Global Virtual Clinical Trials Market Size (2022 – 2030)

The Global Virtual Clinical Trials Market is valued at USD 8.46 billion in 2024 and is projected to reach a market size of USD 12.47 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 5.7%.

Industry Overview

Virtual trials employ dedicated apps for patient involvement and tracking and are based on telemedicine. They significantly lessen the financial and time commitments. Furthermore, AI technology can assist in the synthesizing and analysis of ever-increasing data while also speeding up the process. Because of these advantages, life science businesses and clinical trial sponsors are increasingly interested in Virtual Clinical Trialss.

"Artificial intelligence is likely to play a significant role in Virtual Clinical Trialss." Virtual trials will increasingly include conversational AI for natural language processing (NLP) and image-based AI. "Conversational AI helps maintain patient-clinician interaction, while imaging AI plays a critical role in studies requiring radiology," says the CTO of Leading Clinical Trial Solutions. The volume and complexity of clinical trials have increased due to an increase in the R&D of novel medications and vaccines. Virtual Clinical Trialss alleviate the problems that traditional clinical studies problems, such as patient recruitment delays and lengthy processes. Furthermore, studies show that 75.0 percent of people prefer mobile trials to traditional trials and that 80.0 percent of patients are more inclined to engage in a clinical trial that incorporates mobile technology.

Impact of Covid-19 on the Industry

The pandemic of COVID-19 has had a huge influence on the market. The market is primarily driven by an increase in R&D efforts, increased healthcare digitization, and telehealth use. Furthermore, the market is expected to be driven by technical developments, alliances between clinical research institutions, pharmaceutical, and biotechnology businesses, as well as supportive government efforts. The COVID-19 epidemic is forcing the clinical trial industry to rethink how it conducts current and future trials. After the epidemic, the market is rapidly recovering since it provides numerous benefits to both patients and sponsors. Traveling was possibly harmful during the pandemic. It can be costly, resulting in lost pay or the need to employ childcare or eldercare. These disadvantages serve as a deterrent to initial interest while also providing a straightforward solution for Virtual Clinical Trialss. Virtual Clinical Trialss have several advantages, including efficient data collecting, processing, and real-time monitoring of massive amounts of data.

Following Covid, the number of venture capital funding agreements has surged. In 2018, there were six deals, which will expand to 18 by 2020. The majority of VC funding occurred in the third quarter of 2020. (10 deals). Medable, for example, has raised $524 million in several rounds since 2020, making it one of the fastest-growing decentralized trials platform providers. The company obtained a significant $304 million Series D fundraising round in October 2021, which was one of the biggest rounds. Companies will be able to make technology breakthroughs and expand their client and geographic reach as VC funding increases.

Market Drivers

Nation-wide lockdowns all over the globe pushed the market growth

The global market has recently seen a significant increase due to the Covid-19 outbreak around the world. Digital technologies, virtual trials, and telemedicine are being developed by biopharma businesses and regulatory bodies as viable options for limiting trial interruptions. Virtual visits and remote monitoring via telemedicine have been advised by the Food and Drug Administration as an alternative to in-person visits. Companies, on the other hand, have attempted to bring about a shift through technology development to meet the fast-increasing digitization of healthcare.

Technological advancement in the pharmaceutical and healthcare sector

Furthermore, advancements in technology in the healthcare business are expected to contribute to the market's overall growth. Direct shipment of IMPs (investigative medicinal products) to patients is one feature of the decentralized (virtual) trials that has gained pace in recent years and is predicted to boost the global market growth. Companies and research centers are adopting new technologies which help patients to diagnose their disease from home using their mobile phones or small devices.

Increase in the number of chronic disease patients

An increase in the number of people suffering from chronic diseases, infectious diseases, and neurological diseases, as well as an increase in the worldwide geriatric population, are some of the reasons driving the global market's expansion. According to the Centers for Conditions Control and Prevention, in the United States, 6 out of 10 people have a chronic disease, and 4 out of 10 people have two or more, making the chronic disease the largest cause of mortality in the country. This is also expected to encourage technological advancements in the healthcare business, consequently boosting market growth.

Rising demand for the Oncology sector

In 2021, the oncology category dominated the market for Virtual/Decentralized Clinical Trials, accounting for 25.2 percent of total revenue. During the projected period, the segment is also expected to contribute the most share of the market. This is due to an increase in the number of oncology clinical trials and an increase in the number of cancer patients worldwide. During the COVID-19 pandemic, cancer patients are the most vulnerable. Oncology clinical trial investigators and sponsors have swiftly adopted virtual and remote trials to keep patients safe and studies going ahead.

