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Virtual Clinical Trial Service Providers Market by Type of Therapeutic Area, End-Users, Phase of Development, and Key Geographies : Industry Trends and Global Forecasts, 2020-2050

Virtual Clinical Trial Service Providers Market by Type of Therapeutic Area, End-Users, Phase of Development, and Key Geographies : Industry Trends and Global Forecasts, 2020-2050

  • January 2021
  • 285 pages
  • ID: 6064557
  • Format: PDF
  • Roots Analysis Private Ltd.

Summary

Table of Contents

INTRODUCTION
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 (but not limited to) 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 insignificant use 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.
Over the years, the pharmaceutical industry has leveraged technological advances to address several of the aforementioned clinical trial-related constraints / challenges. In fact, the clinical research segment has recently witnessed participation of several vendors, offering wide range of services and solutions for conducting and managing various aspects of trials. Virtual clinical trials have demonstrated the potential to disrupt the conventional ways of conducting trials, allowing sponsors to establish a more patient centric approach to drug development. Virtual clinical trial technologies augment clinical research by implementation of advanced technological solutions, including (but not limited to) software applications, e-monitoring devices and social engagement platforms. Such solutions hold the potential to save up to 25% of capital invested in clinical trials, by enabling efficient patient recruitment, reduction in patient attrition rate and robust data analysis. It is worth noting that, virtual trials related initiatives have also received significant funding from both private and public investors. 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.

SCOPE OF THE REPORT
The ‘Virtual Clinical Trial Service Providers Market, 2020-2050: Distribution by Type of Therapeutic Area (Cardiovascular Disorders, CNS Disorders, Infectious Disorders, Metabolic Disorders, Oncological Disorders, Respiratory Disorders and Other Disorders, Phase of Development (Phase I, Phase II, Phase III and Phase IV), and Key Geographical Regions (North America, Europe, Asia-Pacific and Rest of the World)’ 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 (study start-up, patient enrollment, drug logistics, data collection and analysis, and patient retention).
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.

One of the key objectives of the report was to understand the primary growth drivers and estimate the future opportunity of the market for virtual clinical trial services. Based on parameters, such as number of pre- or post-approval studies conducted annually, capital investments made in these studies, and the likely cost and time saving opportunities, we have provided an informed estimate of the likely evolution of the market for virtual clinical trials, for the period 2020-2050. The report also features the likely distribution of the current and forecasted opportunity across [A] different therapeutic areas (cardiovascular disorders, infectious disorders, metabolic disorders, neurological disorders, oncological disorders and others), [B] phase of development (phase I, phase II, phase III and phase IV) and [C] key geographical regions (North America, Europe, Asia-Pacific and Rest of the World). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.

The opinions and insights presented in this study were influenced by discussions conducted with multiple stakeholders in this domain. In addition, the report features detailed transcripts of interviews held with the following individuals (in alphabetical order of company names):
Phillipe Lemmens (Chief Operating Officer, Andaman7)
Himanshu Verma (Founder and Chief Executive Officer, ConsilX) and Rajesh Jain (Co-Founder, ConsilX)
Greg Erman (President and Chief Executive Officer, EmpiraMed)

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD, unless otherwise specified.

RESEARCH METHODOLOGY
The research, analysis and insights presented in this report are backed by a deep understanding of insights gathered from both secondary and primary sources. For all our projects, we conduct interviews with experts in the area (academia, industry and other associations) to solicit their opinions on emerging trends in the market. This is primarily useful for us to draw out our own opinion on how the market will evolve across different regions and technology segments. Where possible, the available data has been checked for accuracy from multiple sources of information.

The secondary sources of information include
Annual reports
Investor presentations
SEC filings
Industry databases
News releases from company websites
Government policy documents
Industry analysts’ views

While the focus has been on forecasting the market till 2050, the report also provides our independent view on various non-commercial trends emerging in the industry. This opinion is solely based on our knowledge, research and understanding of the relevant market gathered from various secondary and primary sources of information.

KEY QUESTIONS ANSWERED
Who are the leading virtual clinical trial service providers?
Which companies have raised significant capital in this domain?
How can traditional CRO transition to virtual CRO?
What factors are likely to influence the evolution of this upcoming market?
How is the current and future opportunity likely to be distributed across key market segments?

CHAPTER OUTLINES
Chapter 2 is an executive summary of the insights captured in our research. It offers a high-level view on the likely evolution of the virtual clinical trial service providers market, in the mid to long term.

Chapter 3 presents a general overview of the investment, in terms of time and cost, required for developing new healthcare products, along with information on other constraints associated with clinical research, including patient recruitment and retention, evolving regulatory standards and inefficient data handling. Further, it features a detailed outline on the various upcoming trends that are anticipated to play a crucial role in shaping the future of clinical trials, including increasing focus on patient centricity, precision medicine, real-world evidence, big data analytics, virtual clinical trials, innovative trial designs and blockchain-based platforms.

Chapter 4 provides a list of industry players that are actively involved in offering services for virtual clinical trials. The chapter presents analyses of these players based on year of establishment, geographical location, company size and types of services offered (study start-up, patient enrollment, drug logistics, data collection and analysis, and patient retention).

Chapter 5 features 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.

Chapter 6 is a case study on the initiatives of big pharma companies 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.

Chapter 7 provides 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.

Chapter 8 provides 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, year of partnership and type of partner, most active players and geographical analysis.

Chapter 9 provides 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.

Chapter 10 provides an insightful discussion on the impact of COVID-19 pandemic on the virtual clinical trial service providers market.

Chapter 11 provides 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.

Chapter 12 provides an insightful opportunity analysis, estimating the existing market size and potential growth opportunities across service providers working in virtual clinical trials. Based on multiple parameters, such as number of studies conducted annually, investment associated with these studies, and the likely cost and time saving opportunities, we have provided an informed estimate on the likely evolution of the market over the period 2020-2050. The report also features the likely distribution of the current and forecasted opportunity across [A] different therapeutic areas (cardiovascular disorders, infectious disorders, metabolic disorders, neurological disorders, oncological disorders and others), [B] end-users (small-sized players, mid-sized players, large players and academia / others) [C] phase of development (phase I, phase II, phase III and phase IV) and [D] key geographical regions (North America, Europe, Asia-Pacific and Rest of the World).

Chapter 13 summarizes the entire report. It presents a list of key takeaways and offers our independent opinion on the current market scenario. Further, it summarizes the various evolutionary trends that are likely to influence the future of virtual clinical trials service providers market.

Chapter 14 is a collection of interview transcripts of discussions held with key stakeholders in this market. We have presented the details of our discussions with (in alphabetical order of company names) Phillipe Lemmens (Chief Operating Officer, Andaman7), Himanshu Verma (Founder and Chief Executive Officer, ConsilX), Rajesh Jain (Co-Founder, ConsilX) and Greg Erman (President and Chief Executive Officer, EmpiraMed).

Chapter 15 is an appendix, which provides tabulated data and numbers for all the figures included in the report.

Chapter 16 is an appendix, which contains the list of companies and organizations mentioned in the report.

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