular clinical studies is at risk due to low enrolment rates, which could obstruct the development of new treatments and their beneficial effects on outcomes. Therefore, it is projected that the low rate of recruitment and the requirement for a broad population for oncology clinical research will encourage the implementation of virtual clinical trials.
Some of the major key players are as follows: Clinical Ink, Inc., Dassault Systemes SE, Icon plc, Laboratory Corporation of America Holdings, IQVIA Holdings, Inc., Medable, Inc., Parexel International Corporation, Oracle Corporation, Medpace Holdings, Inc., Wuxi AppTech.
By Study Type
Due to increased investments from both public and private actors, as well as the support of key market leaders for improved virtual trial solutions, North America currently holds a disproportionate share of the global market for virtual clinical trials. Due to an increase in R&D activities in the region, a rise in the adoption rate of technology in the clinical region, and government assistance, it accounted for a sizable portion of the virtual clinical trials market globally in terms of revenue. In order to communicate with customers, market participants are also implementing digital technology.
Due to the quick rise in the number of tests to adopt new pharmaceuticals for various ailments as well as the digitization of laboratories, Asia-Pacific, followed by Europe, has experienced lucrative growth and holds a significant position in the market.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 7.5 Billion|
|Market Size by 2028||US$ 11 Billion|
|CAGR||CAGR of 5.5% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Study Type (Interventional, Observational, Others)
• By Phase (Phase 1, Phase 2, Phase 3, Phase 4)
• By Indication (Oncology, Cardiovascular, Immunology, Gastrointestinal, Respiratory, Endocrinology, Ophthalmology)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Clinical Ink, Inc., Dassault Systemes SE, Icon plc, Laboratory Corporation of America Holdings, IQVIA Holdings, Inc., Medable, Inc., Parexel International Corporation, Oracle Corporation, Medpace Holdings, Inc., Wuxi AppTech.|
|Key Drivers||• The incorporation of a mobile health platform
• As a catalyst for virtual trials, COVID-19
|RESTRAINTS||• Inadequate data security|
Frequently Asked Questions (FAQ) :
Ans. Virtual Clinical Trials Market Size was valued at USD 7.5 billion in 2021, and expected to reach USD 11.0 billion by 2028, and grow at a CAGR of 5.5% over the forecast period 2022-2028.
Ans. The biggest revenue share came from the oncology area, which led the market for virtual/decentralized clinical trials.
Ans. Key drivers of the Virtual Clinical Trials Market is the incorporation of a mobile health platform, and as a catalyst for virtual trials, COVID-19.
Ans. Clinical Ink, Inc., Dassault Systemes SE, Icon plc, Laboratory Corporation of America Holdings, IQVIA Holdings, Inc are the key plyer of Virtual Clinical Trials Market.
Ans. Top-down, bottom-up, Quantitative, Qualitative Research, Descriptive, Analytical, Applied, Fundamental Research.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine ware
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Virtual Clinical Trials Market Segmentation, By Study Type
9. Virtual Clinical Trials Market Segmentation, By Phase
9.1 Phase 1
9.2 Phase 2
9.3 Phase 3
9.4 Phase 4
10. Virtual Clinical Trials Market Segmentation, By Indication
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12.1 Clinical Ink, Inc.
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Dassault Systemes SE
12.3 Icon plc
12.4 Laboratory Corporation of America Holdings
12.5 IQVIA Holdings, Inc.
12.6 Medable, Inc.
12.7 Parexel International Corporation
12.8 Oracle Corporation
12.9 Medpace Holdings, Inc.
12.10 Wuxi AppTech.
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.