Global Virtual Clinical Trials Market

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 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.

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FAQs

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).

virtual clinical trials market is highly competitive with the presence of local as well as companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of market. '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.'

Real-time reporting and data collection

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.

On the basis of region, virtual clinical trials market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the 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.

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Global Virtual Clinical Trials Market

Report ID: SQMIG35D2037

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