The global Virtual Clinical Trials Market is set for remarkable growth, according to the latest report from Transparency Market Research Inc. Valued at an impressive $7.6 billion in 2021, the market is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.4% from 2022 to 2032, reaching an estimated value of $16.4 billion.
Virtual Clinical Trials, a cutting-edge approach in the healthcare landscape, have gained significant traction and are reshaping the way clinical trials are conducted. The decentralization of trials has played a key role during the COVID-19 crisis and is set to become the norm for trials and real-world studies moving forward.
Virtual Clinical Trials can be categorized into three main study designs: interventional, observational, and expanded access. Interventional trials are anticipated to generate the highest revenue, accounting for nearly $8.3 billion during the forecast period. Observational trials play a crucial role in collecting real-world data, contributing to the market’s growth. Expanded Access studies fill a crucial gap in healthcare, providing access to experimental therapies for patients who have exhausted all other treatment options.
The application of Virtual Clinical Trials spans various medical fields, with key indications including oncology, cardiovascular medicine, and numerous other specialties. With advancements in cancer research, virtual oncology trials offer patients easier access to innovative treatments and therapies. Similarly, virtual trials in cardiovascular medicine allow for remote monitoring and data collection, enhancing patient convenience and safety.
The Virtual Clinical Trials market extends its influence worldwide. In 2022, the North American market was valued at $3.4 billion, with the United States alone accounting for $3 billion, continuing to be a major player in the adoption of virtual trial methodologies. As the benefits of Virtual Clinical Trials become more apparent, regions like Latin America, Europe, Asia Pacific, and the Middle East & Africa are emerging as potential growth markets.
Key companies at the forefront of the Virtual Clinical Trials revolution include ICON, plc, Parexel International Corporation, IQVIA, Covance, PRA Health Sciences, LEO Innovation Lab, Medidata, Oracle, CRF Health, Clinical Ink, and Medable, Inc.
- ICON, plc: An Ireland-based global provider of outsourced development and commercialization services to pharmaceutical, biotechnology, medical device, and government and public health organizations. They specialize in the strategic development, management and analysis of programs that support clinical development.
- Parexel International Corporation: A leading global biopharmaceutical services organization that provides a broad range of expertise-based contract research, consulting, medical communications, and technology solutions and services to the worldwide pharmaceutical, biotechnology and medical device industries.
- IQVIA: Formerly Quintiles and IMS Health, Inc., IQVIA is an American multinational company serving the combined industries of health information technology and clinical research. It is a provider of biopharmaceutical development and commercial outsourcing services.
- Covance: Part of LabCorp’s Drug Development business, Covance is one of the world’s largest and most comprehensive drug development services companies with more than 11,000 employees in 60 countries.
- PRA Health Sciences: A global contract research organization known for conducting clinical trials in more than 80 countries. PRA Health Sciences offers services that span the entire spectrum of clinical development.
- LEO Innovation Lab: An independent unit, established by LEO Pharma as part of a long-term strategic decision to focus on patient’s needs. They explore the vast opportunities of digital health, developing solutions to shape medical treatment for people living with skin diseases.
- Medidata: A wholly owned subsidiary of Dassault Systèmes, Medidata is leading the digital transformation of life sciences, creating hope for millions of patients. They provide cloud-based solutions and data analytics within the clinical trials industry.
- Oracle: One of the largest vendors in the enterprise IT market and the shorthand name of its flagship product, a relational database management system (RDBMS) that is formally called Oracle Database.
- CRF Health: A global leader in eCOA (electronic Clinical Outcome Assessments) solutions for the life sciences industry. CRF Health’s TrialMax® platform consistently demonstrates the industry’s highest data accuracy, patient and site compliance, and patient retention.
- Clinical Ink: A global clinical technology company offering data certainty from source to submission. Their Lunexis™ eSource clinical technology and configurable direct data capture, eCOA, ePRO, and eConsent modules provide a suite of solutions for capturing and integrating electronic data from sites, clinicians, and patients at its source.
- Medable, Inc.: Revolutionizing clinical trials with a global decentralized platform that enables patient-generated data to launch, connect, and manage clinical trials. Medable’s platform is designed to be flexible and user-friendly, making it easy for patients to participate in research.
Virtual Clinical Trials are poised to revolutionize the way clinical research is conducted, offering benefits in terms of accessibility, efficiency, and patient-centricity. The potential to improve patient outcomes, accelerate drug development, and enhance healthcare accessibility makes Virtual Clinical Trials an exciting frontier in the healthcare sector.
Impact on Chester County’s Life Sciences Sector
Chester County, Pennsylvania, known for its robust life sciences sector, stands to benefit significantly from the growth in the Virtual Clinical Trials market. Home to numerous biotech and pharmaceutical companies, healthcare providers, and research institutions, the county is well-positioned to leverage the efficiencies and patient-centric benefits of virtual trials.
The projected growth in the Virtual Clinical Trials market could spur innovation, attract investment, and create jobs in Chester County. Companies based in the region could harness the power of virtual trials to accelerate their drug development processes, improve patient outcomes, and expand access to experimental therapies.
Furthermore, the growth in this market aligns with the county’s strategic focus on fostering a thriving life sciences ecosystem. With the potential to drive economic growth and enhance the region’s reputation as a hub for healthcare innovation, the rise of Virtual Clinical Trials represents an exciting opportunity for Chester County’s life sciences sector.