Virtual Clinical Trials Market Applications Expand in Pharmaceutical Research and Development
The global virtual clinical trials market size is expected to reach USD 12.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 5.7% from 2024 to 2030. The COVID-19 pandemic has significantly impacted the market. The growing need for patient diversity clubbed with enhanced data collection in clinical trials is boosting the market growth.
There has been a rise in the R&D of new drugs and vaccines that has increased the volume and complexity of clinical trials. Virtual clinical trials eliminate challenges posed by traditional clinical trials for example delays in patient recruitment and time-consuming procedures. Also, studies have revealed that around 75.0% of people favored a mobile trial over traditional ones and 80.0% of patients are more likely to participate in a clinical trial that uses mobile technology.
The market is recovering at a significant pace after the pandemic as it offers various benefits to patients as well as sponsors. During the pandemic, traveling was potentially dangerous. It can be expensive, even incurring lost wages or requiring that childcare/eldercare be hired. These drawbacks limit initial interest and provide a simple solution for virtual clinical trials. Virtual clinical trials offer various benefits such as effective data collection, analysis, and monitoring of large amounts of data in real-time.
Gather more insights about the market drivers, restrains and growth of the Global Virtual Clinical Trials Market
Virtual trials make use of monitoring devices, software apps, and online social engagement platforms to conduct every step of the clinical trial process including patient recruitment, counseling, measuring clinical endpoints, informed consent, and adverse reactions. Telehealth, home care, and remote patient monitoring have been gaining momentum as a healthcare offering, and COVID-19 is adding more horsepower to this initiative.
However, the healthcare system is impacted by geopolitical conflicts across the globe, such as the military conflict in Ukraine and Eastern Europe. The clinical trials in Ukraine and neighboring parts of Eastern Europe were under threat due to the conflicts. For instance, according to FDA, 251 devices and drugs were under clinical trials in Ukraine, but the conflict led many pharmaceuticals to put the initiation of a new trial on hold and pause patient recruitment efforts in existing trials. Thus, increasing geopolitical issues in Europe are expected to hinder the virtual clinical trials market in the region.
Virtual Clinical Trials Market Report Highlights
- The oncology segment held 25.0% of the revenue share in 2023. The increasing adoption of virtual trials especially in oncology clinical research for diverse populations is responsible for the growth of the segment
- The interventional design segment accounted for the largest revenue share of 46.8% in 2023
- North America held 48.73% of the revenue share in 2023. Favorable government initiatives and the presence of large numbers of players in the U.S. offerings advanced services are responsible for market growth
- In Asia Pacific, the market is expected to witness the fastest CAGR of 6.8% over the forecast period owing to the increasing patient pool and cost-efficient services
List of Key Players in the Virtual Clinical Trials Market
- ICON, plc
- Parexel International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink
- Medable, Inc.
- Signant Health
- Halo Health Systems
- Croprime
Order a free sample PDF of the Virtual Clinical Trials Market Intelligence Study, published by Grand View Research.
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