Global Virtual Clinical Trials Market 2023-2030

Title: Global Virtual Clinical Trials Market Size, Share & Trends Analysis Report by Study Design (Observational, Interventional, and Expanded Access), and by Indication (Cardiovascular Diseases (CVDs), Oncology, and Others)Forecast Period (2023-2030).

The global virtual clinical trials market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period. The rise in R&D activities, increasing healthcare digitization, as well as the adoption of telehealth are the key factors driving the growth of the global market. The alliances between clinical research organizations, pharmaceutical, and biotechnology companies as well as cohesive government initiatives are further contributing to the market development.

As per the continuum clinical report published in April 2020, approximately 30.0% of the surveyed clinical trial places are projected to have a huge impact on recruiting patients for new trial studies as well as retaining already-enrolled patients compliant with their study schedules. Also, 81% of the European clinical trial study sites and 56.0% of the US sites indicated that the patients are less likely to continue participating in studies. A virtual method lets people take part in the trial from their homes ensuring research can continue even when site visits cannot, hence, representing a novel approach of collecting safety and efficacy data from participants of clinical studies.

Segmental Outlook

The global virtual clinical trials market is segmented based on study design and indication. Based on study design, the market is segmented into observational, interventional, and expanded access. Based on indication, the market is segmented into cardiovascular disease, oncology, and other indication types (ophthalmology, infectious disease, and other).

Oncology Held Considerable Share in Global Virtual clinical trials Market

The oncology segment held considerable share in the global market based on indication type. The rising cancer prevalence, increasing government initiatives for cancer awareness and increasing R&D activities on the development of cancer drugs has increased the number of oncological trials. according to estimates from the International Agency for Research on Cancer (IARC) updates from July 2021, by 2040, the global burden of cancers is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide.

Virtual clinical trials minimize the cancer patient's risk and decrease time spent on face-to-face trial visits. To keep patients safe, oncology clinical trial investigators and sponsors have quickly incorporated virtual and remote trials. Such developments are further contributing to the growth of this market segment. According to the National Clinical Trials, in April 2020, around 8,306 clinical trials on oncology across the various phases of development were conducted.

Regional Outlook

The global virtual clinical trials market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among all the regions, the Asia-Pacific region is anticipated to exhibit highest CAGR during the forecast period. The regional growth is attributed to the increasing availability of a large patient pool enabling easy recruitment of candidates along with enhanced penetration of digital technologies across the region. For instance, in October 2022, Oracle and ObvioHealth entered into a strategic collaboration to integrate diverse data sets into virtual/decentralized clinical trials in the Asia-Pacific region. This initiative is anticipated to allow the quick collection, integration and analysis of multi-source data collected from devices, patients, and sites. Such activities of key players are further contributing to the regional market growth.

North America Held Considerable Share in the Global Virtual Clinical Trials Market

The increasing number of pharmaceutical R&D, increasing adoption of new technologies in clinical research as well as cohesive government policies are some of the prominent factors driving the regional market growth. For instance, in April 2023, Bobbie, the organic infant formula company announced its first virtual clinical trial, enabling the science-backed brand to double down on research, innovation and unique products and recipes for American parents. The first patient was enrolled for a study designed to evaluate the growth, tolerance, and safety of a new infant formula.

Parexel performed more than 100 decentralized trials including hybrid and virtual approaches. Covance also has around 1,900 LabCorp Patient Service Centers across the US that brings the trial to patients. Such development by key players across the region is further contributing to the growth of the regional market growth.

Market Players Outlook

The major companies serving the global virtual clinical trials market include: ICON PLC, Laboratory Corporation of America Holdings (Covance Inc.), Oracle Corp., Parexel International Corp., IQVIA Holdings Inc. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2022, Signant Health introduced telemedicine platform innovations to optimize virtual and remote clinical trial operations.

The Report Covers:

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global virtual clinical trials market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.