The virtual clinical trials market involves the use of digital technologies to simplify, decentralize, and streamline clinical trial processes. Key virtual technologies utilized in clinical trials include eConsent, wearables, electronic Clinical Outcome Assessments (eCOAs), and telehealth. These technologies allow researchers to conduct clinical trials remotely without having to rely on in-person interactions. This helps in reducing costs for sponsors and increasing convenience for participants. The cost savings associated with virtual clinical trials is driving many pharmaceutical companies to adopt virtual approaches.
The global virtual clinical trials market is estimated to be valued at US$ 3063.86 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2030. Key players operating in the virtual clinical trials market are SPIMACO, Tabuk Pharmaceuticals Manufacturing Co., Julphar, Jamjoom Pharma, GlaxoSmithKline plc, Pfizer Inc., Novartis AG, and Sanofi.
Key Takeaways
- Key players like SPIMACO, Tabuk Pharmaceuticals etc. are focusing on developing virtual clinical trial platforms and tools to efficiently conduct remote clinical research.
- Increasing patient acceptability of virtual/decentralized clinical trials is driving greater demand. Participants find virtual methods more convenient than visiting clinical sites for each visit.
- Adoption of digital tools like sensors, wearables and remote monitoring devices is allowing collection of large patient data sets and real-world evidence. This is enhancing clinical trial outcomes.
Market Trends
- Greater usage of eConsent and electronic patient reported outcomes. digital tools are simplifying informed consent processes and collection of PROs.
- Integration of artificial intelligence and machine learning. AI and ML are being utilized for monitoring patients remotely, analyzing large patient datasets and optimizing various trial processes.
Market Opportunities
- Growth in decentralized clinical trials. This allows sponsors to recruit more diverse patient populations and improves compliance.
- Collaboration between CROs and technology companies. Partnerships between clinical research organizations and virtual platform providers will support advanced virtual trial solutions.
Impact of COVID-19 on Virtual Clinical Trials Market
The COVID-19 pandemic had a significant impact on the Virtual Clinical Trials Market Demand . With strict lockdowns and social distancing norms implemented worldwide, it became challenging for sites and patients to conduct in-person clinical trial visits. This led to delays in trials and increased the risk of study discontinuation. However, virtual and decentralized clinical trials helped overcome these barriers by utilizing digital health technologies. Participants could complete various trial activities and assessments virtually from their homes through telehealth and remote monitoring solutions. This reduced safety risks and ensured trial continuity during the pandemic. With regulatory approvals for virtual/hybrid trial models, their adoption increased drastically post-COVID. However, virtual components may not replace on-site visits fully. A blended approach utilizing both in-person and virtual modalities is expected to be the future of clinical research.
Geographical Regions with High Market Concentration
North America dominated the virtual clinical trials market in terms of value in 2024, accounting for over 35% share. This is attributed to early adoption of advanced technologies, presence of key market players, and supportive regulatory environment in the US and Canada for decentralized clinical trials. Additionally, high R&D expenditures of pharmaceutical companies and growing focus on precision medicine have propelled trial innovations. Europe was the second largest region and is anticipated to witness fastest growth during the forecast period, driven by initiatives like ECRIN and increasing funding for digital health by governments in the UK, Germany, and France. The Asia Pacific region is estimated to be the fastest growing market, expanding at around 10% CAGR between 2024-2030 due to rising clinical research outsourcing and growing medical tourism industry.
Get more insights on Virtual Clinical Trials Market
Also read related article on Bacteriophage Therapy Market
