Virtual Clinical Trials Market Overview
The
Virtual Clinical Trials Market is experiencing significant growth, propelled by
the increasing adoption of virtual clinical trial
solutions in medical research and drug development. Virtual clinical trial
solutions leverage digital technologies to conduct clinical trials remotely,
eliminating the need for physical sites and reducing patient burden. These
solutions encompass a wide range of tools and platforms, including telemedicine
platforms for remote patient visits, wearable devices for remote data
collection, and electronic data capture systems for efficient data management.
By enabling decentralized trial designs and remote monitoring of patient
outcomes, virtual clinical trial solutions offer numerous advantages, including
faster recruitment, lower costs, and increased patient diversity. As
pharmaceutical companies and contract research organizations (CROs) seek to
streamline clinical trial operations and accelerate the drug development
process, the demand for virtual clinical trial solutions continues to drive
growth within the Virtual Clinical Trials Market.
According
to MRFR analysis, the Virtual Clinical Trials Market Size
was valued
at USD 8.80 Billion in 2023. The Global Virtual Clinical Trials industry is
projected to grow from USD 9.30 Billion in 2024 to USD 14.51 Billion by 2032,
exhibiting a compound annual growth rate (CAGR) of 6.22% during the forecast
period (2024 - 2032).
The
global virtual
clinical trial market is currently dominated by
several market players. The key players are involved in geographic expansion,
acquisition, and strategic collaborations to maintain their global footprint in
the global virtual clinical trials market. Thus, an increasing number of
healthcare companies collaborating with technology companies to leverage
data-driven clinical studies for development of effective medication by
monitoring trials remotely is increasing global virtual clinical trials market
size. The demand created by pandemic for adoption of monitoring trials remotely
is expected to increase the lucrativeness of virtual clinical trials
market during the forecast period.
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Virtual Clinical Trials Market Regional Analysis
The
market has been divided, by region, into the North America, Europe,
Asia-Pacific, and Rest of the World.
North
America is anticipated to hold the largest market share owing to availability
of major players operating in the region. Medable, Inc. (US), Oracle
Corporation (US), IQVIA Holdings, Inc. (US), Syneos Health (US), PPD, Inc. (US)
and Medpace Holdings, Inc. (US) are some of the notable companies operating in
the region. Moreover, collaborative approach by companies operating in the
region were observed due to rising demand and continuation of early phase
clinical studying during the pandemic. FHI clinical also uses Oracle Argus
Safety for safety case management; Oracle Clinical Trial Management System
Cloud Service to manage the research portfolio; and Oracle ClearTrial Cloud
Service to manage projects. Thus, increasing adoption of cloud-based platforms by
contract research organizations operating in the region are anticipated to fuel
the growth of virtual clinical trials market. The virtual clinical trials
market in North America is divided into the US and Canada.
European
virtual clinical trials market has been categorized into Germany, France, the
UK, Italy, Spain, and the rest of Europe. Europe is anticipated to hold the
significant market share owing to investment activities related to clinical
trials in the region and support from government for R&D. For example,
Parexel International Corporation (US) announced a strategic partnership
between its Early Phase Clinical Unit (Germany) and Clinical Trial Center (CTC)
North, a full-service CRO located at the University Medical Center
Hamburg-Eppendorf (Germany). Parexel intends to roll-out and implement eSource
system ClinBase at CTC North to drive efficiency. An increasing number of
research institutes partnering with leading clinical trial services provider to
accelerate development of products for different conditions such as cancer, COVID-19 and other disorders is expected to fuel growth
of virtual clinical trials market during the forecast period. Moreover, ongoing
research studies being converted to virtual mode are expected to increase the
demand for IT services, thereby generating opportunities for IT companies to
access virtual clinical trials market. Thus, long-term partnerships among
research institutes and service providers to accelerate ongoing research studies
is anticipated to increase the lucrativeness of virtual clinical trials market
in the region during the forecast period.
The
virtual clinical trials market in Asia-Pacific has been segmented into Japan,
China, India, South Korea, Australia, and the rest of Asia-Pacific. The growth
of virtual clinical trials market in Asia-Pacific is anticipated to witness
rapid growth during the forecast period owing to increasing number of
memorandums signed by governmental agencies to promote research activities.
This memorandum is expected to increase bilateral regulations, sharing of
information to control the trade of unlicensed products and 10-year roadmap for
bilateral cooperation on the COVID-19 vaccine. Moreover, the Chinese government
issued a plan of action in order to promote virtual clinical trials. Apart from
support from governmental agencies to promote decentralized clinical trials,
pharmaceutical companies operating in the Asia-Pacific are adopting to report
clinical trials data virtually. Thus, increasing support for R&D through
multilateral memorandum of understanding among government bodies and need to
present data virtually is expected to propel the growth of virtual clinical
trials market in the region.
The
virtual clinical trials market in Rest of the World has been divided into the
Middle East, Africa and Latin America. Africa contributed to less percent of
the total number of clinical trials. The launch of such online platform
promotes the progression of intra-African collaboration around clinical trials.
Virtual Clinical Trials Market Key Players
Some
of the top key virtual clinical trials
market players are Oracle Corporation (US), IQVIA Holdings, Inc. (US),
Dassault Systemes SE (France), Medpace Holdings, Inc. (US), Icon plc (Ireland),
Laboratory Corporation of America Holdings (US), Parexel International
Corporation (US), Medable, Inc. (US), Clinical Ink, Inc. (US), Wuxi
AppTech (China), and Medable, Inc. (US) among others.
Virtual Clinical Trials Market Segmentation
The
global virtual clinical trials market has been segmented based on study type,
phase, and indication.
The
market, based on study type, has been divided into interventional,
observational and others. The interventional segment is likely to hold maximum
market share in the global virtual clinical trials market owing to its larger
utility and recruitment of patients for testing novel drugs.
The
virtual clinical trials market based on phase has been segmented
into Phase 1, Phase 2, Phase 3 and Phase 4. The Phase
1 segment is likely to hold significant share in the market as every
clinical trial study proceeds through Phase 1.
The
virtual clinical trials market based on indication has been segmented into
oncology, cardiovascular, immunology, gastrointestinal, respiratory,
endocrinology, ophthalmology and others. The oncology segment is
likely to hold the largest share in the market due to larger number of clinical
trials focused on finding treatment options for cancer.
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