PUBLISHER: The Business Research Company | PRODUCT CODE: 1392962
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392962
“Virtual Clinical Trials Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on virtual clinical trials market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for virtual clinical trials? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The virtual clinical trials market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Virtual clinical trials, also known as remote or decentralized clinical trials, involve the integration of digital health technologies to enable remote participation beyond the traditional clinical trial sites. Utilizing tools such as tablets, smartphone apps, or wearable sensors, these trials bring about a significant shift in clinical research methodology, creating a more patient-centric ecosystem.
The primary design types of virtual clinical trials comprise observational trials, interventional trials, and expanded access trials. Observational trials specifically pertain to solutions and services used in this context. Observational studies aim to understand what happens to individuals in various scenarios, with the study team observing participants without directly influencing the treatments they receive. Virtual clinical trials find application across different phases, including Phase I, Phase II, Phase III, and Phase IV. They are employed in clinical trials focused on drugs and devices used in the treatment of various medical conditions such as CNS disorders, autoimmune/inflammatory diseases, cardiovascular diseases, metabolic/endocrinology disorders, infectious diseases, oncology, genitourinary conditions, ophthalmology, and others.
The virtual clinical trials market research report is one of a series of new reports from The Business Research Company that provides virtual clinical trials market statistics, including virtual clinical trials industry global market size, regional shares, competitors with a virtual clinical trials market share, detailed virtual clinical trials market segments, market trends and opportunities, and any further data you may need to thrive in the virtual clinical trials industry. This virtual clinical trials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The virtual clinical trials market size has grown strongly in recent years. It will grow from $10. 81 billion in 2023 to $11. 83 billion in 2024 at a compound annual growth rate (CAGR) of 9. 4%. The expansion observed in the historical period can be attributed to several factors, including the escalating costs of clinical trials, a growing demand for patient-centric trial approaches, an increased need for remote monitoring solutions, the widespread adoption of digital technologies in clinical trials, and a heightened requirement for more efficient and cost-effective clinical trial processes.
The virtual clinical trials market size is expected to see rapid growth in the next few years. It will grow to $17. 43 billion in 2028 at a compound annual growth rate (CAGR) of 10. 2%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing adoption of decentralized clinical trials, a rise in the utilization of wearables and other remote monitoring devices, the expansion of telehealth services, regulatory support for virtual trial methodologies, and the efficiency in terms of both cost and time in conducting trials. Significant trends expected in the forecast period encompass the rising use of artificial intelligence and machine learning in clinical trials, the increased adoption of electronic informed consent (eConsent), the growth of virtual trial platforms and technologies, collaborative efforts between pharmaceutical companies and technology providers, and a heightened focus on real-world evidence and decentralized data collection.
The growth of the virtual clinical trials market is being propelled by increased investments from both government entities and pharmaceutical companies in the research and development (R&D) of new vaccines and drugs. R&D divisions within the medical industry are increasingly adopting virtual clinical trial solutions and services to enhance quality assurance and the management of clinical data related to drugs and medical products. As evidenced in a June 2021 article by McKinsey, the COVID-19 pandemic has expedited the adoption of decentralized clinical trials by pharmaceutical companies, underscoring the crucial advantages of virtual trials and improvements in the experiences of both patients and physicians. Consequently, the surge in investments by government and pharmaceutical entities for new vaccine and drug development is a key driver for the growth of virtual clinical trials.
The anticipated increase in the number of clinical trials is expected to drive the growth of the virtual clinical trials market in the foreseeable future. Clinical trials, essential research studies involving human participants, aim to assess the safety, efficacy, and potential benefits of new medical treatments, interventions, or drugs. The growth in clinical trials has paved the way for the expansion of virtual clinical trials, offering a more efficient, cost-effective, and patient-friendly approach to conducting clinical research. As reported by ClinicalTrials. gov in May 2023, the number of registered clinical trial studies has risen from 399,499 in 2022 to 437,533 across all 50 states of the United States and 221 countries globally. This surge in clinical trials, with a significant number taking place outside the U. S., is poised to drive the growth of the virtual clinical trials market.
Technological advancement stands out as a prominent trend gaining traction in the virtual clinical trials market. Key companies in this market are actively focusing on delivering technologically advanced solutions to meet the rapidly growing industry demands and fortify their market positions. These companies are incorporating next-generation virtual clinical technologies, including wearable technologies, mHealth, blockchain, cloud computing, EMR integration, actionable data, threshold monitoring, AI, SFTP, ETL services, and more into their services. For instance, in April 2022, Unlearn. AI, a U. S. -based startup, announced the launch of a novel digital twin RCTs technology for clinical trials, utilizing AI and historical data to enable smaller control groups while maintaining statistical power and generating evidence suitable for regulatory decisions.
Major companies in the virtual clinical trials market are intensifying their efforts in forming partnerships to enhance virtual clinical trials. Strategic partnerships, involving companies leveraging each other's strengths and resources for mutual benefits, are increasingly prevalent. For example, in July 2021, Novotech, an Australia-based clinical research organization (CRO), collaborated with ObvioHealth, a U. S. -based provider of digital and virtual clinical trials, establishing Novotech as ObvioHealth's preferred CRO for hybrid and virtual studies in the region. This partnership is set to bolster Novotech's capabilities in conducting virtual clinical trials and enhance ObvioHealth's presence in the Asia Pacific region.
In August 2021, Amwell, a U. S. -based telemedicine company, made a strategic acquisition of SilverCloud Health and Conversa Health for $320 million. This acquisition is expected to set Amwell apart from other telehealth players, providing unique offerings and strengthening the synergy between physical care and virtual care. SilverCloud Health and Conversa Health, both U. S. -based digital health companies, specialize in offering self-guided mental health programs and clinical services.
Major companies operating in the in the virtual clinical trials market report are ICON plc, Parexel International Pvt. Ltd., IQVIA Holdings Inc., Covance Research Products Inc., Pharmaceutical Research Associates Inc., Medidata Solution Inc., Oracle Corporation, Clario Tech Ltd., Medable Inc., Science 37 Holdings Inc., THREAD Research, Clinical Ink Inc., Veeva Systems Inc., Clinerion Ltd., CRF Health Group Limited, Royal Castor Products Limited, Crio Inc., Deep Lens Inc., Florence Healthcare Inc., goBalto Inc., Medrio Inc., Mint Medical Ltd., Mytrus Inc., OpenClinica LLC, PatientWing, RealTime-CTMS LLC, Reify Health, Sanguine Biosciences Inc., TriNetX Inc., VirTrial LLC
North America was the largest region in the virtual clinical trials market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual clinical trials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the virtual clinical trials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The virtual clinical trials market includes revenues earned by entities by providing services such as pilot studies and feasibility studies, prevention trials, screening trials, treatment trials, multi-arm multi-stage (mams) trials, cohort studies, case control studies, and cross sectional studies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.