April 20, 2024
Virtual Clinical Trials Market

Virtual Clinical Trials Is Estimated To Witness High Growth Owing To Increased Focus On Reducing Operational Costs

Virtual clinical trials involve conducting clinical trials using digital technologies like telemedicine, mobile apps, wearables and remote monitoring devices. They provide virtual platforms for interactions between physicians and patients without the need for in-person visits. This helps minimize travel, reduces infection risk and improves accessibility of clinical trials.

Virtual clinical trials are highly advantageous as they enable decentralized clinical trials with more flexible protocols. The reduced costs and timelines compared to traditional trials attract biopharma companies to adopt virtual models. They improve patient retention and consent rates as participants find virtual modes more convenient. The collected data through digital endpoints also helps accelerate trials.

The Global Virtual Clinical Trials Market is estimated to be valued at US$ 3063.86 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period between 2024 to 2030.

Key Takeaways

Key players operating in the Virtual Clinical Trials market are SPIMACO, Tabuk Pharmaceuticals Manufacturing Co., Julphar, Jamjoom Pharma, GlaxoSmithKline plc, Pfizer Inc., Novartis AG, and Sanofi. These players are focusing on strategic collaborations and partnerships to expand their virtual clinical trial services.

The increasing adoption of telemedicine and remote monitoring devices during the pandemic has opened lucrative growth opportunities for decentralized and hybrid clinical trial models. Many companies are leveraging digital technologies to develop more inclusive and flexible trial protocols.

The growing acceptance of virtual modalities in major global markets like the US, UK, Germany, and Japan is further driving the global expansion of virtual clinical trials. Companies are actively seeking to establish virtual trial sites across different geographies to expand patient pools.

Market drivers

The primary growth driver for the virtual clinical trials market is the increased focus on reducing operational costs associated with drug development. Virtual trials help lower costs by 30-70% compared to traditional on-site clinical trials. They minimize expenses related to site initiation, travel for monitoring, lab tests and logistics. This has boosted their adoption rate amongst sponsors and CROs.

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PEST Analysis

Political: The Virtual Clinical Trials Market Growth is impacted by regulations established by regulatory authorities such as the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) regarding the clinical trials process, safety of patients, and data privacy laws.

Economic: Changes in the global economy, specifically increased healthcare expenditure, affects the spending on R&D by pharmaceutical and biotechnology companies and consequently on Virtual Clinical Trials.

Social: Growing awareness about benefits of virtual/decentralized clinical trials such as patient convenience and safety drives higher adoption.

Technological: Advancements in technologies such as mobile applications, wearables, sensors, and analytics software have enabled decentralized and remote patient interactions, examinations, and data collection significantly transforming traditional on-site clinical trials .

Geographical concentration of market in terms of value

North America holds the largest share of the Virtual Clinical Trials Market in terms of value, owing to presence of major players, developed healthcare infrastructure, and favorable regulations in the US and Canada promoting adoption.

Fastest growing region

Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising medical tourism, growing clinical research outsourcing to China and India, and increasing healthcare expenditure in major APAC countries. Initiatives by governments to endorse clinical research and presence of large patient pools further support market growth in this region.

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