The global virtual clinical trials market size was estimated at USD 7.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The market is majorly driven by the rise in R&D activities, the increasing healthcare digitization, as well as adoption of telehealth. Besides, technological advancements, alliances between clinical research organizations, pharmaceutical, and biotechnology companies as well as supportive government initiatives are anticipated to drive the market.
The current pandemic of COVID-19 is making the clinical trial industry change the way of conducting ongoing or upcoming experiments. This year has changed people’s lives upside down. The stay-at-home or quarantine orders are being followed everywhere and the clinical trial industry is no exception. As per the Continuum Clinical report published in April 2020, approximately 30% of the surveyed clinical trial places are projected to have a huge impact on recruiting patients for new trial studies as well as retaining already-enrolled patients compliant with their study schedules. Also, 81% of the European clinical trial study sites and 56% of the U.S. sites indicated that the patients are less likely to continue participating in studies.
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Virtual trials also known as decentralized trials have a significant 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/decentralized method lets people participate in the trial from their homes ensuring that the clinical research can happen without visiting the site, hence, representing a novel approach of collecting safety and efficacy data from participants of clinical studies.
Key Player Mentioned:
- ICON, plc
- Parexel International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink, Inc.
- Medable, Inc.
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. The virtual/decentralized studies enable sponsors to include a larger population in the study, thus improving recruitment, engagement, and retention. Also, it enables continuous real-time data collection through digital health technologies. Eventually, virtual connectivity, monitoring as well as management can significantly decrease the effort, time commitment, and burden on the participants, CRCs, and investigators.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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Virtual clinical trials, also called remote or Decentralized Clinical Trials (DCTs) are relatively new methods of conducting clinical research taking full advantage of technologies such as apps, electronic monitoring devices, and online social engagement platforms. A virtual/decentralized trial follows a patient-centered approach, allowing for a more conventional trial experience for the participant along with enhanced data collection, increased diversity of patients, and time savings from the perspective of the trial duration. It takes complete advantage of many digital tools available and is characterized by no physical visits to the trial site.
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