Virtual clinical trials (also known as decentralized clinical trials or remote clinical trials) are a modern approach to conducting clinical research and drug development that utilizes digital technologies and remote methods to gather data from participants. In traditional clinical trials, participants typically need to visit physical research centres or hospitals for assessments and data collection. In contrast, virtual clinical trials leverage digital tools, such as mobile health apps, wearable devices, telemedicine, and electronic data capture systems, to enable remote data collection and monitoring. Technological advancements and enhanced data collection and quality have played a pivotal role in propelling the growth of the virtual clinical trials market in the North America region. These advancements have revolutionized the way clinical research is conducted by leveraging digital tools and remote methodologies. The convergence of innovative technologies and improved data collection processes has addressed many challenges associated with traditional clinical trials, leading to increased adoption of virtual trials. In recent years, North America has been at the forefront of digital health innovation, with several companies making significant contributions to the virtual clinical trials market.
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These companies have developed advanced platforms and solutions that enable remote data collection, real-time monitoring, and seamless participant engagement. For instance, Science 37 aims to accelerate biomedical research through decentralized methodologies. In 2021, the company raised $40 million in Series D funding to further enhance its platform. Science 37’s platform integrates telemedicine, wearable devices, and electronic data capture to enable remote participant enrollment, data collection, and monitoring. Furthermore, The advancements in technology and data collection methods offered by these companies have contributed to the growth of the virtual trials market. By leveraging these solutions, researchers can overcome traditional limitations, such as geographical barriers, data quality issues, and participant recruitment challenges. As a result, virtual trials are becoming increasingly prevalent, enabling more efficient, patient-centric, and data-driven clinical research in the North America region and beyond.
Virtual Clinical Trials Market is expected to grow at a strong CAGR of 7.0% during the forecast period (2023-2030). In conclusion, the growth of the Virtual Clinical Trials market in North America is a result of a combination of factors, including technological advancements and Enhanced Data Collection and Quality have revolutionized the virtual clinical trials market.
Based on the study design, the market has been categorized into interventional, observational, and expanded access. Among them, the interventional segment is expected to grow at the highest CAGR in the market. 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 vaccines to combat the situation around the world as the traditional method of clinical trials comes with a huge risk of infection in people.
Based on the therapeutic area, the market has been categorized into CNS, autoimmune/inflammation, cardiovascular disease, metabolic/endocrinology, infectious disease, oncology, and others. Among them, the oncology segment is expected to grow at a higher CAGR in the market. 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 trials have quickly incorporated virtual and remote trials to keep patients safe and trials moving forward.
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Global Virtual Clinical Trials Market Segmentation
Market Insight, by Study Design
· Interventional
· Observational
· Expanded Access
Market Insights, by Therapeutic Area
· CNS
· Autoimmune/Inflammation
· Cardiovascular Disease
· Metabolic/Endocrinology
· Infectious Disease
· Oncology
· Others
Market Insights, by Phase
· Phase I
· Phase II
· Phase III
· Phase IV
Market Insight, by Region
· North America Virtual Clinical Trials Market
o U.S.
o Canada
o Rest of North America
· Europe Virtual Clinical Trials Market
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific Virtual Clinical Trials Market
o China
o India
o Japan
o Rest of Asia-Pacific
· Rest of the World Virtual Clinical Trials Market
Top Company Profiles
· ICON, plc
· Parexel International Corporation
· IQVIA
· Covance
· Medable, Inc.
· Signant Health
· Oracle
· Halo Health Systems.
· Croprime
· LEO Innovation Lab
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