A virtual clinical trial refers to digitally empowered clinical trial processes. The 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.
“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 has increased significantly post-Covid 19
The number of venture capital funding deals have increased post Covid 19 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 innovations and increase customer/geographic reach. This will then increase an overall adoption and market growth.
Regional Adoption: Virtual Clinical Trials Market
Comprehensive regional analysis of the global virtual clinical trials market suggests that USA is currently the largest virtual clinical trials market. On the other hand, European life science/medical device companies have not moved as rapidly to adopt virtual trials as U.S. 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 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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