Virtual Clinical Trials Market Revenue to Cross US$ 39 billion by 2035

Published: February 2024


According to a recently published report by Roots Analysis, virtual mode of clinical are mitigating location related challenges, which can be the key driver for the rising demand for virtual clinical trials

Virtual Clinical Trials Market Industry Overview

The global virtual clinical trials market is anticipated to grow at a CAGR of 8.79% from 2023-2035, reaching USD 39 billion by 2035

Recent scientific advances and the introduction of sophisticated clinical research platforms have enabled medical researchers and healthcare practitioners to cater to the evolving challenges within the pharmaceutical industry and deliver improved quality of care to patients. 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. Over time, with the need of advanced technological solutions to overcome such delays, the healthcare industry has shifted to using virtual clinical trials. These are assessments, where patient’s requirement for hospital-based trial sites are reduced or eliminated, allowing some or all of the trial-related activities to be conducted at their homes or other convenient locations other than the traditional clinical sites including, a local health care facility or laboratory.

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Several technological factors are propelling the growth of the virtual clinical trials market growth. These factors include growing use of digital health tools and telemedicine, which enable remote monitoring and real-time data collection. This patient-centric approach, coupled with a globalized trial framework, has elevated the inclusivity and diversity in participant recruitment. Further, the shutdown of the clinical activities during the COVID-19 has accelerated the acceptance of decentralized models, emphasizing their adaptability and resilience.

Market Restraints

One of the primary restraints associated with this industry includes regulatory uncertainties. There is a variation in the regulatorily norms across regions for the acceptance and conductance of virtual mode of clinical trials. In addition, data security and the potential for digital guidance among patients raise significant issues. These complexities collectively contribute to the ongoing challenges in widespread implementation of decentralized clinical trials.

Growth Factors

Over the years, various pharmaceutical companies have marked their presence in the field of virtual clinical trials market. This can be attributed to advanced technologies, such as telemedicine and wearable devices. This has helped in fostering real-time data collection and remote monitoring, enhancing the overall efficiency and accessibility of trials. Further, the patient-centric nature of virtual clinical trials has offered flexibility with the location and reduced burden on participants.

Virtual Clinical Trials Market Segments

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

  • The hybrid clinical trials segment led the virtual clinical trials market, capturing the largest revenue share of over 75.0% in 2023.
  • The fully virtual clinical trials segment is anticipated to show the highest market growth potential during the forecast period of around 16% annually.

Based on the type of therapeutic area, the market is segmented into Cardiovascular Disorders, Infectious Diseases, Metabolic Disorders, Neurological Disorders, Oncological Disorders, Respiratory Disorders and Other Disorders.

  • The neurological disorders segment led the virtual clinical trials market, capturing the largest revenue share of close to 30.0% in 2023.
  • The oncological disorders segment is anticipated to show the highest market growth potential during the forecast period of over 12% annually.

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

  • The phase III segment led the virtual clinical trials market, capturing the largest revenue share of more than 40.0% in 2023.
  • The phase IV segment is anticipated to show the highest growth potential by growing at a CAGR of more than 12% during the forecast period.

Based on the company size, the market is segmented into Small, Mid-sized and Large.

  • The large companies segment led the virtual clinical trials market, capturing the largest revenue share of close to 55.0% in 2023.
  • The small companies segment is anticipated to show the highest growth potential by growing at a CAGR of over 10% during the forecast period.

Based on the end users, the market is segmented into Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, Medical Device Industry and Other End Users.

  • The pharmaceutical and biotechnology companies segment led the virtual clinical trials market, capturing the largest revenue share of close to 60.0% in 2023.
  • The medical device industry segment is anticipated to show the highest growth potential by growing at a CAGR of more than 10% during the forecast period.

Based on the Key Geographical Regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America

  • The US dominated the virtual clinical trials market and accounted for the largest revenue share of over 40.0% in 2023.
  • In Asia-Pacific, the virtual clinical trials market is anticipated to demonstrate lucrative growth during the forecast period.

Key Companies Profiled

The virtual clinical trials market (2nd edition) report also includes detailed profiles of key players (listed below) that offer liquid biopsy products:

  • Aardex
  • Cambridge Cognition
  • CareShare
  • Clariness
  • Cliniv, Clinscience
  • CMIC
  • DynamiQ Health
  • Emovis
  • Ergomed
  • Flatworld Solutions
  • Fortrea
  • Gsap
  • Guild
  • Hexaware Technologies
  • Huma
  • ICON
  • IQVIA
  • Kayentis
  • KORE Wireless
  • Labcorp
  • Medidata Solutions
  • Medpace
  • PanAmerican Clinical Research
  • Parexel
  • PPD (a Thermo Fisher Company)
  • Science 37
  • Signant Health
  • Syneos Health
  • Tata Consultancy Services
  • Veeva
  • Viedoc
  • WeGuide
  • Wren Healthcare

You Can Download Free Sample PDF Copy of This Report At:
https://www.rootsanalysis.com/reports/virtual-clinical-trial-service-provides-market/request-sample.html

About Roots Analysis

Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research / consulting services dedicated to serve our clients in the best possible way.

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Email: Gaurav.chaudhary@rootsanalysis.com or sales@rootsanalysis.com

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