Market Size Growth Rate:
Arizton published the latest research report, “Virtual Clinical Trials Market – Global Outlook & Forecast 2022-2027”, Industry Trends, Growth, Opportunity Company Analysis. The virtual clinical trials market was valued at $1.93 billion in 2021.
The adoption of the “bring your device strategy” in virtual clinical trials, new connected devices powers clinical trials with better data, and synthetic clinical trials are significant trends in the global virtual clinical trials market.
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Virtual Clinical Trials Market Report Scope
|Market Size (2027)||USD 5 Billion|
|Market Size (2021)||USD 1.93 Billion|
|Market Segments||Study Type, Phases, Therapeutic Area, Company Size, and Geography|
|Geographic Analysis||North America, Europe, APAC, Latin America, and Middle East & Africa|
|Leading Countries||US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, and South Africa|
|Largest Market||North America|
Virtual Clinical Trials Market Overview
Virtual clinical trials constitute an innovative approach through remote monitoring and patient-centric approaches. The adoption of virtual clinical trials was high during the COVID-19 pandemic, with an increased application of decentralized clinical trial components. Most clinical trial conductors shifted toward the decentralized or hybrid clinical trial model. Significant changes in rules and regulations by FDA, EMA, and other authorities for clinical trials and supportive initiatives drove significant market growth.
The number of vendors providing virtual clinical trial solutions has increased after the pandemic. Many tools are largely developed to handle clinical trials as per the requirement of the study. Governments have changed guidelines accepting virtual clinical trials and released funding to adopt advanced clinical trial procedures in the future.
Market Opportunities & Drivers:
Virtual clinical trials are trending in biopharma and medical device industries to provide more convenience to patients in clinical trials. However, researchers are innovating clinical trials with a new strategy called bring-your-own-device (BYOD). This new strategy allows patients/ participants in trials to deliver study data with their internet-enabled solutions. Technological advancements and confidence have improved study outcomes, bringing new solutions. In recent years, it has brought about a noticeable increase in the number of clinical researchers using the electronic clinical outcome assessment (eCOA) tool within trials. Most clinical trial performers are shifting toward clinical trials with the BYOD strategy.
In biopharma industries, drug developers are under increasing pressure to accelerate the speed and space of clinical trials to introduce new treatment methods in the market. Therefore, the usage of connected digital devices plays a significant role in clinical research and helps bring medicine to the market faster. Today, clinical trials/virtual clinical trials are accumulating a broad range of data, and diverse types of data are collected from various countries and regions. In virtual clinical trials, virtual activities are highly dependent on centralized connected devices. The COVID-19 pandemic has given a new shape to the clinical trial sector. In addition, the emerging trend of connected devices is expected to drive market growth further. An increase in decentralized clinical trials demands the use of connected devices. More specifically, better-connected devices create better data that is easily compliant and collect better information. These connected devices and their tools and techniques make clinical trials more patient-centric.
Insights by Study Type
The global virtual clinical trials market by study type is segmented into interventional and others. The interventional study type segment accounts for an 80.15% higher market share and dominates other segments. The increasing R&D activities in the medical industry led to increased clinical trials. In the interventional study type, the growing application of a digital tool for clinical trial data collection and analysis gives high demand for virtual clinical trials platform that increases the segmental growth. Also, with the increasing infection rate of SARS-COV-2, a higher number of clinical trials for vaccine development registered in 2020 to 2022, which has increased the adoption of virtual tools in clinical trials.
Insights by Stage of Development
The early and late phases are two primary segments under the stage of development in the global virtual clinical trials market. The early phase segment accounted for 41.55% market share, and the late phase segment accounted for 58.45% market share in 2021. The high number of clinical trials are currently accounted for in phase III & IV, increasing the adoption of DCT platforms for data accuracy and better outcomes. As well as increasing adoption of DCT platforms and tools in phase I & phase II trial procedures for patient participation will drive the market growth of the early phase segment in 2021.
Insights by Therapy Area
The global virtual clinical trials market is segmented into cancer, CVD, infectious diseases, gastroenterology disorders, musculoskeletal diseases, nervous system, and other indications by therapy area. The oncology segment accounted for a 44.85% higher market share in the virtual clinical trials market in 2021 and dominated all other segments. The de-centralized clinical trials are majorly accounted for oncology therapeutic areas. More home-based clinical trials are adopted in the diseases segment. This is more patient-centric and helps them provide better clinical outcomes to the clinical trial sponsors. Major market players also show that major de-centralized clinical trials are associated with cancer indications. In 2020, the oncology therapeutic area showed more than 22% for adopting de-centralized clinical trials.
Why Should You Buy this Research Report:
- Detail information on Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021–2027.
- The report will provide access to 276 pages, including information about 5 regions, 18 countries, and 24 companies.
- Visualize the virtual clinical trials market segmentation by Study Type, Phases, Therapeutic Area, Company Size, and Geography, highlighting the key commercial assets and players’ insights.
- In-depth information on market size and growth rate.
Key Company Profiles
- Dassault Systèmes
- Science 37
Key Companies to Watch
- Clinical ink
- Delve Health
- Labcorp Drug Development
- Signant Health
- Thermo Fisher Scientific
Other Prominent Vendors
- Curavit Clinical Research
- CMIC Holdings
- Icon Plc
- Jeeva Informatics Solutions
- LEO Innovation Lab
- Paraxel International Corporation
- ProPharma Group
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