Virtual Clinical Trials Market

Global Virtual Clinical Trials Market By Study Types (Interventional, Observational, and Expanded Access), By Applications (Oncology, Cardiovascular, Immunology, Gastrointestinal, Respiratory, Endocrinology, Ophthalmology, and others), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028.

  • Report ID: ICT-SE-2239
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 178
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The global virtual clinical trials market size is expected to expand at a compound annual growth rate (CAGR) of 5.7 % from 2021 to 2028, with a market size of ~USD 7.4 billion in 2020. Virtual clinical trials (VCTs) are a relatively new and underutilized technique of conducting clinical research using technology (apps and electronic monitoring devices) and online social interaction platforms. Virtual clinical trials are known as remote or decentralized trials. VCTs are more cost-effective than traditional procedures, provide real-time data gathering, and are administered at home or remotely. VCTs are commonly used to conduct remote dermatological trials to diagnose skin problems that take only a few minutes of examination.

Virtual Clinical Trials Market summary

Market Trends, Drivers, Restraints, and Opportunities:

  • Virtual clinical trials minimize the danger of disease transmission and lower the overall cost of the trial phase, boosting the market.
  • Growing investments by governments and pharmaceutical firms in R&D for the creation of novel vaccines and medicines drive the market.
  • Digital technologies, virtual trials, and telemedicine are developed by biopharma firms and regulatory authorities as potential solutions for reducing trial interruptions.
  • The market is primarily driven by growing R&D efforts, increased healthcare digitalization, and rising usage of telehealth. Additionally, technical advances, collaborations between clinical research institutions, pharmaceutical, and biotechnology firms, as well as supporting government efforts are expected to propel the market.

Scope of the report:

The report on the global virtual clinical trials market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes

Details

Base Year

2020

Historic Data

2018 & 2019

Forecast Period

2021–2028

Regional Scope

Asia Pacific, North America, Europe, Latin America, and Middle East & Africa

Report Coverage

Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast

Global Virtual Clinical Trials Market Segment Insights:

Interventional design is projected to hold a significant market share

In terms of study types, the global virtual clinical trials market is segmented into observational trials, interventional trials, and expanded access trials. Cardiovascular disorders, immunology, gastrointestinal, dermatological, respiratory, and endocrinology, as well as less interventional observational research, are suitable for virtual trials. In 2020, the interventional design segment dominated the market and generated the largest revenue. Growth of the segment is attributed to rapid increase in the number of tests conducted to find innovative drugs for various ailments, as well as the digitization of laboratories. The global coronavirus outbreak increased the demand for testing and trials of novel medicines and vaccines to address the problem, as the traditional technique of clinical trials carries a significant risk of human infection. This, in turn, is expected to boost the interventional design segment.

Oncology segment held a substantial market share in 2020

Based on applications, in 2020, the oncology segment led the market and generated the largest revenue. The segment is expected to provide the largest revenue share during the forecast period, due to increasing number of oncology clinical trials and rising number of cancer patients worldwide. By reducing the amount of time spent on face-to-face trial visits, virtual clinical trials reduce the risk of COVID-19 exposure for cancer patients. Healthcare institutions began placing great emphasis on virtual clinical trials for high-risk population. The coronavirus pandemic is expected to increase the usage of telemedicine, resulting in market development.

Virtual Clinical Trials Market types

North America dominates the global market

In terms of regions, North America dominated the global Virtual Clinical Trials (VCT) market, generating the largest revenue. The region is expected to maintain its dominance over the forecast period, due to rising R&D in the region, as well as increased use of new technologies in clinical research and government assistance. Digital technologies are used by market participants to satisfy customer demands. The market in Asia Pacific is expected to grow at the fastest rate of 6.8% during the forecast period, owing to the growing availability of a large patient pool that makes the process of recruiting candidates easy and increased adoption of digital technology in the region. Significant growth in the global virtual trials market in Europe in terms of CAGR over the last several years is attributed to rising R&D in the healthcare industry, as the region is adversely hit by COVID-19.
 

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Virtual Clinical Trials Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Virtual Clinical Trials Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Virtual Clinical Trials Market - Supply Chain
  4.5. Global Virtual Clinical Trials Market Forecast
     4.5.1. Virtual Clinical Trials Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Virtual Clinical Trials Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Virtual Clinical Trials Market Absolute $ Opportunity
5. Global Virtual Clinical Trials Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Virtual Clinical Trials Market Size and Volume Forecast by Types
     5.3.1. Interventional
     5.3.2. Observational
     5.3.3. Expanded Access
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Virtual Clinical Trials Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Virtual Clinical Trials Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Virtual Clinical Trials Demand Share Forecast, 2019-2026
7. North America Virtual Clinical Trials Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Virtual Clinical Trials Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Virtual Clinical Trials Market Size and Volume Forecast by Types
     7.4.1. Interventional
     7.4.2. Observational
     7.4.3. Expanded Access
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Virtual Clinical Trials Demand Share Forecast, 2019-2026
8. Latin America Virtual Clinical Trials Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Virtual Clinical Trials Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Virtual Clinical Trials Market Size and Volume Forecast by Types
     8.4.1. Interventional
     8.4.2. Observational
     8.4.3. Expanded Access
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Virtual Clinical Trials Demand Share Forecast, 2019-2026
9. Europe Virtual Clinical Trials Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Virtual Clinical Trials Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Virtual Clinical Trials Market Size and Volume Forecast by Types
     9.4.1. Interventional
     9.4.2. Observational
     9.4.3. Expanded Access
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Virtual Clinical Trials Demand Share Forecast, 2019-2026
10. Asia Pacific Virtual Clinical Trials Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Virtual Clinical Trials Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Virtual Clinical Trials Market Size and Volume Forecast by Types
     10.4.1. Interventional
     10.4.2. Observational
     10.4.3. Expanded Access
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Virtual Clinical Trials Demand Share Forecast, 2019-2026
11. Middle East & Africa Virtual Clinical Trials Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Virtual Clinical Trials Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Virtual Clinical Trials Market Size and Volume Forecast by Types
     11.4.1. Interventional
     11.4.2. Observational
     11.4.3. Expanded Access
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Virtual Clinical Trials Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Virtual Clinical Trials Market: Market Share Analysis
  12.2. Virtual Clinical Trials Distributors and Customers
  12.3. Virtual Clinical Trials Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. LEO Innovation Lab.
     12.4.2. Parexel International Corporation.
     12.4.3. Medable
     12.4.4. Labcorp Drug Development
     12.4.5. Science 37
     12.4.6. Clinical Ink.
     12.4.7. ICON plc
     12.4.8. PRA Health S

Segments Covered in the Report:
By Study Types

  • Interventional
  • Observational
  • Expanded Access

By Applications

  • Oncology
  • Cardiovascular
  • Immunology
  • Gastrointestinal
  • Respiratory
  • Endocrinology
  • Ophthalmology

By Regions

  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa

By Key players

  • LEO Innovation Lab.
  • Parexel International Corporation.
  • Medable
  • Labcorp Drug Development
  • Science 37
  • Clinical Ink.
  • ICON plc
  • PRA Health Sciences
  • IQVIA

 

 

Key players in the global virtual clinical trials market include LEO Innovation Lab., Parexel International Corporation., Medable, Labcorp Drug Development, Science 37, Clinical Ink., ICON plc, PRA Health Sciences, and IQVIA. These companies engage in mergers and acquisitions, collaborations, agreements, and partnerships to strengthen their regional footprint.

Virtual Clinical Trials Market keyplayers

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