Virtual Clinical Trials Market Growth

Virtual Clinical Trials Market Growth is Anticipated at CAGR of 9%; Market Value to be USD 30.5 Billion by 2035 | Roots Analysis

According to a recently published report by Roots Analysis, given the ongoing advancements in the digital health tools and technologies, along with substantial partnership and investment activity in the virtual clinical trials domain, the market is well positioned for future growth.

Global Virtual Clinical Trials Market Overview

The global virtual clinical trials market is estimated to reach USD 30.5 billion by 2035, growing at a CAGR of 9% during the forecast period till 2035.

Clinical trials are prospective biomedical research studies designed to evaluate medical, surgical or behavioral interventions in patients and investigate novel approaches for the diagnosis, prevention and treatment of diseases. These trials are essential to advance overall medical knowledge and improve the patient experience by minimizing the adverse effects associated with a clinical intervention (drug, device, vaccine or procedure). However, clinical trials are prone to significant delays, primarily due to various constraints, such as insufficient patient recruitment, inefficient study protocols and low patient retention. Such delays significantly increase the overall cost associated with clinical trials, thereby making it difficult for the sponsors to complete the study. In this context, virtual clinical trials, also known as decentralized clinical trials, have emerged as an effective approach that is being adopted by several pharmaceutical and biotechnology companies, as they offer enhanced patient access, improved retention rates, real-time data collection, cost-effectiveness, increased data quality, faster recruitment and resilience towards external factors impacting the clinical research.

Browse 245+ figures and 270+ market data tables spread across ~520 pages and detailed Table of Content on “Global Virtual Clinical Trials Market, till 2035 by Type of Study (Interventional Studies and Observational Studies), Mode of Decentralized Clinical Trial (Hybrid Clinical Trials and Fully Virtual Clinical Trials), Therapeutic Area (Oncological Disorders, Rare Disorders, Infectious Diseases, Neurological Disorders, Respiratory Disorders, Cardiovascular Disorders and Other Disorders), Clinical Trial Phase (Phase IV, Phase III, Phase II and Phase I), Company Size (Large Companies, Mid-sized Companies and Small Companies), End Users (Pharmaceutical and Biotechnology Companies, Clinical Research Organizations, Academic and Research Institutes and Other End-users) and Geographical Regions (North America (US and Canada), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and Rest of Asia-Pacific), Middle East and North Africa (Egypt, Turkey, and Rest of Middle East and North Africa) and Latin America (Brazil, Argentina and Mexico)) and Leading Players” here: https://www.rootsanalysis.com/reports/virtual-clinical-trial-service-provides-market.html

Market Drivers

Several factors are propelling the global virtual clinical trials market growth. One of the key factors driving the future of the virtual clinical trials market is improved patient retention in clinical trials, and several ongoing technological advancements for real-time data collection. Further, owing to the use of remote monitoring systems and electronic health records, there has been a huge reduction in administrative burden, leading to effective data collection in trials. This ultimately contributes to an overall reduction in the probability of site-specific data inconsistencies and variability in the reports. These advantages coupled with the increasing need for cost effective and accurate trials are fueling the decentralized clinical trials market.

Market Restraints

While the global virtual clinical trials market is experiencing substantial growth, there are certain restraints that can hinder the growth of the industry. A primary restraint in this industry is the adherence to regulatory guidelines; this is because in virtual clinical trials, patients are based in different geographies and regional guidelines may vary as per the location. Therefore, these guidelines require careful management in order to align with the stringent regulations across various geographies. Moreover, the challenges associated with the effective coordination of virtual clinical trials lead to several inconsistencies in the data collation, making it difficult for the trial sponsors and collaborators to ensure overall safety and efficacy. Additionally, the reluctance towards adoption of decentralized clinical trials is another factor that impedes the overall market growth. These factors collectively act as barriers to wider adoption, restraining the market’s ability to sustain its growth trajectory.

