Virtual Clinical Trials Market Size is valued at USD 14.8 billion in 2023 and is predicted to reach USD 26.3 billion by the year 2031 at a 7.6% CAGR during the forecast period for 2024-2031.
Virtual clinical trials are those trials that are executed through telemedicine and local mobile healthcare providers, using procedures and technologies that differ from the conventional clinical trial model. Decentralized clinical trials are typically conducted remotely rather than at a site facility, with patients staying at home during most of the trial period. The users interact with websites through connected devices, phone applications, and software. In addition to offering technology-enabled face-to-face connections with investigators, these solutions feed sites and sponsors' critical trial data. Such trials have been shown to improve patients' experience with clinical trials. Technology advancement, especially in the fields of telemedicine, remote monitoring, wearable devices, and electronic data capture, has paved the way for more sophisticated virtual clinical trial methodologies.
However, the impact of COVID-19 on the virtual clinical trials market has also led to demand. The coronavirus outbreak has increased the demand for testing and virtual trials to cope with the situation around the world because the traditional method of clinical trials includes a huge risk of infection. Thus, the demand for interventional study designs has been propelling.
Competitive Landscape
Some of the major key players in the Virtual Clinical Trials Market are
- Cambridge Cognition
- Fortrea
- IQVIA
- KORE Wireless
- Labcorp
- Medidata Solutions
- Medpace
- PanAmerican Clinical Research
- Parexel
- PPD
- Science 37
- Signant Health
- Syneos Health
- Veeva
- Other Prominent Players
- CareShare
- Clariness
- Cliniv
- Clinscience
- CMIC
- DynamiQ Health
- Emovis
- Ergomed
- Flatworld Solutions
- Gsap
- Hexaware Technologies
- Huma
- ICON
- Kayentis
- Tata Consultancy Services
- Viedoc
- WeGuide
- Wren Healthcare
Market Segmentation:
The Virtual Clinical Trials Market is segmented on the basis of mode of clinical trial, study type, type of therapeutic area, clinical trial phase, company size, end-user. The mode of clinical trial segment includes hybrid clinical trial and fully virtual clinical trial. By study type, the market is segmented into Interventional, observational, and Others. Type of therapeutic area segment includes cardiovascular disorders, infectious diseases, metabolic disorders, neurological disorders, oncological disorders, respiratory disorders and other disorders. The Clinical trial phase segment covers Phase I, Phase II, Phase III and Phase IV. Company size segment includes small, mid-sized and large. End users segment includes pharmaceutical and biotechnology companies, academic and research institutes, medical device industries.
Based On Therapeutic Area, The Oncology Segment Is Accounted As A Major Contributor To The Virtual Clinical Trials Market.
The oncology segment of the virtual clinical trials market is rapidly expanding due to the high prevalence of cancer and the urgent need for innovative treatments. Additionally, virtual trials facilitate real-time data collection and improve the efficiency of tracking patient treatment responses. The increased focus on patient-centric approaches and the necessity for continual monitoring in oncology further drive the adoption of virtual clinical trials in this segment.
The Interventional Segment Witnessed Growth At A Rapid Rate.
The interventional segment of the virtual clinical trials market is a pivotal area of growth, focusing on studies where participants receive specific interventions according to a protocol. This segment benefits significantly from virtual trial methods, offering streamlined processes for drug administration, monitoring, and data collection through digital platforms. Virtual interventional trials enhance patient recruitment and retention and enable remote participation. They also facilitate real-time data capture and analysis, improving trial efficiency and reducing costs. The COVID-19 pandemic has further catalyzed the adoption of virtual methods in interventional trials, highlighting their effectiveness and feasibility.
In The Region, The North American Virtual Clinical Trials Market Holds A Significant Revenue Share.
The North American Virtual Clinical Trials Market is expected to be seen as the largest market share due to the adoption of a decentralized clinical trials model by the big pharmaceutical companies based in the US. Additionally, a good percentage of virtual service providers are based in the US. It is worth noting that in terms of market growth, Asia Pacific is also estimated to grow at a significant rate in the global Virtual Clinical Trials Market due to the Increasing rate of cardiovascular diseases and the growing senior population in the region.
Virtual Clinical Trials Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 14.8 Bn |
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Revenue Forecast In 2031 |
USD 26.3 Bn |
|
Growth Rate CAGR |
CAGR of 7.6% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product, Pet Type, And Distribution Channel |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
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Competitive Landscape |
ICON, plc; Parexel International Corporation; IQVIA; Covance; PRA Health Sciences; LEO Innovation Lab; Medidata; Oracle; CRF Health; Clinical Ink; Medable, Inc; Clinical Ink; Halo Health Systems; Croprime. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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