PUBLISHER: The Business Research Company | PRODUCT CODE: 1657072
PUBLISHER: The Business Research Company | PRODUCT CODE: 1657072
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 $11.91 billion in 2024 to $12.99 billion in 2025 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increased costs of clinical trials, growing need for patient-centric trials, increased demand for remote monitoring, growing adoption of digital technologies in clinical trials, increased need for efficient and cost-effective clinical trial.
The virtual clinical trials market size is expected to see rapid growth in the next few years. It will grow to $19.67 billion in 2029 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to growing adoption of decentralized clinical trials, increasing use of wearables and other remote monitoring devices, expansion of telehealth services, regulatory support for virtual trial methodologies, cost and time efficiency in trial conduct. Major trends in the forecast period include increasing use of artificial intelligence and machine learning in clinical trials, increased use of electronic informed consent (econsent), growth in virtual trial platforms and technologies, collaboration between pharmaceutical companies and technology providers, focus on real-world evidence and decentralized data collection.
The rising investments from governments and pharmaceutical companies in research and development for new vaccines and drugs are fueling the growth of the virtual clinical trials market. R&D departments within the medical industry are increasingly adopting virtual clinical trial solutions and services to enhance quality assurance and clinical data management for drugs and their products. According to an article published by McKinsey, the COVID-19 pandemic has accelerated the adoption of decentralized clinical trials by pharmaceutical companies, emphasizing the significant advantages of virtual trials and enhancing the experience for both patients and physicians. Therefore, the growing investments by governments and pharmaceutical companies in the development of new vaccines and drugs are driving the expansion 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 February 2024, PCM Trials, a home health care service based in the U.S., acquired EmVenio Research Inc. for an undisclosed amount. This acquisition is intended to enhance both PCM Trials' and EmVenio's capabilities in recruiting and retaining diverse populations for clinical research, which is essential for regulatory approval. The partnership gives PCM Trials access to EmVenio's site network that targets underserved communities, promoting patient-centric clinical trials and improving retention and diversity. EmVenio Research Inc. is a U.S.-based company dedicated to enabling virtual clinical trials through advanced technology and data analytics to create more efficient research processes.
Major companies operating in the virtual clinical trials market include 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 2024. 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.
Virtual Clinical Trials Global Market Report 2025 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.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.