A virtual clinical trial (also known as remote/decentralized clinical trials) refers to digitally empowered clinical trial processes. The global virtual clinical trials market growth is driven by increasing adoption of virtual trials following outbreak of COVID-19 pandemic.
Virtual trials enable easy Patient Enrolment and Remote Monitoring
Virtual trials are based on telemedicine and use dedicated apps for patient engagement and tracking. They greatly reduce the financial and time burdens. In addition, use of AI technologies can help synthesize and analyze ever-expanding data and speed up the process. Such benefits are increasingly drawing interest of life science companies/clinical trials sponsors into virtual clinical trials.
â€œArtificial Intelligence (AI) is likely to play an important role in virtual clinical trials. Conversational AI for natural language processing (NLP) and image-based AI will increasingly become part of virtual trials. Conversational AI help maintain the patient-clinician engagement while imaging AI to play key role in trials that require radiologyâ€ â€“ CTO, Leading Clinical Trial Solutions Company
Venture Capital fundings have increased significantly post-Covid
The number of venture capital funding deals have increased post Covid pandemic. There were six deals in 2018 which increased to 18 in 2020. Most VC funding occurred in Q3 2020 (10 deals). Notably, Medable – one of the fastest growing decentralized trials platform providers – raised $524 million from various rounds since 2020. One of the biggest rounds occurred in October 2021, where the company received a huge $304 million Series D funding. Growing VC funding will enable companies to make technological advancements and increase customer/geographic reach. This will increase an overall adoption and market growth.
Geographic Adoption: Virtual Clinical Trials Market
Comprehensive regional assessment of the global virtual clinical trials market suggests that US is currently the largest market for virtual clinical trials. On the other hand, European life science/medical device companies have not moved as swiftly to adopt virtual trials as US. However, there have been developments taking place in Europe those are expected to propel the adoption steadily. For instance, in September 2019, the Trials@Home project was launched by the public-private partnership viz. Innovative Medicines Initiative (IMI) – to augment the use of digital tools in conduct of clinical trials. This large-scale collaborative project involves 31 members from the European Federation of Pharmaceutical Industries and Associations (EFPIA), academia, small- and mid-sized life science companies and patient organizations
Competitive Landscape Analysis: Virtual Clinical Trials Market
The key players operating in the global virtual clinical trials market are ICON, Parexel, IQVIA, Covance, Thermo Fisher, LEO Innovation Lab, Huma, Medidata, Oracle, CRF Health, Medable, Signant Health, and Clinical Ink.
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