Virtual Clinical Trials Market Size was valued at USD 7.97 billion in 2021 and is projected to grow from USD 8.44 Billion in 2022 to USD 13.35 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.8% during the forecast period (2022 - 2030). The Convenience provided as compared to traditional method, Integration of mobile-based health platform, and COVID-19 as a catalysis for virtual trials are driving the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The creation of therapeutic treatment can take up to 15 years, and phase 1 testing results in failure for 85% of experimental drugs, compared to phase 3 research where approval rates are 50%. Furthermore, it is straightforward to conduct virtual clinical trials without participant involvement for conditions like dermatological diseases that require telemedicine follow-up. Additionally, there are several benefits to adopting digital technologies in virtual clinical trials as opposed to traditional methods, such as the capacity to keep track of patient information, use big data to find new participants, and communicate unfavorable results immediately traditional method.
Geographic proximity is another persistent issue that can be removed by using virtual trials. For instance, people from various countries could be enlisted for observational research that tracked participants' actions after ingesting an antiviral medication. Volunteers can offer a digital signature as part of the informed consent process, saving the researchers money. Digital solutions reduce wait times when a test diagnostic is necessary by setting up appointments. Continual monitoring of participants' vital signs and ongoing patient communication are also practices.
According to the estimate of the market for virtual clinical trials, the interventional category is expected to dominate the market in the next years, as shown in the graph below. The industry is being propelled by the rapid rise in experiments to create novel medications for various ailments as well as laboratory digitalization. According to data from ClinicalTrials.gov, 331,906 (or 77%) of the 429,205 clinical trials were interventional studies. The same data showed that 853 trails were documented due to better access, whereas observational studies made up 95,613 (22% of total research).
Figure 1: Virtual clinical trials market study type
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The virtual clinical trials market segmentation, based on study type, includes interventional, observational, and others. The above interventional segment is expected to hold the majority share in 2021 in the virtual clinical trials market revenue. This is due to the rapid increase in the number of experiments to develop novel medications for various diseases and the digitalization of laboratories. Furthermore, an interventional study examines an intervention on the target population, such as a prospective drug in development, a medical gadget like a vibration vest, an activity like exercise, or a treatment. To demonstrate that new perspective medications are both safe and effective, they must go through three stages of interventional testing.
July 2020: Laboratory Corporation of America Holdings (US) announced that its contract research organization, Covance, partnered with digital clinical trial software maker Medable Inc. (US) to allow clinical trial participants to engage with trials remotely.
The virtual clinical trials market segmentation is based on Phase includes Phase 1, Phase 2, Phase 3, and Phase 4. The Phase 1 segment has dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the increasing adoption of DCT platforms and tools in phase, I & phase II trial procedures for patient participation. In addition, A phase 1 clinical trial establishes the safety of a novel treatment, operation, or piece of equipment in humans. Data on dosage, frequency, side effects, and surgical complications are collected by researchers.
The virtual clinical trials market data has been bifurcated into oncology, cardiovascular, immunology, gastrointestinal, respiratory, endocrinology, ophthalmology, and others. The oncology segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The growth of the oncology segment in the market is mainly due to oncology. Furthermore, cancer treatment was approved as an additional indication in 53 percent of cases. Compared to the previous ten years, the number of oncology-related clinical studies has doubled. Additionally, the United States is expected to see 1,806,590 new cases of cancer in 2020. Hence, an increase in both the number of cancer incidences ly and oncology clinical trials are likely to be the key factor driving the growth of this segment in the market.
October 2021: Dassault Systemes SE (France) has signed an agreement with translational drug development (TD2) (US) to adopt Medidata’s Rave CTMS (Clinical Trial Management System) and eTMF (electronic Trial Master File) solutions.
Figure 2: VIRTUAL CLINICAL TRIALS MARKET, BY INDICATION, 2021 & 2030 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America virtual clinical trials market is expected to account for USD XX billion in 2021 and is expected to exhibit an XX% CAGR during the study period. This is attributed to the Presence of key players like Medable, Inc. (US), Oracle Corporation (US), IQVIA Holdings, Inc. (US), Syneos Health (US), PPD, Inc. (US) and Medpace Holdings, Inc. (US) in the region. For instance, according to the American Association for the Advancement of Science (AAAS), the funding for National Institutes of Health (NIH) for fiscal year 2022 was increased by 15% compared to the fiscal year 2021. Moreover, the increasing R&D in this region, increasing the adoption of new technologies in clinical research as well as government support in the region further fuel the growth of the market.
Further, the major countries studied are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: VIRTUAL CLINICAL TRIALS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe virtual clinical trials market is expected to account for the second-largest market share due to the increased acceptance of digital and more connected technologies, the high patient population, and increasing awareness among clinical trial investigators, sponsors, and contract research organizations about virtual clinical trials. Further, the Germany virtual clinical trials market is expected to hold a third place for the market share, and the UK Virtual Clinical Trials Market is expected to fastest-growing market, and which is in the 4th place in the European region. Furthermore, France virtual clinical trials market will hold the 5th place for the market share.
The Asia-Pacific virtual clinical trials market is expected to grow at a CAGR of XX% from 2022 to 2030. This is due to the developing infrastructure for research and increasing contract research organizations, and an increase in the number of academic institutes. Moreover, Japan’ virtual clinical trials market is expected to hold the largest market share, and the China Virtual Clinical Trials Market is expected fastest-growing market in the Asia-Pacific region.
