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

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.