Market Challenges And Opportunities

However, factors such as strict rules & regulations and challenges associated with virtual clinical trials are expected to hamper the growth of the market.

Global Virtual Clinical Trials Market Drivers:

Growing burden of diseases to augment market growth

One of the key factors expected to augment the growth of the global virtual clinical trials market over the forecast period is the growing burden of diseases across the globe. For instance, with the rise in burden of chronic, infectious, and/or life-threatening diseases, the demand for advanced and effective treatment is also increasing with rapid pace. According to the Center for Disease Control and Prevention (CDC), on an average 6 out of 10 people in the United States are suffering from a chronic disease and 4 out of 10 people are suffering from two or more chronic diseases, resulting in the leading cause of death in the country.

Spike in virtual clinical trials to underpin market growth

Another factor which is driving the growth of the global virtual clinical trials market is the spike in virtual clinical trials worldwide. For instance, the number of decentralised and/or virtual clinical trials and trials involving mobile healthcare more than doubled in the recent past. Several clinical research organizations (CROs) and eClinical software providers have expanded their capabilities in response to the growing demand for these services and attracted considerable attention in recent years. Virtual trials offer an innovative solution by improving the patient experiences using digital technologies and other remote services.

Global Virtual Clinical Trials Market Opportunities:

The outbreak of COVID-19 (pandemic) is expected to provide significant growth opportunities for players in the global virtual clinical trials market. For instance, the pandemic has catalyzed the adoption of decentralized clinical trials while highlighting the critical benefits of virtual trials and improving the patient and physician experience. Several biotech and pharmaceutical companies are also engaged in vaccine development that drives the demand for decentralized/virtual clinical trials. The purpose of decentralized/virtual clinical trials is to determine whether a new treatment or vaccine works and is safe for people to use.

Increasing adoption of novel technologies in clinical research is expected to offer lucrative growth opportunities for players in the global virtual clinical trials market. For instance, the use of mobile technologies in clinical trials has increased in recent times. Wearables research showcased a more robust performance, with a record number of trial initiations, and is expected to witness significant growth during the forecast period. In February 2020, Johnson and Johnson initiated a virtual trial design Heartline study to examining whether the Apple Watch and new iPhone app could decrease the possibility of stroke discovering atrial fibrillation.

Global Virtual Clinical Trials Market Restraints:

Strict rules and regulations to hinder growth of the market

One of the key factors expected to hamper the growth of the global virtual clinical trials market is the strict rules and regulations. For instance, in the U.S., the Food and Drug Administration (FDA) oversees clinical trials to ensure they are designed, conducted, analysed and reported according to federal law and good clinical practice regulations. While, the European Medicines Agency (EMA) plays an important role in further developing the EU as a competitive centre for innovative clinical trials, and in maintaining IT systems for the coordination of clinical trials.

Complexity/challenges related to virtual trials to hamper market growth

Another factor which is hampering the growth of the virtual clinical trials market is the challenges associated with virtual clinical trials and complexity in virtual clinical trials. Virtual clinical trials have several challenges; data privacy, regulatory compliance, and standard operating procedures. Patient data privacy is a major concern. Moreover, the amount of data generated through virtual trials require more time for the analysis, and clinical trials performed in an unsterile environment might lead to ailment and discrepancies compared to medical sites.