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Global Virtual Clinical Trial Service Providers Market Industry Trends and Forecasts 2020-2050: How COVID-19 has Impacted All Aspects of Clinical Operations
Saturday, May 8, 2021
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.
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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
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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View original content:http://www.prnewswire.com/news-releases/global-virtual-clinical-trial-service-providers-market-industry-trends-and-forecasts-2020-2050-how-covid-19-has-impacted-all-aspects-of-clinical-operations-301281104.html
SOURCE Research and Markets
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