Global Virtual Clinical Trial Service Providers Market Industry Trends and Forecasts 2020-2050: How COVID-19 has Impacted All Aspects of Clinical Operations

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Apr 30, 2021, 09:30 ET

DUBLIN, April 30, 2021 /PRNewswire/ -- The "Virtual Clinical Trial Service Providers Market by Type of Therapeutic Area, End-Users, Phase of Development (Phase I, Phase II, Phase III and Phase IV), and Key Geographies: Industry Trends and Global Forecasts, 2020-2050" report has been added to ResearchAndMarkets.com's offering.

Owing to its highly cost and time intensive nature, the development of a novel molecular entity is a complex and sophisticated process. In fact, it is estimated that before receiving regulatory approval, a prescription drug requires more than 10 years and close to USD 3 billion in capital investment. Additionally, close to 40% of the pharmaceutical industry's R&D budget in the US is spent on conducting clinical trials assessing the efficacy of novel treatments. With rising geographical diversity in clinical trials, the trial complexity is increasing rapidly in this domain making it difficult for trial coordinators to identify sub-optimal trial sites. It is worth highlighting that, the clinical research process is known to be prone to delays, and often faces several other challenges, including inefficient data handling, risk of failure and incomplete patient recruitment, which can be validated from the fact that only 10% of drug candidates under clinical development receive regulatory approval.

The lack of patient centricity in traditional clinical trials inhibit trial sponsors to retain enough patients, which is critical to successfully conduct clinical research on predetermined completion dates. The lack of participant compliance in clinical trials often leads to massive delays which are known to impose enormous financial burden on sponsors, amounting close to USD 8 million, per day, blockbuster drugs. Another noticeable concern in this domain, is the inefficient handling of clinical data, which is primarily due to insignificant use of electronic health records. Estimates indicate that, the pharmaceutical industry incurs losses of USD 6 billion each year due to such avoidable data-related concerns. In addition, the COVID-19 pandemic has impacted nearly all aspects of clinical operations being conducted across the world.

With digital solutions witnessing increased adoption in the drug development process, we are led to believe that the virtual clinical trials market is likely to grow significantly in the coming years.

The report features an extensive study of the current landscape of industry players that are offering various types of innovative clinical research platforms / solutions to the pharmaceutical and life sciences industries. Amongst other elements, the report features:

An overview of the current market landscape of companies offering solutions for virtual clinical trials, featuring information on year of establishment, geographical location, company size and types of services offered.
Brief profiles of companies offering solutions for virtual clinical trials, featuring information on their year of establishment, respective headquarters, company size, key executives, service / technology portfolio, recent developments and an informed future outlook.
A case study on the initiatives of big pharma players related to virtual clinical trials, offering insights on such clinical studies that have been conducted / planned by the aforementioned players, along with details on associated constraints and the future plans of players engaged in this domain.
An analysis of the funding and investments made in the domain, in the period between 2014 and 2020 (till November), including seed financing, venture capital financing, debt financing, grants, capital raised from IPOs and subsequent offerings, at various stages of development in companies that are engaged in this field, based on several parameters, such as number of funding instances, amount invested, type of funding, leading players and investors, and geographical analysis.
An analysis of the partnerships and collaborations inked in the domain, in the period between 2014 and 2020 (till November), based on several parameters, such as year of partnership, type of partnership, application mentioned in agreement, target therapeutic area mentioned in the agreement, type of partner, most active players and geographical analysis.
A detailed study highlighting the key differences between traditional and virtual CROs and an elaborate road map, presenting the requirements for a traditional CRO to transition to a virtual CRO business model.
A brief case study highlighting the impact of COVID-19 pandemic on virtual clinical trial service providers market.
A detailed analysis of completed, ongoing and planned virtual clinical trials, based on multiple parameters, such as trial registration year, trial phase, trial status, type of sponsor / collaborator, target therapeutic area, trial design, top sponsor, geographical location of trial and enrolled patient population.

For more information about this report visit https://www.researchandmarkets.com/r/ffru1h

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