Virtual Clinical Trials Market – By Study Design (Interventional, Observational Expanded Access), Type (Fully Virtual Trials, Hybrid Virtual Trials), Phases, Indication (CNS, Oncology, Infectious Diseases, Cardiovascular Diseases), Industry – Global Forecast 2024 – 2032

Virtual Clinical Trials Market – By Study Design (Interventional, Observational Expanded Access), Type (Fully Virtual Trials, Hybrid Virtual Trials), Phases, Indication (CNS, Oncology, Infectious Diseases, Cardiovascular Diseases), Industry – Global Forecast 2024 – 2032

Virtual Clinical Trials Market Size

Virtual Clinical Trials Market size was valued at USD 8.6 billion in 2023 and is anticipated to register a CAGR of 7.1% between 2024 and 2032. The growth of this market can be attributed to factors such as adoption of remote monitoring technologies, rise in R&D activities, as well as increasing healthcare digitization.

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As more pharmaceutical companies, contract research organizations (CROs), and research institutions recognize the benefits of virtual trials enabled by remote monitoring technologies, there is a growing demand for solutions and services that support the implementation of these technologies. In addition to this, companies specializing in wearable devices, mobile health applications and telemedicine platforms are developing and offering innovative products tailored specifically for the clinical trials conducted virtually, thereby augmenting the market.

Virtual clinical trials, also known as decentralized clinical trials and remote clinical trials, are a modern approach to conducting clinical research in which some or all of the trial procedures are conducted remotely, often leveraging digital technologies and decentralized methods. This means that participants can engage in the trial from their own homes or other convenient locations, using digital devices and platforms to provide data, interact with healthcare providers, and participate in study-related activities.

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Virtual Clinical Trials Market Trends

• The growing prevalence of chronic diseases such as infectious diseases, heart diseases, and neurological conditions, coupled with the expanding elderly population, are driving the expansion of the market.
• With the growing disease burden, it is anticipated to increase the demand for the development of new drugs. For instance, in 2020 the World Health Organization (WHO) reported that nearly three-quarters of global deaths were attributed to chronic diseases. Similarly, it was highlighted that 71% of deaths related to ischemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes were likely to occur in developing countries. Thus, rising prevalence and incidence of chronic disease is projected to impel the technological development in the healthcare industry, thereby augmenting the market growth.

However, stringent regulatory framework may hamper the market growth to certain extent.

Virtual Clinical Trials Market Analysis

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The market based on study design is segmented into interventional, observational, and expanded access. The interventional segment accounted for majority of market share of 49.7% in 2023.

• The combination of patient safety, accessibility, efficiency, regulatory support, and technological advancements drives the adoption of interventional study designs in the market.
• The segment is being propelled by a rapid rise in experiments aimed at developing novel medications for a wide range of diseases, coupled with the increasing digitalization of laboratories.
• Further, the outbreak of the COVID-19 pandemic has heightened the demand for testing and trials of new drugs and vaccines worldwide. Traditional clinical trial methods entail a significant risk of infection among participants, thereby leading to an increased demand for virtual trials. Thus, adoption of clinical trials that are conducted virtually will spur the market growth.

Based on type, the virtual clinical trials market is classified into fully virtual trials and hybrid virtual trials. The fully virtual trials segment is expected to hold 7% CAGR throughout the forecast period.

• Fully virtual trial methodologies prioritize patient-centric approaches by offering flexible participation options, reduces the burden of travel and site visits, and enhance patient engagement through remote monitoring technologies. Also, by placing patients at the center of trial design and execution, the trials improve participant retention and recruitment rates.
• Furthermore, the integration of digital health solutions, such as electronic patient-reported outcomes (ePRO), remote informed consent platforms, and virtual trial management systems are facilitating the implementation of the virtual clinical trials, thereby accelerating the segment growth.

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The virtual clinical trials market based on phases is classified into phase I, phase II, phase III, and phase IV. The phase II segment is expected to reach USD 5.4 billion by 2032.

• The segmental growth is attributable to the increased utilization of decentralized clinical trial (DCT) tools and platforms. Virtual clinical trials are particularly advantageous during phase II trials, as it offers substantial benefits to the biopharmaceutical and pharmaceutical sectors by expediting the collection of time-sensitive patient data and reducing delays in approvals and site payments. Thus, owing to such aforementioned factor, the virtual clinical trials are highly utilized in phase II.

