April 20, 2024
Secure Logistics Market

The adoption of Virtual Clinical Trials anticipated to openup the new avanue for Virtual Clinical Trials Market

The Virtual Clinical Trials Market is estimated to be valued at US$ 2659.6 Mn or Millions in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Virtual clinical trials refer to clinical trials that use innovative technologies to conduct clinical research remotely. This includes using digital platforms and connected devices to capture clinical trial data outside of conventional clinical research facilities like hospitals or doctor’s offices. Virtual clinical trials allow for more flexibility and convenience for patients as they do not require frequent site visits. It enables participation from a larger patient population and facilitates decentralized clinical trials. The key benefits of virtual trials include improved patient access and experience, optimized site selection, higher recruitment rates and reduced trial costs.

Market Dynamics:

 

One of the major drivers for the growth of virtual clinical trials market is the rising demand to make clinical trials more flexible and patient-centric. Conducting trials virtually helps in reducing participant burden and improves recruitment. It allows for more inclusiveness in clinical trials. Another driver is the cost benefits of virtual trials compared to traditional on-site trials. It reduces non-drug trial costs involved with site monitoring visits, physical infrastructure and travel. By adopting virtual technologies, sponsors can significantly reduce costs related to patient screening and enrollment. This makes clinical trials more affordable.

Additionally, the COVID-19 pandemic has accelerated the adoption of virtual methods of clinical trial conduct. Lockdowns and social distancing necessitated moving parts of clinical research online to ensure continuity. This helped demonstrate the effectiveness of virtual approaches and accelerated the ongoing digital transformation in drug development. Major pharmaceutical companies have now embraced virtual/decentralized methods of trial execution to enhance trial efficiency.
Segment Analysis

The virtual clinical trials market is dominated by the contract research organization (CRO) segment which held around 50% market share in 2023. CROs offer virtual/decentralized clinical trial solutions and services to pharmaceutical and biotech companies who either don’t have capabilities for virtual trials or want to supplement their efforts. They have expertise in designing, planning, and conducting various phases of virtual clinical trials which has led them to gain majority control in this segment.

PEST Analysis

Political: Regulations around data privacy and virtual clinical trials are still evolving in major markets. Favourable regulations can boost the adoption of virtual trials.

Economic: The lower costs and faster timelines of virtual trials compared to traditional methods is driving increased investment in this area from sponsors looking to cut expenses.

Social: The pandemic has made patients and participants more familiar and comfortable with remote and virtual models of healthcare delivery including clinical trials. This has positively impacted market growth.

Technological: Advances in areas such as telehealth, wearable devices, digital biomarkers etc. have enabled the virtualization of various trial processes like screening, monitoring, and follow-ups. Further innovation is expected.

Key Takeaways

The Global Virtual Clinical Trials Market Size is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing demand for lower cost and faster clinical trials amid rising R&D expenditure in pharmaceuticals.

The North American region dominated the virtual clinical trials market in 2023 with around 40% share owing to presence of many trial sponsors and CROs in the US and Canada adopting virtual models early on. Asia Pacific is expected to witness the fastest growth due to rising clinical research outsourcing to countries like China and India.

Key players operating in the virtual clinical trials market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systà ̈mes, and eElinicalHealth (CLINPAL), among others. The companies are focusing on expanding their virtual solutions and service offerings through partnerships, M&As for continued leadership.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it