Virtual Clinical Trials Market Size Worth $12.9 Billion By 2030
Virtual Clinical Trials Industry Overview
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 expand at a CAGR of 5.7% from 2022 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 large amounts of data in real-time.
Virtual trials make use of monitoring devices, software apps, 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 has been gaining momentum as a healthcare offering, and the COVID-19 is adding more horsepower to this initiative.
Virtual Clinical Trials Market Segmentation
Grand View Research has segmented the global virtual clinical trials market based on study design, indication, phase and region:
Based on the Study Design, the market is segmented into Interventional, Observational, and Expanded Access.
- The rapid increase in the number of experiments to develop novel medications for various diseases and the digitalization of laboratories are factors driving the segment. The outbreak of coronavirus has raised the demand for testing and trials of new drugs and vaccinesto combat the situation around the world as the traditional method of clinical trials comes with a huge risk of infection in people.
- The firm that first started this concept conducted an entire interventional Phase2b “site-less” clinical trial with 372 patients across 10 states using their proprietary mobile telemedicine-based platform namely “NORA”. The expanded access segment is expected to account for the highest CAGR over the forecast period.
Based on the Indication, the market is segmented into CNS, Autoimmune/Inflammation, Cardiovascular Disease, Metabolic/Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology, and Others.
- This is attributed to the rising cases of cancer globally and the increasing number of oncology clinical trials. Cancer patients are the most vulnerable during the COVID-19 pandemic. Investigators and sponsors managing oncology clinical trialshave quickly incorporated virtual and remote trials to keep patients safe and trials moving forward.
- Low rate of enrollment poses risks to the success of specific clinical studies, they may hamper the treatment advances and corresponding benefits to outcomes. Hence, the low recruitment rate and the need for a diverse population for oncology clinical studies are anticipated to boost the adoption of virtual clinical trials.
Key Companies and Market Share Insights
The market for global virtual clinical trials is highly competitive. Significant factors affecting competitive nature are the quick adoption of advanced technology for improved healthcare. Besides, players are also acquiring, collaborating, partnering with other firms to gain the market share. For instance, in May 2020, Covance announced expanding its technology ecosystem to accelerate decentralized clinical trials adoption. The company is doing so through an alliance with Medable, a prominent software provider for digital clinical trials. Some of the prominent players in the virtual clinical trials market include:
- ICON, plc
- Parexel International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink
- Medable, Inc.
- Signant Health
- Clinical Ink
- Halo Health Systems
- Croprime
Order a free sample PDF of the Virtual Clinical Trials Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
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Email: sales@grandviewresearch.com
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