Virtual Clinical Trials provide numerous advantages like reducing costs associated with traditional clinical trials, improving patient access and experience, and accelerating clinical research. Virtual trials leverage technology solutions like telehealth, remote patient monitoring, and mobile health to conduct clinical trials without in-person visits. This has substantially aided clinical trials during the pandemic by enabling continuity of trials.
The global Virtual Clinical Trials Market is estimated to be valued at US$ 2659.6 Mn in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of virtual clinical trials has been a major market trend over the recent past owing to advantages like reducing costs and timelines of trials through improved patient recruitment and follow-up processes using digital technologies. This allows sponsors and CROs to design more decentralized and hybrid clinical trial models with options for remote/virtual visits. Transitioning from traditional on-site visits to virtual visits has supported continuation of trials amidst the pandemic, accelerating their completion. Key players are focusing on partnership & funding activities to advance virtual trial solutions globally.
Segment Analysis
The global Virtual Clinical Trials market is dominated by the interventional model sub segment. This is because interventional model studies involve direct interactions with participants and allow researchers to closely monitor the effects of an experimental therapy. Interventional model trials are crucial for evaluating new drugs, devices, diagnostics, and behavioral or surgical interventions.
Key Takeaways
The global Virtual Clinical Trials Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Growth in the market will be driven by advantages of virtual trials such as lower costs and faster recruitment compared to traditional trials.
Regional analysis
North America is expected to dominate the global Virtual Clinical Trials market during the forecast period. This is due to presence of major pharmaceutical companies and CROs, high R&D expenditure on drug development, and availability of advanced technologies for virtual trials in the region. In addition, high adoption of digital health technologies also supports market growth in North America.
Key players
Key players operating in the Virtual Clinical Trials market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systà ̈mes, and eElinicalHealth (CLINPAL). Delve Health offers an end-to-end virtual site solution that supports the recruitment and engagement of participants for clinical trials. Clario offers the CECity platform that enables decentralized and hybrid clinical trial designs.
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