Virtual Clinical Trials Industry Overview
The global virtual clinical trials market size was estimated at 7.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2030.
The COVID-19 pandemic has significantly impacted the market. The market is majorly driven by a rise in R&D activities, the increasing healthcare digitization, as well as adoption of telehealth. Besides, technological advancements, alliances between clinical research organizations, pharmaceutical, and biotechnology companies as well as supportive government initiatives are anticipated to drive the market. The pandemic of COVID-19 is making the clinical trial industry change the way of conducting ongoing or upcoming trials.
Gather more insights about the market drivers, restrains and growth of the Global Virtual Clinical Trials Market
As per the continuum clinical report published in April 2020, approximately 30% of the surveyed clinical trial places are projected to have a huge impact on recruiting patients for new trial studies as well as retaining already-enrolled patients compliant with their study schedules. Also, 81% of the European clinical trial study sites and 56% of the U.S. sites indicated that the patients are less likely to continue participating in studies. Besides, as of March 30, around 30 pharma or biotech companies have reported disruption to a trial as a result of the crisis. Virtual trials are also known as decentralized trials had a significant role to play in the COVID-19 crisis and are set to become a norm in the way trials and real-world studies are run.
A virtual method lets people take part in the trial from their homes ensuring research can continue even when site visits cannot, hence, representing a novel approach of collecting safety and efficacy data from participants of clinical studies. Virtual visits and remote patient monitoring of in-person site visits give participants a choice and peace of mind of not being exposed to unnecessary risks. The virtual studies enable sponsors to include a larger population in the study, thus improving recruitment, engagement, and retention. Also, it enables continuous real-time data collection through digital health technologies. Eventually, virtual connectivity, monitoring as well as management can significantly decrease the effort, time commitment, and burden on the participants, CRCs, and investigators.
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- Clinical Trials Support Services Market – The global clinical trials support services market was estimated at USD 19.4 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030. The global market is projected to expand rapidly due to the rising demand for trials in emerging economies, rising R&D investment, and an increasing number of contract research organizations (CROs).
- Clinical Trial Kits Market – The global clinical trial kits market size was valued at USD 1.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028. The market is projected to expand rapidly due to increasing R&D investment, the rising number of clinical trials, and rapid technological evolution.
Virtual Clinical Trials Market Segmentation
Grand View Research has segmented the global virtual clinical trials market report on the basis of study design, indication, and region:
- Virtual Clinical Trials Study Design Outlook (Revenue, USD Million, 2017 – 2030)
- Expanded Access
- Virtual Clinical Trials Indication Outlook (Revenue, USD Million, 2017 – 2030)
- Virtual Clinical Trials Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
• March 2020: Medable developed a new Televisit mobile application that helps patients track their clinical trial sites virtually. The application makes it possible for clinical trial research to progress in an environment where many patients are being told to stay home and avoid social interaction.
• June 2020: Janssen Pharmaceuticals and PRA Health Sciences recently designed the first-ever completely decentralized, mobile, indication-seeking clinical trial.
Key Companies profiled:
Some of the prominent players in the virtual clinical trials market include:
- ICON, plc
- Parexel International Corporation
- PRA Health Sciences
- LEO Innovation Lab
- CRF Health
- Clinical Ink
- Medable, Inc.
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