Based on indication, the virtual clinical trials market is divided into CNS, autoimmune/inflammation, cardiovascular disease, metabolic/endocrinology, infectious disease, oncology, genitourinary, ophthalmology, and other indications. The oncology segment accounted for significant market position and is predicted to reach USD 3.9 billion by 2032.

• Growing prevalence of cancer, increasing R&D activities on the development of novel cancer drugs, and rising government initiatives for cancer awareness are increasing the number of oncological trials. For instance, according to GLOBOCAN 2022 report, an estimated 1.9 million cancer cases were diagnosed globally.
• Therefore, virtual clinical trials offer greater flexibility and convenience for oncology patients by enabling them to participate in trials from their homes or local healthcare facilities. This reduces the burden of travel and facilitates broader participation, including patients from remote or underserved areas who may face challenges accessing traditional clinical trial sites, thereby supplementing the market growth.

Based on industry, the virtual clinical trials market is segmented into pharmaceutical and biotechnology companies, contract research organizations (CROs), medical devices companies, and other industries. The pharmaceutical & biotechnology companies segment held a business share of 34.5% in 2023.

• Pharmaceutical & biotechnology companies are witnessing shift from traditional clinical trials to decentralized model. This is majorly due to greater flexibility, reduced costs, and improved patient outcomes.
• Additionally, the increasing focus of the pharmaceutical industry on research and development (R&D) activities is a significant driver propelling the market forward. With the growing prevalence of complex diseases and unmet medical needs, there is a rising demand for innovative treatments and therapies.

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North America virtual clinical trials market accounted for USD 3.7 billion revenue in 2023 and is anticipated to grow at CAGR of 6.9% between 2024 and 2032 period.

• The increasing prevalence of cardiovascular disorders and a growing elderly population are among the factors projected to drive the growth of the market. Also, the demand for virtual clinical trials is predicted to increase as more clinical studies are conducted to identify effective and dependable solutions to reduce or cure the spread of cardiovascular and other diseases.
• Further, the presence of major market players and the large number of ongoing clinical trials conducted in the region is anticipated to be driving the growth of the market in the region.

Virtual Clinical Trials Market Share

The virtual clinical trials industry is characterized by the presence of several key players offering innovative solutions. Companies offer diverse solutions ranging from virtual trial platforms to telemedicine services, aiming to streamline trial processes, enhance patient engagement, and optimize data collection. Advancements in technology such as wearables, remote monitoring, and digital data management further intensify competition.

Key factors influencing competitiveness include regulatory compliance, data security, scalability, and integration capabilities. The strategic partnerships, mergers, and acquisitions are common strategies employed by players to expand their market presence, enhance their product portfolios, and gain a competitive advantage.

Virtual Clinical Trials Market Companies

Prominent players operating in the virtual clinical trials industry include

• Clinical Ink
• CROPRIME Ltd
• ICON, plc
• IQVIA Inc.
• Medable, Inc.
• Medidata
• Oracle Corporation
• Parexel International (MA) Corporation
• PRA Health Sciences
• Signant Health

Virtual Clinical Trials Industry News

• In July 2023, Signant Health acquired DSG, an electronic (EDC) and direct (DDC) data capture technology provider for site-based and decentralized clinical trials.  This acquisition integrated DSG's platform to develop a comprehensive trial ecosystem with advanced software, analytics, and logistics solutions, aiming to fully digitalize clinical trials.
• In October 2022, Oracle and ObvioHealth initiated a strategic collaboration to integrate various data sets into virtual/decentralized clinical trials in the Asia Pacific region. This partnership aimed to facilitate the rapid collection, integration, and analysis of data from multiple sources such as labs, devices, patients, and sites.  This collaboration strategy has helped company to strengthen its global presence.

The virtual clinical trials market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 – 2032 for the following segments

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Market, By Study Design

• Interventional
• Observational
• Expanded access

Market, By Type

• Fully virtual trials
• Hybrid virtual trials

Market, By Phases

• Phase I
• Phase II
• Phase III
• Phase IV

Market, By Indication

• CNS
• Autoimmune/inflammation
• Cardiovascular disease
• Metabolic/endocrinology
• Infectious disease
• Oncology
• Genitourinary
• Ophthalmology
• Other indications

Market, By Industry

• Pharmaceutical and biotechnology companies
• Contract research organizations (CROs)
• Medical devices companies
• Other industries

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • Rest of Middle East and Africa