Growth Factors

Despite the aforementioned restraints, several factors continue to drive the global virtual clinical trials market growth forward. One notable factor is the rapid globalization of trials. With remote patient monitoring options, decentralized clinical trials offer flexibility to the patients, allowing them to participate in the trials from their homes and / or local healthcare facilities. This has in turn enabled the sponsors to conduct trials across different geographies. Further, the integration of artificial intelligence and machine learning has enabled the stakeholders to effectively review and screen trial participants in a shorter time duration, significantly contributing to the growth of the overall market. Owing to the aforementioned factors, it is anticipated that the global virtual clinical trials market will flourish remarkably in the foreseen future.

Global Virtual Clinical Trials Market Segments

Based on the type of study, the market is segmented into interventional studies and observational studies.

• The interventional studies sub-segment led the global virtual clinical trials market, capturing the largest revenue share of around 75% in the current year.
• The observational studies sub-segment is anticipated to grow at a higher annualized rate of 13%, during the forecast period.

Based on the mode of virtual clinical trial, the market is segmented into hybrid clinical trials and fully virtual clinical trials.

• The hybrid clinical trials sub-segment led the global virtual clinical trials market, capturing the largest revenue share of around 70% in the current year.
• The fully virtual clinical trials sub-segment is anticipated to grow at a higher annualized rate of 13%, during the forecast period.

Based on the therapeutic area, the market is segmented into oncological disorders, rare disorders, infectious diseases, neurological disorders, respiratory disorders, cardiovascular disorders and other disorders.

• The oncological disorders sub-segment led the global virtual clinical trials market, capturing the largest revenue share of around 15% in the current year. Further, the market for oncological disorders is anticipated to grow at a CAGR of nearly 12% during the forecast period.
• This can be attributed to the fact that patients suffering from oncological disorders go through several intensive treatments, due to which they face physical and emotional distress. Owing to these ill effects, it gets difficult for the patients to reach the trial location, ultimately making them drop out of the study.

Based on the clinical trial phase, the market is segmented into phase IV, phase III, phase II and phase I trials.

• The phase II trials sub-segment led the global virtual clinical trials market, capturing the largest revenue share of around 40% in the current year.
• The phase I trials sub-segment is expected to show the highest growth rate of 9% during the forecast period.

Based on the company size, the market is segmented into large, mid-sized and small companies.

• The large companies sub-segment led the global virtual clinical trials market, capturing the largest revenue share of around 55% in the current year.
• The small companies’ sub-segment is expected to show the highest CAGR of 10% during the forecast period.

Based on the end-user, the market is segmented into pharmaceutical and biotechnology companies, clinical research organizations, academic and research institutes, and other end-users.

• The pharmaceutical and biotechnology companies sub-segment led the global virtual clinical trials market, capturing the largest revenue share of around 55% in the current year.
• The clinical research organizations’ sub-segment is anticipated to show the highest CAGR of 10% during the forecast period.

Based on the regional insights, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

• North America dominated the global virtual clinical trials market and accounted for the largest revenue share of 35% in the current year.
• In Asia-Pacific, the global virtual clinical trials market is anticipated to demonstrate lucrative growth, with an annualized rate of ~15% during the forecast period.

Key Companies Profiled

The global virtual clinical trials market report also includes detailed profiles of key companies (listed below) that are engaged in the virtual clinical trials domain:

• Aardex
• Clariness
• Cliniv Health Tech
• CMIC
• DynamiQ Health
• Flatworld Solutions
• Fortrea
• Futuremeds
• Gsap
• Hexaware Technologies
• Huma
• ICON
• IQVIA
• Kayentis
• KORE Wireless
• Medidata Solutions
• Medpace
• Parexel
• PPD (a Thermo Fisher Company)
• Signant Health
• Syneos Health
• Tata Consultancy Services
• Veeva
• Viedoc
• WeGuide
• Wren Healthcare
• Zealth

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