Virtual Clinical Trials Market

Virtual Clinical Trials Market Size

Virtual Clinical Trials Market size was USD 7.73 billion in 2021 and projected to grow from USD 8.7 billion in 2023 to USD 15.3 billion by 2032, exhibiting a CAGR of 6.4% during the forecast period.

Virtual Clinical Trials are commonly referred as ‘the decentralized trials’. They are a comparatively fresh addition to the health research domain. They control digital technologies and tools to gather information from members distantly or remotely, in their working or natural living surroundings. The key advantages of virtual clinical trials comprise cost efficiencies, enhanced patient engagement, better data capture and authorized research groups.

Market Highlights

Virtual Clinical Trials Market is expected to project a CAGR of 6.4% during the forecast period, 2022-2032

Virtual Clinical Trials Market is expected to reach USD 15.3 billion, growing at a CAGR of 6.4% during the forecast period owing to the growing penetration of the adoption of virtual clinical trials and rising number of different illnesses and chronic diseases worldwide. Moreover, the rising adoption of improved and modern technologies in clinical research activities is expected to propel the Virtual Clinical Trials Market.

Virtual Clinical Trials Market Segmentation

Interventional segment is expected to dominate in the forecast period

Virtual Clinical Trials Market is classified based on the Study Type into Interventional, Observational, and Expanded Access. The Interventional category held maximum share in 2021. Since the laboratories are becoming more digitalized and as the number of studies to create new drugs for various diseases is growing quickly, the segment is progressing. An interventional study also studies an involvement on the specific population like a future drug under development, a medical device like a vibration vest, an exercise routine, or a treatment. Three crucial phases of interventional testing should be completed before new prospective drugs can show they are both safe and effective.

Oncology segment is expected to dominate in the forecast period

Virtual Clinical Trials Market is classified based on the Indication into CNS, Autoimmune/Inflammation, Cardiovascular Disease, Metabolic/Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology, and Others. The Oncology category registered major share of the market in 2021 and is anticipated to lead during the estimated period. Oncology is the key reason for the market growth of the oncology segment. In 53% of cases, cancer treatment was also approved as an extra indication. The quantity of oncology-related clinical research has doubled during the last ten years. Consequently, a surge in oncology clinical trials and cancer incidences is probably the main reason boosting this segment.

Market Dynamics                                             

Growth Drivers

Mounting R&D Activities and Supportive Government Initiatives are Expected to Boost the Market Growth

The use of telehealth along with an increase in R&D activities are the main factors propelling the global Virtual Clinical Trials Market. In addition, the market is expected to be driven by technical improvements, agreements among clinical research institutions, pharmaceutical, and biotechnology businesses, as well as favorable government initiatives. The market is also expanding due to factors like the convenience offered in comparison to traditional methods, the incorporation of mobile-based health platforms, and COVID-19 acting as a catalyst for virtual trials.

Benefits and Convenience of Virtual Methods to the Patients are Expected to Boost the Market Growth

An innovative technique of gathering efficacy and safety data from clinical study members uses a virtual approach that enables individuals to take part in the trial from the convenience of their own homes, ensuring that research can continue even when site visits are not feasible. Thanks to remote monitoring and virtual visits of in-person site visits, participants have the choice and peace of mind that they won't be exposed to unnecessary danger. These elements have a significant impact on the market growth.

Restraint

Stringent Regulations and Data Privacy of Patients May Restrain the Market Growth

One of the key hampering factors for the global virtual clinical trials market is the strict rules and regulations. Another factor is the challenges associated with virtual clinical trials and complexity in virtual clinical trials. Decentralized clinical trials hold multiple challenges; regulatory compliance, data privacy, and standard operating processes. Data privacy of patients is a key concern.

Recent Developments

• Oracle and ObvioHealth agreed into a strategic partnership in October 2022 to include various data sets into decentralized or virtual clinical trials in Asia region. This activitie should streamline to quickly gather, combine, and analyze data from many sources, including devices, patients, sites, labs, and devices.
• A cutting-edge software program that helped to streamline decentralized or virtual clinical trials for vaccines was introduced by Medable Inc. in August 2022. This program was expected to accelerate the expansion of clinical trial access globally while reducing deployment time by half.

Virtual Clinical Trials Market

Key Players Covered:

• Accenture
• Oracle Corporation
• J&J Innovative Medicine
• IQVIA Holdings Inc.
• Labcorp Drug Development
• ICON Plc
• Dassault Systemes SE
• Parexel International Corporation
• Clario
• Medpace Holdings Inc.
• Medidata
• Signant Health
• Medable Inc.
• Clinical Ink
• Croprime
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Virtual Clinical Trials Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America held major share of the Virtual Clinical Trials Market in 2022 and is projected to lead over the estimated period. This supported by the increased government assistance, increased acceptance of new technology in clinical research, and increased R&D in this area. Market participants are also increasing adopting digital technologies to satisfy customer needs.

Impact of Covid-19 on Virtual Clinical Trials Market

Clinical trial procedures were imposed with stringent regulations due to the COVID-19 pandemic. Clinical trials and research have been considerably impacted globally by the COVID-19 epidemic. A decrease in patient enrolment in clinical trials is one of the observed disruptors, along with operational difficulties brought on by the need to safeguard patient safety and adhere to the social seclusion, quarantine, and other regulations that were essential elements of the public health response to the pandemic.

Virtual Clinical Trials Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Virtual Clinical Trials Market Scope and Segments:

Frequently Asked Questions (FAQ):