Market Trends of Global Virtual Clinical Trials Industry
This section covers the major market trends shaping the Virtual Clinical Trials Market according to our research experts:
The Oncology Segment is Expected to Occupy a Significant Share of the Market Over the Forecast Period
The oncology segment is expected to dominate the market over the forecast period due to increasing government initiatives for cancer awareness, rising in the prevalence of cancer, and increasing R&D activities on the development of cancer drugs, thus, increasing the number of oncological trials. According to Globocan 2020 fact sheet, an estimated 19,292,789 cancer cases were diagnosed with 9,958130 death due to cancer.
The worldwide cancer burden is rising, worldwide. Virtual clinical trials minimize the cancer patient's risk (risk of Immunosuppression, travel burden, therapeutic diversity, and regulatory complexity) and decrease time spent on face-to-face trial visits. To keep patients safe, oncology clinical trial investigators and sponsors have quickly incorporated virtual and remote trials. In October 2019, the Georgetown University Medical Center used cloud-based virtual interconnected computing techniques for deducting the time in accessing cancer patients' profiles, which indicates that the number of cases virtually assessed augmented from 46 to 622 as compared to the conventional assessments from 3 to 14 cases from 2014-2017.
According to the National Clinical Trials, in April 2020, around 8,306 clinical trials on oncology across the various phases of development were conducted. As the number of clinical trials increased, there are higher chances of increasing the demand for virtual clinical trials. Thus, the factors mentioned above are expected to drive the segment over the forecast period.
North America is Currently Dominating the Virtual Clinical Trials Market and is Expected to Continue in the Forecast Period
Geographically, North America accounts for one of the largest revenue holders in the global virtual clinical trials market due to the presence of major companies that manufacture pharmaceuticals, coupled with rising government and companies, which focus on investment in the development of new medicines. In November 2019, Janssen, a pharmaceutical subsidiary of Johnson & Johnson, in collaboration with the PRA Health Sciences, launched a digital clinical trial set-up CHIEF-HF a completely decentralized, indication-seeking, mobile clinical study. The company aims to utilize wearable devices and smart technology to efficiently gather and analyze evidence for assessing the effectiveness of Canagliflozin in the populace with heart failure with the presence or absence of Type 2 diabetes.
Moreover, the region is expected to continue its dominance over the forecast period. This can be attributed to increasing R&D in the region and the adoption of new technologies in clinical research and government support. Furthermore, market players are using digital technologies to meet client needs. For instance, in 2020, Parexel performed more than 100 decentralized trials, including hybrid and virtual/decentralized approaches. However, due to an increase in cancer cases and other chronic diseases, the virtual clinical trials market is likely to boost significantly throughout the forecast period.
