Virtual Clinical Trials is Estimated to Witness High Growth Owing...

Virtual Clinical Trials is Estimated to Witness High Growth Owing to Increasing Demand for Remote Patient Monitoring

Posted 2023-12-19 13:19:42

Virtual clinical trials utilize digital technologies like wearable devices, mobile apps, and electronic health records to captureclinical trial data without in-person visits. This allows participants to enroll and participate from anywhere while still receiving medical evaluations and treatment. The rise of mobile health and telehealth has increased demand for decentralized and hybrid trial designs that incorporate remote patient monitoring. This drives cost savings for sponsors by reducing traditional clinic visits and expands patient reach globally.

The global Virtual Clinical Trials Market is estimated to be valued at US$ 2659.6 Mn in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing Demand for Remote Patient Monitoring
The COVID-19 pandemic accelerated the demand for decentralized and hybrid clinical trials utilizing remote patient monitoring technologies. Traditional in-person visits posed high risks of virus exposure. Virtual visits through mobile apps and video conferencing allowed trial continuity while maintaining social distancing. This highlighted the feasibility and advantages of remote data collection over physical site models. As a result, sponsors and clinical research organizations are increasingly adopting virtual platforms to make trials more flexible and patient-centric.

Growing Adoption of Virtual Platforms for Cost Savings
Conducting virtual clinical trials through digital tools reduces costs for sponsors by minimizing on-site monitoring visits, medical reviews, and physical infrastructure. It streamlines operations while maintaining regulatory compliance. Virtual platforms improve access to diverse patient populations globally without geographic barriers. This significantly boosts enrollment rates and statistical power of trials. The cost benefits of decentralized models is a key driver boosting long-term adoption rates.

SWOT Analysis
Strength: Virtual clinical trials offer advantages such as reducing costs, eliminating travel, and improving inclusiveness. They provide more flexibility to patients and increase convenience. With remote monitoring technologies, more data can be captured continuously.

Weakness: Ensuring security and privacy of sensitive patient data is challenging in a virtual setting. Technical issues and lack of personal interaction between sites and patients can reduce protocol compliance. Remote technologies may not be suitable for all types of clinical trials.

Opportunity: The COVID-19 pandemic has accelerated the adoption of virtual/decentralized methods. Many sponsors and sites now recognize the benefits of hybrid models. The increasing penetration of digital technologies also supports greater virtualization potential.

Threats: Strict regulations and compliance requirements still need harmonization to support cross-border virtual trials. Technology gaps exist in certain geographies constraining full virtualization. Patients in some regions may prefer in-person interactions limiting complete remote transitions.

Key Takeaways

The global Virtual Clinical Trials Market Size is expected to witness high growth over the forecast period supported by several factors. The North America region currently dominates the market due to early adoption of advanced technologies. Growing research collaborations between sponsors, CROs and sites have accelerated digital strategies. Furthermore, presence of major players and favorable regulations are propelling the regional market.

The Asia Pacific region is expected to showcase highest growth during the forecast period driven by rising R&D expenditures and increasing patient pools. Many countries are investing in building digital health infrastructure to support virtual trials. This presents substantial opportunities for sponsors to design hybrid clinical trial models penetrating new populations.

Key players operating in the virtual clinical trials market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systèmes, and eElinicalHealth (CLINPAL), among others. Several top players have collaborated with CROs and invested in enhanced decentralized platforms. Strategic partnerships allow leveraging complementary capabilities to streamline execution of hybrid trials.