USD 8.24 billion
Virtual Clinical Trials Market Size, Share, Growth Analysis, By Indication(Oncology, Cardiovascular, other), By Study Design(Interventional, Observational, Expanded access), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2037 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
63
|Figures:
75
Virtual Clinical Trials Market Insights
Global Virtual Clinical Trials Market size was valued at USD 8.24 billion in 2022 and is poised to grow from USD 8.71 billion in 2023 to USD 13.63 billion by 2031, growing at a CAGR of 5.75% during the forecast period (2024- 2031).
The increasing digitization of healthcare infrastructure worldwide is one of the primary reasons driving market growth. Increased use of VCT for dermatology testing is driving market expansion. Remote trials are commonly used to evaluate skin problems that do not require complex examinations. As the coronavirus disease (COVID-19) continues to spread worldwide, there has been a significant increase in demand for virtual and remote testing solutions for safe and effective data collection. Furthermore, technical innovations such as the launch of virtual patient interaction platforms and the utilization of wearable technologies are contributing as growth drivers. Through telemedicine platforms, these technologies assist in connecting patients with treating clinicians. Also, the absence of guidelines and the need to add information arising from the massive flow of information may hamper the market growth.
US Virtual Clinical Trials Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024- 2031
Global Market Size
Largest Segment
Oncology
Fastest Growth
Cardiovascular
Growth Rate
5.75% CAGR
Global virtual clinical trials market ($ Bn)
Country Share for North America Region (%)
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Virtual Clinical Trials Market Segmental Analysis
Global Virtual Clinical Trials Market is segmented on the basis of indication, study design, and region. On the basis of indication, global market is segmented into oncology, cardiovascular and other. On the basis of study design, global Virtual Clinical Trials Market is segmented into, Interventional, observational and expanded access. On the basis of region, global Virtual Clinical Trials Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Virtual Clinical Trials Market Analysis by Indication
On the basis of indication, global virtual clinical trials market is segmented into oncology, cardiovascular, and other. The oncology segment dominated the global market. This is due to the increasing number of cancer cases globally and the increasing number of oncology clinical trials. Cancer patients are most vulnerable during the Covid-19 pandemic. Oncology clinical trial investigators and sponsors have quickly adopted virtual and remote trials to keep patients safe and trials moving forward.
Virtual Clinical Trials Market Analysis by Study Design
On the basis of study design, global virtual clinical trials market is segmented into, Interventional, observational and expanded access. The interventional design segment dominated the virtual clinical trials market. The rapid increase in the number of experiments and digitization of laboratories to develop new drugs for various diseases are the driving factors for this segment. The coronavirus outbreak has increased the demand for trials and testing of new drugs and vaccines to deal with the situation around the world as the traditional method of clinical trials carries a high risk of infecting people.
Global virtual clinical trials market size by indication, 2022 (%)
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Virtual Clinical Trials Market Regional Insights
On the basis of region, global virtual clinical trials market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the global virtual clinical trials market. This is due to increasing R&D in the region, increased adoption of new technologies in clinical research, and government support. Also, market players are using digital technology to meet the needs of consumers. For example, Parexel conducted more than 100 decentralized tests with hybrid and virtual techniques. Covance also operates about 1,900 LabCorp Patient Service Centres across the United States, bringing testing to patients.
Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to the increasing availability of a large patient, easy recruitment of candidates, and enhanced access to digital technology in the region. Also, the outbreak of coronavirus is expected to boost the adoption of telemedicine, thus boosting the market in the region. Japan was the largest market in the Asia Pacific due to high healthcare and R&D expenditures and growing demand for virtual clinical trials in the market.
Global virtual clinical trials market size by Region
- Largest
- Fastest
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Virtual Clinical Trials Market Dynamics
Virtual Clinical Trials Market Driver
- Real-time reporting and data collection
Real time reporting and data collection is a major factor drives the market growth. The majority of data is transferred from smartphone or wearable directly into the clinical database, rather than relying on clinical trial staff to transfer data from various documents into the clinical trial database where data can potentially be lost or edited by mistake. A diverse range of participants makes the data richer and of higher quality.
- Greater patient reach and reduced costs
Virtual clinical trials do not require physical site visits, full staffing, or storage facilities. Grant payments to investigators are also significantly reduced, all of which reduce the overall cost of a clinical trial.
Virtual Clinical Trials Market Restraint
- Concerns over data accuracy and security
Data security is major issue hamper the growth of global virtual clinical trials market. Patients have their confidential medical data transmitted directly through the Internet, where it can be easily hacked or accessed by unauthorized persons. Sponsors must notify all participants of this potential risk in the informed consent form. If any data breach, there must be a clear plan to resolve the issue and notify participants and trial sponsors.
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Virtual Clinical Trials Market Competitive Landscape
Global virtual clinical trials market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global market.
Virtual Clinical Trials Market Top Player's Company Profiles
- IQVIA Holdings Inc.
- Covance Inc. (a subsidiary of LabCorp)
- PRA Health Sciences Inc.
- Medidata Solutions Inc. (a subsidiary of Dassault Systèmes)
- Parexel International Corporation (a subsidiary of Pamplona Capital Management)
- Oracle Corporation
- Clinipace Worldwide
- Medable Inc.
- THREAD Research Inc.
- Science 37 Inc.
- Veeva Systems Inc.
- Florence Healthcare
- Clinerion Ltd.
- Evidation Health Inc.
- Transparency Life Sciences
- Reify Health Inc.
- Illingworth Research Group Ltd.
- Circuit Clinical Inc.
- Antidote Technologies Inc.
- Aktana Inc.
Virtual Clinical Trials Market Recent Developments
- In 2021, Medable recently raised $215 million in funding to further expand its virtual clinical trial platform. The platform offers a variety of features, including remote patient monitoring, electronic consent, and telemedicine services.
- In January 2021, ICON plc (Ireland) acquired Pfizer Inc. (US) and BioNTech SE (Germany) and provided clinical preliminary administration, including high-level remote clinical monitoring for a late-stage trial of a COVID-19 vaccine.
Virtual Clinical Trials Key Market Trends
- A virtual clinical trial is an alternative method to traditional clinical trial. New connected devices empower clinical trial activities with better clinical data collection, analysis, and interpretation. Clinical trial monitoring devices, clinical trial software, eCOA, ePRO, and eConsent are some of the digital tools that increase clinical trial activities. The bring-your-own-devices strategy is a key trend widely accepted among CROs and sponsors. This new strategy allows test participants to deliver the required data with their own Internet-enabled solutions. Technological progress and confidence in improved research results can lead to new solutions. A recent retrospective approach using a synthetic clinical trial approach provides significant clinical development. This is a new approach in the virtual clinical trials market and is expected to grow significantly. Also, the involvement of artificial intelligence (AI) in clinical trials significantly changes the trial process as AI can speed up target validation, clinical trial design, and patient identification to participate in virtual clinical trials.
Virtual Clinical Trials Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global virtual clinical trials market analysis, the global market is dominated by the oncology segment. This is due to the increasing number of cancer cases globally and the increasing number of oncology clinical trials. By region, North America dominates the global market and accounts for the largest revenue share of 49.2%. This is due to increasing R&D in the region, increased adoption of new technologies in clinical research as well as government support.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.24 billion |
| Market size value in 2031 | USD 13.63 billion |
| Growth Rate | 5.75% |
| Base year | 2023 |
| Forecast period | 2024- 2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Virtual Clinical Trials Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Virtual Clinical Trials Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Virtual Clinical Trials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Virtual Clinical Trials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Virtual Clinical Trials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Virtual Clinical Trials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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