Clinical drug development is a drawn-out, difficult procedure that takes six to fifteen years. The expense involved in creating a new medicine, from research and development through marketing authorization is very high. In the early stages of clinical development, around 85% of medicines fail, and just 50% of those that make it to phase 3 are authorized. The clinical-testing stage accounts for more than two-thirds of the research and development of new drug’s overall cost, both financially and in terms of time. Thus, virtual clinical trials(VCTs) have become extremely popular in recent years. VCTs are a modification of clinical trials that reduce costs, save time, and improve participant experience. They are not a new or distinct type of clinical experiment. With the aid of digital health technology, VCT is able to boost participant diversity and representation, improve retention, and recruit more quickly. Conventional clinical trials often involve the recruitment of volunteers through hospital visits, medical clinic visits, or media such as newspaper, radio, and television advertisements. Additionally, the target demographics may have geographical restrictions. Irrespective to location, web-based platforms like Google’s search engine and social media sites like Facebook and Instagram are used to directly target patients for VCT recruiting, ensuring that all potentially qualified patients are found. The global virtual clinical trials market was worth US$ 7.8 Bn in 2021 growing at a CAGR of 5.8% over the forecast period (2022 – 2030).

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Digital technology has made it possible for pharmaceutical companies to conduct virtual clinical trials as a last option. Virtual clinical trials are becoming the norm as a result of people’s anxiety about accessing labs and the global search for a COVID-19 vaccination. For long an option, they are now a necessity. Pharmaceutical giant Novartis has started using a digital platform to test its new medications. Virtual clinical trials are being carried out for drugs to treat NASH syndrome, a non-alcoholic fatty liver disease, and cluster headaches. These are in addition to their COVID-19 treatment medication clinical trials. Pfizer carried out the first virtual clinical trials in 2011 for the creation and application of wearables in Parkinson’s disease phase three. They keep coming up with new ways to employ wearables to track patients outside of a lab or testing facility, including investigations into how chronic skin disorders affect sleep habits.

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Oncology Segment is Estimated to be the Fastest Growing Segment in the Global Virtual Clinical Trials Market

The development of effective therapies for advanced solid tumours has proven to be more challenging than anticipated throughout time, and there is currently a poor success rate for converting promising preclinical findings into positive clinical trial outcomes. Virtual clinical trials (VCT) are frequently used to rigorously examine the efficacy of new treatment regimens in order to boost success rates. Cancer research faced a number of obstacles as a result of the COVID-19 pandemic, including trial suspensions, decreased enrollment, and protocol breaches resulting from rigid procedures used in clinical trials. Innovative strategies were used by researchers to address these issues and carry on their studies without sacrificing their calibre. With modifications to patient recruitment and consent, study interventions and medication delivery, trial assessments, and monitoring, virtual clinical trials are increasingly being undertaken. For instance, in 2021, Roche delivered a new novel approach to clinical trials, a by-design solution to the challenge of getting innovative new medicines to patients with unmet needs. The project team designed the trial on a fully virtual basis to essentially take the trial to the patient at home. Thus, with these advancements the virtual clinical trials market is expected to grow during the forecast period assisting various therapeutic areas.

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Regional Analysis: Global Virtual Clinical Trials Market

Asia Pacific region is anticipated to be the fastest growing region in the virtual clinical trials market during the forecast period. Rapid growth in the Asia-Pacific virtual clinical trials market has created strong opportunities for conducting decentralized clinical trials in the region, especially for North American sponsors looking for diverse and tech-savvy patient populations. A recent survey shows that participants are ready for the virtual transformation with 89% of patients at a West China Hospital citing decentralized trials as an acceptable option for research. That same survey found 98% of patients approve of the inclusion of electronic diaries, 96% approve of digital devices and 90% approve of telehealth visits as part of clinical trials. Furthermore, the factors such as diverse ethnic population and technology adoption amongst the population is boosting the growth of virtual clinical trials market.

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Global Virtual Clinical Trials Market Competitors:

  • Anju Software, Inc.’s
  • Dassault Systèmes
  • F. Hoffmann-La Roche Ltd
  • Halo Health Systems
  • ICON plc
  • IQVIA Inc
  • Janssen Pharmaceutical
  • Labcorp Drug Development
  • Medable
  • Novartis
  • Novotech
  • Obvio Health USA, Inc.
  • Parexel International Corporation.
  • Other Industry Participants

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Global Virtual Clinical Trials Market:

By Offering

  • Solutions
  • Services
    • Implementation and Training
    • Consulting
    • Others

By Application

  • Oncology
  • Cardiology
  • Ophthalmology
  • Infectious Diseases
  • Endocrinology
  • Gastroenterology
  • Hematology
  • Immunology
  • Neurology
  • Others

By Clinical Phase Trials

  • Preclinical
  • Phase 1
  • Phase 2
  • Phase 3
  • Phase 4

By End Users

  • Biopharma companies
  • Medical Device Companies
  • Research Centers
  • Academic Organizations

By Region

  • North America (U.S., Canada, Mexico, Rest of North America)
  • Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
  • Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
  • Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
  • Latin America (Brazil, Argentina, Rest of Latin America)

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