A virtual clinical trial (also known as remote/decentralized clinical trials) refers to digitally empowered clinical trial processes.
Global virtual clinical trials market growth is driven by rising 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 utilize specialised applications for patient engagement and tracking. They significantly reduce the time and financial costs. Additionally, using AI technology helps speed up the process of synthesising and analyzing ever-growing data. Clinical trial sponsors/life science companies are becoming ever more interested in virtual clinical trials due to these advantages.
“AI likely to play 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 radiology” – CTO, Leading Clinical Trial Solutions Company
VC fundings increased significantly post-covid
The number of venture capital funding deals have increased post covid. 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 allow companies to develop new technologies and expand their customer and geographic reach. This will then increase overall adoption and virtual clinical trials market growth.
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Regional Adoption: Virtual Clinical Trials Market
The US is now the largest market for virtual clinical trials, according to a comprehensive geographical analysis of the global virtual clinical trials market. On the other hand, European life science/medical device companies have not moved as rapidly to accept virtual trials as U.S. However, there have been developments taking place in EU those are expected to propel the adoption steadily.
- 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.
There are 31 members in this large-scale collaborative project from the European Federation of Pharmaceutical Industries and Associations (EFPIA), academics, small and mid-sized life science companies, and patient organizations.
Competitive Landscape Analysis of Virtual Clinical Trials Market
Some of the key players in 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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