The global virtual clinical trials market size is expected to expand at a 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.
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 Virtual Clinical Trials Market 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.
Virtual Clinical Trials Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
2018 & 2019
Study Types (Interventional, Observational, and Expanded Access), By Applications (Oncology, Cardiovascular, Immunology, Gastrointestinal, Respiratory, Endocrinology, Ophthalmology, and others)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered in the Report
LEO Innovation Lab., Parexel International Corporation., Medable, Labcorp Drug Development, Science 37, Clinical Ink., ICON plc, PRA Health Sciences, and IQVIA
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.
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.
By Study Types
- Expanded Access
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
By Key players
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.