For instance, India is rapidly expanding in terms of healthcare R&D, but Japan has a robust research infrastructure and is home to significant pharmaceutical corporations. China will spend the most on R&D through 2020, rising by 10.3% to reach up to USD 378 billion, making it to be the world leader in the market for virtual clinical trials market.
The Rest of the World includes the Middle East, Africa, and Latin America. technological developments and the growing number of research studies. government initiatives to bring technological advancements in the region contribute to the growth of the virtual clinical trials market.
Virtual Clinical Trials Key Market Players & Competitive Insights
The virtual clinical trials market is characterized by the presence of many , regional, and local vendors catering to the demand created by research scientists and pharmaceutical and biotechnology companies operating in the industry. The growing demand for virtual clinical trial services from pharmaceutical and biotechnology companies is propelling the virtual clinical trials market growth. The market is highly competitive, with players competing and partnering to gain a substantial market share.
One of the primary business strategies adopted by manufacturers in the virtual clinical trials industry to benefit clients and expand the virtual clinical trials market sector is to manufacture locally to reduce operating costs.
IQVIA Holdings Inc is a leading provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry. IQVIA applies human data science by leveraging the analytic rigor and clarity of data science to the ever-expanding scope of human science to enable companies to reimagine and develop new approaches to clinical development and commercialization, speed innovation, and accelerate improvements in healthcare outcomes. Powered by the IQVIA CORE, the company delivers unique and actionable insights at the intersection of large-scale analytics, transformative technology, and extensive domain expertise. The company also delivers execution capabilities to help biotech, medical device, and pharmaceutical companies, medical researchers, government agencies, payers, and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors, and scientific advances, to advance their path toward cures For instance, in In February 2020, IQVIA (US) launched Avacare Clinical Research Network, an advanced analytics-based tool to deliver artificial intelligence-powered patient referrals and data-driven enrolment trends.
Also, Oracle Corporation (US) provides integrated cloud applications and enterprise platform services. The company offers cloud infrastructure, applications, and hardware systems. Additionally, it provides integrated cloud solutions such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS). It also offers updates, new software licenses for on-premises usage, and related support services. The company offers its solutions through independent software and hardware manufacturers, system integrators, and resellers.
Key Companies in the Virtual Clinical Trials Market includes
Virtual Clinical Trials Industry Developments
January 2021: ICON plc (Ireland) provided clinical trial services to Pfizer Inc. (US) and BioNTech SE (Germany) which included a high level of remote clinical monitoring for the late-stage study of a COVID-19 vaccine
March 2020: Medable fostered another Televisit versatile application that assists patients with following their clinical preliminary locales practically. The application makes it feasible for a clinical preliminary examination to advance in a climate where numerous patients are being told to remain at home and stay away from social communication
April 2020: Dassault Systemes SE(France), launched of myMedidata, an advanced, intuitive platform for patients to enable flexible participation in clinical trials for new medicines and vaccines. It provides a unified experience for patients, encompassing all of the capabilities of Medidata’s industry-leading, regulatory-compliant rave platform, and patient cloud tools.
October 2018: WuXi AppTec (China) collaborated with Faxian Therapeutics(US) with the aim of accelerating drug discovery was introduced as Faxian Therapeutics. To advance the pharmaceuticals it develops utilising Schrödinger's computational drug discovery methods to locate novel targets, the new company will use WuXi's CRO services. Schrodinger with the aim of accelerating drug discovery was introduced as Faxian Therapeutics.
June 2020: Oracle Corporation (US) launched the Clinical One Data Collection Cloud Service in the US. Oracle clinical one data collection collects data from any source, including forms, wearable sensors, patient apps, electronic health records (EHR), and labs, and then harmonizes it in a single location.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 7.97 billion |
| Market Size 2022 | USD 8.44 billion |
| Market Size 2030 | USD 13.35 billion |
| Compound Annual Growth Rate (CAGR) | 5.8% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Study Type, Phase, Indication, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Oracle Corporation (US), IQVIA Holdings Inc. (US), Dassault Systemes SE (France), Medpace Holdings Inc. (US), Icon plc (UK), Laboratory Corporation of America Holdings (US), Parexel International Corporation (US), Medable Inc. (US), Clinical Ink Inc. (US), and Wuxi AppTech (China) |
| Key Market Opportunities | Increasing need for virtual clinical trials |
| Key Market Dynamics | Convenience provided as compared to traditional method Integration of mobile-based health platform COVID-19 as a catalysis for virtual trials |
Virtual Clinical Trials Market Highlights:
Frequently Asked Questions (FAQ) :
The virtual clinical trials market is anticipated to reach USD 13.35 billion at a CAGR of 5.8% during the forecast period of 2022 to 2030.
The U.S. virtual clinical trials market is anticipated to reach USD XX billion at a CAGR of XX% during the forecast period of 2022 to 2030.
The virtual clinical trials market is expected to register a CAGR of 5.8% during the forecast period of 2022 to 2030.
The North America virtual clinical trials market accounted for USD XX billion in 2021 and is expected to exhibit an XX% CAGR during the study period.
Oracle Corporation (US), IQVIA Holdings Inc. (US), Dassault Systemes SE (France), Medpace Holdings Inc. (US), Icon plc (UK), Laboratory Corporation of America Holdings (US), Parexel International Corporation (US), Medable Inc. (US), Clinical Ink Inc. (US), and Wuxi AppTech (China).
The Phase 1 segment held the majority share in 2021 contributing to around XX% with respect to the virtual clinical trials market.
The oncology segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
