What Transformation Has the Virtual Clinical Trials Market Undergone?
The virtual clinical trials market has seen considerable growth due to a variety of factors.
• In recent years, there has been a considerable growth in the market size of virtual clinical trials. This market, expected to expand from $11.91 billion in 2024 to $12.99 billion in 2025, is projected to exhibit a compound annual growth rate (CAGR) of 9.0%.
Factors contributing to progress in the historical period include rising clinical trial costs, growing patient-centric trial requirements, surging demand for remote monitoring, increasing adoption of digital technologies in clinical trials, and the escalating need for efficient and cost-effective clinical trials.
How Will The Virtual Clinical Trials Market Size Evolve In The Foreseeable Future?
The virtual clinical trials market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of virtual clinical trials is predicted to experience a swift expansion in the upcoming years. The sector is slated to inflate to $19.67 billion by 2029, with a compound annual growth rate (CAGR) hitting 10.9%.
The predicted acceleration during the forecast period can be linked to the rising acceptance of decentralized clinical trials, upsurge in the use of wearable devices and other remote monitoring tools, burgeoning telehealth services, regulatory backing for virtual trial methods, as well as the time and cost efficiency in trial execution. Key trends during the projected period include the escalating utilization of artificial intelligence and machine learning in clinical trials, amplified usage of electronic informed consent (econsent), expansion of virtual trial platforms and technologies, strategic partnerships between pharmaceutical firms and tech providers, and an emphasis on real-world evidence and decentralized data acquisition.
Which Key Drivers Are Propelling The Virtual Clinical Trials Market's Growth?
The rise in funding from governmental bodies and pharma companies towards research and development for novel vaccines and drugs is propelling the expansion of the virtual clinical trials market. The utilization of virtual clinical trial solutions and services is becoming increasingly common in the medical industry's R&D sections to enhance the assurance of quality and management of clinical data for drugs and their products. As suggested by an article from McKinsey, the COVID-19 pandemic has accelerated the move towards decentralized clinical trials by pharmaceutical companies, drawing attention to the remarkable advantages of virtual trials and enhancing the experiences of patients and physicians. Consequently, the surge in funding towards the development of new vaccines and medicines by the government and pharmaceutical companies are fueling the growth of the virtual clinical trials market.
What Are The Key Segments Within The Global Virtual Clinical Trials Market?
The virtual clinical trials market covered in this report is segmented –
1) By Design: Observational Trials, Interventional Trials, Expanded Access Trials
2) By Phases: Phase I, Phase II, Phase III, Phase IV
3) By Indication: CNS, Autoimmune Or Inflammation, Cardiovascular Disease, Metabolic Or Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology, Other Indications
Subsegments:
1) By Observational Trials: Prospective Cohort Studies, Retrospective Studies, Case-Control Studies
2) By Interventional Trials: Randomized Controlled Trials (RCTs), Non-Randomized Trials, Adaptive Trials
3) By Expanded Access Trials: Single-Patient Expanded Access, Multi-Patient Expanded Access, Compassionate Use Programs
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How Are New Trends Impacting The Size Of The Virtual Clinical Trials Market?
The rise of technology is becoming a notable trend within the virtual clinical trials market. The primary companies within this market are targeting the integration of advanced technological solutions to cater to the rapidly growing sector demands and solidify their positions in the market. They are incorporating novel virtual clinical technologies such as wearable technologies, mHealth, blockchain, cloud computing, EMR integration, actionable data, threshold monitoring, AI, SFTP, ETL services among others, into their range of services. For example, in April 2022, Unlearn.AI, a startup originating from the US, plans to introduce a new digital twin RCTs technology for clinical trials. This technology aims to allow smaller control groups while maintaining power and producing evidence that can endorse regulatory decisions, leveraging the use of AI and historical data.
Who Are the Key Players in the Virtual Clinical Trials Market?
Major companies operating in the virtual clinical trials market include:
• ICON plc
• Parexel International Pvt. Ltd.
• IQVIA Holdings Inc.
• Covance Research Products Inc.
• Pharmaceutical Research Associates Inc.
• Medidata Solution Inc.
• Oracle Corporation
• Clario Tech Ltd.
• Medable Inc.
• Science 37 Holdings Inc.
• THREAD Research
• Clinical Ink Inc.
• Veeva Systems Inc.
• Clinerion Ltd.
• CRF Health Group Limited
• Royal Castor Products Limited
• Crio Inc.
• Deep Lens Inc.
• Florence Healthcare Inc.
• goBalto Inc.
• Medrio Inc.
• Mint Medical Ltd.
• Mytrus Inc.
• OpenClinica LLC
• PatientWing
• RealTime-CTMS LLC
• Reify Health
• Sanguine Biosciences Inc.
• TriNetX Inc.
• VirTrial LLC
What are the Regional Insights into the Virtual Clinical Trials Market?
North America was the largest region in the virtual clinical trials market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual clinical trials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