Market Restraints

A greater amount of Data Collection is needed for this diagnosis

Diagnosing various diseases through mobile devices with a high level of accuracy needs a large amount of data analysis. Collecting such data is costly. For the data of such an amount to be available for the mobile diagnosis will take some time.

This research report on the global Virtual Clinical Trials market has been segmented and sub-segmented based on Product type, application, end-user, and region.

Global Virtual Clinical Market- By Study Design

• Observational
• Interventional
• Expanded Access

In 2021, the interventional design sector dominated the Virtual/Decentralized Clinical Trials (DCTs) market, accounting for 45% of total revenue. The industry is being driven by the rapid expansion in the number of experiments being conducted to produce novel drugs for various diseases, as well as the digitalization of laboratories. The global coronavirus outbreak has increased the need for testing and trials of novel medications and vaccines to tackle the problem, as the usual approach of clinical trials carries a significant risk of infection in individuals. As a result, the demand for interventional study designs is increasing.

Cardiovascular disorders, immunology, gastrointestinal, dermatological, respiratory, and endocrinology, as well as less interventional observational research, are more suitable for virtual trials. The company that pioneered this concept used its mobile telemedicine-based platform, "NORA," to conduct a complete interventional Phase 2b "site-less" clinical study with 372 patients across ten states. Over the forecast period, the expanded access segment is expected to have the greatest CAGR. Extended access is a possible avenue that is appropriate when the potential benefit for the patient outweighs the potential dangers; thus, the constant development of new COVID-19 variations is predicted to fuel demand for expanded access to new medications shortly.

Global Virtual Clinical Market- By Indication

• Oncology
• Cardiovascular
• Others

In 2021, the oncology segment dominated the market for Virtual/Decentralized Clinical Trials, accounting for 25% of total revenue. During the projected period, the segment is also expected to contribute the most share of the market. This is due to an increase in the number of oncology clinical trials and an increase in the number of cancer cases worldwide. 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.

Furthermore, cancer researchers encounter significant difficulties in recruiting patients. Approximately 14, 000 cancer trials were actively recruiting as of June 2019, with a participation rate of 3% to 8% of potential candidates, with substantially less in minority and senior populations. Low enrolment rates jeopardize the effectiveness of specific clinical research, since they may stymie therapy advancements and their associated advantages to outcomes. As a result of the poor recruitment rate and the requirement for a broad population for oncology clinical trials, Virtual Clinical Trialss are expected to grow in popularity.

Global Virtual Clinical Market- By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

North America dominated the Virtual Clinical Trialss market in 2021, accounting for 49.2 percent of total revenue. Over the forecast period, the category is expected to maintain its dominance. This is due to increased R&D in the region, as well as increased adoption of new technology in clinical research and government funding. Digital technologies are likewise being used by market participants to suit customer wants. Parexel, for example, conducted over 100 decentralized trials, including hybrid and virtual techniques. Patients can participate in the research at one of Covance's 1,900 LabCorp Patient Service Centers across the United States.

The market for Virtual Clinical Trialss in the Asia Pacific is expected to grow at the fastest CAGR of 6.8% during the forecast period, owing to the increasing availability of a large patient pool that allows for easy recruitment of candidates, as well as the region's increased adoption of digital technologies. Furthermore, the coronavirus outbreak is expected to increase telemedicine use, propelling the market in the region. In 2020, Japan was the largest market in the Asia Pacific, owing to high healthcare and R&D spending, as well as rising demand for Virtual Clinical Trialss.

Global Virtual Clinical Market- By Companies

1. ICON, plc
2. IQVIA
3. Covance
4. PRA Health Services
5. LEO Innovation Lab
6. Parexel International Corporation
7. Medidata
8. Oracle
9. CRF Health

NOTABLE HAPPENINGS IN THE GLOBAL Virtual Clinical Trials MARKET IN THE RECENT PAST:

• Product launch: - In March 2021, Medable has released a new Television mobile app that allows users to electronically track their clinical trial sites. Clinical trial research can now move forward in an environment where many patients are being advised to stay at home and avoid social engagement.
• Product Trial: - In June 2020, the first-ever entirely decentralized, mobile, indication-seeking clinical trial was recently designed by Janssen Pharmaceuticals and PRA Health Sciences.
• Product Launch: - In March 2020, Medidata will concentrate on the virtualization of clinical trials as part of the digital transformation of the patient experience through analytics.