Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Virtual Clinical Trials Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”

LOS ANGELES, May 11, 2021 (GLOBE NEWSWIRE) -- The Global Virtual Clinical Trials Market is expected to grow at a CAGR of around 5.8% from 2020 to 2027 and reach the market value of over US$ 14.5 Bn by 2027.

In the coming years, North America is expected to dominate the global virtual clinical trials market. Over the forecast period, the region is expected to maintain its dominance. This can be attributed to increased R&D in this region, increased adoption of new clinical research technologies, and government support. Furthermore, market participants are utilizing digital technologies to meet the needs of their customers. Parexel, for example, conducted over 100 decentralized trials, including hybrid and virtual/decentralized approaches.

On the other hand, Asia Pacific is expected to have the fastest growing CAGR in the global virtual clinical trials market in the coming years.

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Market Dynamics

• The COVID-19 pandemic has had a massive impact on both the domestic and global markets. A large number of trials that were designed primarily for traditional settings are being forced to transition to a virtual trials platform.
  
  

• During the COVID-19 pandemic, cancer patients are especially vulnerable. Virtual and remote trials were immediately incorporated by investigators and sponsor managing oncology clinical trials to keep patients safe and the trials moving forward.
  
  

• Digital technologies, virtual trials, and telemedicine are being developed by biopharma companies and regulatory agencies as potential solutions to reduce trial disruptions.
  
  

• For example, in February 2020, Johnson & Johnson launched the Heartline virtual trial design study to see if the Apple Watch and new iPhone app could reduce the risk of stroke by detecting cardiac arrhythmia.
  

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Segmental Outlook

The global virtual clinical trials market is segmented based on study design and indication. Based on study, the market is segregated as interventional, observational, and expanded access. Further, indication is segmented as oncology, cardiovascular, and others.

According to the study's design, the interventional design segment is expected to dominate the market during the forecast period. The rapid increase in the number of experiments to develop novel medications for various diseases, as well as laboratory digitalization, is driving the segment growth. The corona virus outbreak has increased the demand for testing and trials of new drugs and vaccines to combat the situation around the world, as the traditional method of clinical trials carries a high risk of human infection. As a result, the interventional design segment for virtual/decentralized trials is expanding.

Based on indication, the oncology segment is expected to have a dominant market share in the coming years. This is due to an increase in cancer cases worldwide as well as an increase in the number of oncology clinical trials. During the COVID-19 pandemic, cancer patients are the most vulnerable. To keep patients safe, oncology clinical trial investigators and sponsors have quickly incorporated virtual and remote trials.

Competitive Landscape

Some of the leading competitors are ICON plc, Parexel International, IQVIA, Covance Inc., PRA Health Sciences, LEO Innovation Lab, Medidata Solutions, Oracle Corporation, CRF Health, Clinical Ink, Inc., Medable, Inc., and among others.

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Some of the key observations regarding the virtual clinical trials industry include:

• In July 2020, IQVIA announced a collaboration with AstraZeneca to accelerate the development of a potential new vaccine for COVID-19. This joint initiative is part of the U.S. government’s recently announced Operation Warp Speed project. The specific IQVIA and AstraZeneca collaboration will drive faster delivery of clinical studies in the U.S. aimed at demonstrating efficacy of AstraZeneca’s potential COVID-19 vaccine, AZD1222. This initiative includes an expansive subject study, which is expected to begin enrolling participants this summer and will leverage IQVIA’s Virtual Trial solutions including Study Hub.
  
  

• In July 2020, Medidata Solutions announced a collaboration with Moderna, Inc. to support clinical trials of mRNA-1273, Moderna’s COVID-19 vaccine candidate. Medidata’s suite of technologies is supporting the advancement of Moderna’s mRNA-1273 clinical trials, including the Phase 3 trial, which is expected to enroll 30,000 participants. The Medidata and Moderna teams are moving forward with the speed and urgency necessitated by the global pandemic, using Medidata’s innovative and scalable cloud platform for clinical development.
  
  

• In January 2021, Oracle Corporation announced a collaboration with Cognizant. By standardizing administrative tasks and processes with one unified system, sponsors and CROs can reduce study startup time, increase collaboration, and streamline the management of clinical trials. A global leader in business and technology services, Cognizant is a member of Oracle PartnerNetwork (OPN).
  

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