Virtual Clinical Trials Market Overview
The Virtual Clinical Trials Market remains lucrative owing to the fast spread of SARS-CoV-2 worldwide, resulting in an alarming number of deaths. The COVID-19 outbreak has put immense pressure on the healthcare industry, with organizations scrambling to supply vaccines and therapeutics in a timely manner. The rapid surge in the research activities has boosted COVID-19 clinical trials across regions, thereby favoring the global market. The rising globalization of various clinical trials, rising demand for CROs for clinical trials, and technological innovations can further enhance the market size. Although the lockdown has been imposed across countries, the pandemic is still far from being controlled and is spreading at an alarming pace. Therefore, the best way to successfully battle the novel coronavirus are clinical trials.
The COVID-19 impact on lives, businesses, industries and communities has been brutal and the lockdown has affected the global economy to a large extent. Since social distancing is absolutely imperative to prevent the SARS-CoV-2 transmission, it has become tough to conduct clinical trials. As a result, various regulatory institutes like China’s National Medical Products Administration, FDA/Food and Drug Administration (U.S), NIH/National Institutes of Health (NIH), EMA/European Medicines Agency have come together with many other nations to issue guidelines pertaining to clinical trials, and are also supporting the use of virtual services.
Leading firms in the market are increasingly collaborating with other players to accelerate the growth of vaccines and therapeutics. For instance, in August 2020, Abbvie collaborated with international authorities to understand how efficient HIV drugs can be in treating the novel coronavirus. The collaboration backs clinical and research studies, working with the U.S. FDA and European health authorities, the Biomedical Advanced Research and Development Authority, National Institute of Health and Centers for Disease Control and Prevention (CDC) to reach an effective breakthrough.
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Virtual Clinical Trials Market Segmentation
- The global virtual clinical trials market has been segmented based on study type, phase, and indication.
- The market, based on study type, has been divided into interventional, observational and others. The interventional segment is likely to hold maximum market share in the global virtual clinical trials market owing to its larger utility and recruitment of patients for testing novel drugs.
- The virtual clinical trials market based on phase has been segmented into Phase 1, Phase 2, Phase 3 and Phase 4. The Phase 1 segment is likely to hold significant share in the market as every clinical trial study proceeds through Phase 1.
- The virtual clinical trials market based on indication has been segmented into oncology, cardiovascular, immunology, gastrointestinal, respiratory, endocrinology, ophthalmology and others. The oncology segment is likely to hold the largest share in the market due to larger number of clinical trials focused on finding treatment options for cancer.
Virtual Clinical Trials Market Regional Analysis
The market has been divided, by region, into the North America, Europe, Asia-Pacific, and Rest of the World.
North America is anticipated to hold the largest market share owing to availability of major players operating in the region. Medable, Inc. (US), Oracle Corporation (US), IQVIA Holdings, Inc. (US), Syneos Health (US), PPD, Inc. (US) and Medpace Holdings, Inc. (US) are some of the notable companies operating in the region. Moreover, collaborative approach by companies operating in the region were observed due to rising demand and continuation of early phase clinical studying during the pandemic. For instance, during October 2020, FHI Clinical Inc. (US), a contract research organization adopted Oracle’s (US) Oracle Health Sciences Clinical One, a cloud platform for effective study management throughout the entire drug development lifecycle. FHI clinical also uses Oracle Argus Safety for safety case management; Oracle Clinical Trial Management System Cloud Service to manage the research portfolio; and Oracle ClearTrial Cloud Service to manage projects. Thus, increasing adoption of cloud-based platforms by contract research organizations operating in the region are anticipated to fuel the growth of virtual clinical trials market. The virtual clinical trials market in North America is divided into the US and Canada.
European virtual clinical trials market has been categorized into Germany, France, the UK, Italy, Spain, and the rest of Europe. Europe is anticipated to hold the significant market share owing to investment activities related to clinical trials in the region and support from government for R&D. For example, Parexel International Corporation (US) in November 2020 announced a strategic partnership between its Early Phase Clinical Unit (Germany) and Clinical Trial Center (CTC) North, a full-service CRO located at the University Medical Center Hamburg-Eppendorf (Germany). Parexel intends to roll-out and implement eSource system ClinBase at CTC North to drive efficiency. An increasing number of research institutes partnering with leading clinical trial services provider to accelerate development of products for different conditions such as cancer, COVID-19 and other disorders is expected to fuel growth of virtual clinical trials market during the forecast period. Moreover, ongoing research studies being converted to virtual mode are expected to increase the demand for IT services, thereby generating opportunities for IT companies to access virtual clinical trials market. Thus, long-term partnerships among research institutes and service providers to accelerate ongoing research studies is anticipated to increase the lucrativeness of virtual clinical trials market in the region during the forecast period.
The virtual clinical trials market in Rest of the World has been divided into the Middle East, Africa and Latin America. Africa contributed to less than 2% of the total number of clinical trials during 2020. The African Academy of Sciences (AAS) launched the Clinical Trials Community online platform during November 2020. The launch of such online platform promotes the progression of intra-African collaboration around clinical trials.
Virtual Clinical Trials Market Players
- Oracle Corporation (US)
- IQVIA Holdings Inc. (US)
- Dassault Systemes SE (France)
- Medpace Holdings Inc. (US)
- Icon plc (UK)
- Laboratory Corporation of America Holdings (US)
- Parexel International Corporation (US)
- Medable Inc. (US)
- Clinical Ink Inc. (US)
- Wuxi AppTech (China)
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