Global Virtual Clinical Trials Market Size By Study Design (Interventional, Observational, Expanded Access), By Indication (Oncology, Cardiovascular, CNS, Autoimmune/Inflammation), By Phase (Phase I, Phase II, Phase III, Phase IV), By Geographic Scope And Forecast

Virtual Clinical Trials Market Size And Forecast

Virtual Clinical Trials Market size was valued at USD 8.67 Billion in 2022 and is projected to reach USD 13.45 Billion by 2030, growing at a CAGR of 5.99% from 2023 to 2030.

The global Virtual Clinical Trials Market refers to the use of virtual and remote technologies in conducting clinical trials for the development and testing of new drugs or medical interventions. Traditional clinical trials typically require participants to visit physical research sites, which can be time-consuming, costly, and inconvenient. Virtual Clinical Trials aim to overcome these limitations by leveraging technologies such as telemedicine, mobile health (mHealth) applications, wearable devices, electronic data capture, and remote monitoring. The rapid development and adoption of digital health technologies have made Virtual Clinical Trials more feasible and practical. These technologies enable remote data collection, patient monitoring, and virtual interactions between researchers and participants.

Global Virtual Clinical Trials Market Definition

Clinical trials are an essential component of medical product development, assisting in the evaluation of efficacy and finding safety issues with new pharmaceuticals, and are a regulatory prerequisite for bringing novel therapeutics to market. Clinical trials are among the most difficult and costly processes in the pharmaceutical industry. Using technology, would determine the future of clinical development and transform the trial process.

A virtual technique allows people to participate in the trial from the comfort of their own homes, guaranteeing that research can continue even when site visits are not possible, and thus represents a novel strategy to collecting safety and efficacy data from clinical study participants. Virtual visits and remote patient monitoring of in-person site visits provide participants with the option of avoiding avoidable hazards. Sponsors can include a bigger population in virtual research, which improves recruitment, engagement, and retention. It also allows for continuous real-time data collecting using digital health technology. Virtual connectivity, monitoring, and management can eventually reduce the effort, time commitment, and strain on participants, CRCs, and investigators.

Global Virtual Clinical Trials Market Overview

Virtual trials utilize observing gadgets, programming applications, and online social commitment stages to direct every step of the clinical preliminary cycle including patient enrolment, guiding, estimating clinical endpoints, informed assent, and antagonistic responses. Telehealth, home consideration, and far-off understanding checking have been picking up speed as a medical care offering, and COVID-19 is adding more pull to this drive. A virtual strategy allows individuals to participate in the preliminary from their homes guaranteeing exploration can proceed in any event, when site visits can’t, subsequently, addressing a clever methodology of gathering well-being and viability information from members of clinical examinations.

Virtual visits and distant patient observing of face-to-face site visits give members a decision and genuine serenity of not being presented to pointless dangers. The virtual examinations empower supporters to remember a bigger populace for the review, hence further developing enlistment, commitment, and maintenance. Additionally, it empowers consistent constant information assortment through computerized wellbeing advances. In the end, a virtual network, observing too as the executives can altogether diminish the work, time responsibility, and weight on the members, CRCs, and examiners.

Global Virtual Clinical Trials Market Segmentation Analysis

The Global Virtual Clinical Trials Market is Segmented on the Basis of Study Design, Indication, Phase, And Geography.

Virtual Clinical Trials Market, By Study Design

• Interventional
• Observational
• Expanded Access

Based on Study Design, the market is bifurcated into Interventional, Observational, and Expanded Access. In 2022, the interventional design segment led the Virtual/Decentralized Clinical Trials (DCTs) market, accounting for the greatest revenue share. The rapid expansion in the number of studies to create novel pharmaceuticals for various ailments, as well as the digitalization of laboratories, are drivers pushing the industry. The coronavirus outbreak has increased the demand for testing and trials of novel treatments and vaccines to tackle the crisis around the world, as the traditional approach of clinical trials carries a high risk of infection in humans. Thus, the demand for interventional study designs is increasing.

Virtual Clinical Trials Market, By Indication

• Oncology
• Cardiovascular
• CNS
• Autoimmune/Inflammation
• Metabolic/Endocrinology
• Infectious Disease
• Genitourinary
• Ophthalmology
• Others

Based on the Indication, the market is divided into Oncology, Cardiovascular, CNS, Autoimmune/Inflammation, Metabolic/Endocrinology, Infectious Disease, Genitourinary, Ophthalmology, and Others. In 2022, the oncology category dominated the market for virtual/decentralized clinical trials, accounting for the highest revenue share. During the projected period, the sector is also expected to contribute the greatest share of the market. This is due to an increase in cancer incidence worldwide as well as an increase in the number of oncology clinical studies. During the COVID-19 pandemic, cancer patients are the most vulnerable. Oncology clinical trial investigators and sponsors have quickly adopted virtual and remote trials to keep patients safe and trials going forward.

Virtual Clinical Trials Market, By Phase

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

Based on the phase, the market is divided into Phase I, Phase II, Phase III, and Phase IV. In 2022, the phase II category dominated the Virtual Clinical Trials market, accounting for the highest revenue share. This is partly owing to the use of DCT tools and platforms for patient participation in phase II and phase I clinical trial procedures. Virtual Clinical Trials are especially advantageous in phase II clinical studies since they save time-sensitive patient data, delayed clearances, and site payments for the biotech and pharmaceutical industries.

Virtual Clinical Trials Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

The Global Virtual Clinical Trials Market is segmented geographically into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the Virtual Clinical Trials Market and will generate the most revenue in 2022. During the forecast period, the category is expected to maintain its dominance. This is due to increased R&D in this region, increased adoption of new technology in clinical research, and government assistance. Furthermore, industry participants are utilizing digital technologies to satisfy the needs of their customers.

Key Players

The “Global Virtual Clinical Trials Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ICON, plc, Parexel International Corporation, IQVIA, Covance, PRA Health Sciences, LEO Innovation Lab, Medidata, Oracle, CRF Health, Clinical Ink, Medable, Inc., among others.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.

Key Developments

• In October 2022, Oracle and ObvioHealth entered into a strategic collaboration to integrate diverse data sets into virtual/decentralized clinical trials in the Asia Pacific region. This initiative is expected to allow the quick collection, integration, and analysis of multi-source data collected from labs, devices, patients, and sites
• In August 2022, Medable Inc. launched a novel software solution that aided in the simplification of virtual/decentralized clinical trials for vaccines. This initiative was believed to boost the growth of global clinical trial access while cutting deployment time by 50%
• In July 2022, Signant Health introduced telemedicine platform innovations to optimize virtual and remote clinical trial operations

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Virtual Clinical Trials Market. We cover the major impacting factors driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Virtual Clinical Trials Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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