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 RD 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.
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.
Gather more insights about the market drivers, restraints and growth of the Global Virtual Clinical Trials Market
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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Virtual Clinical Trials Industry Segmentation
Grand View Research has segmented the global virtual clinical trials market based on study design, indication, phase and region:
Virtual Clinical Trials Study Design Outlook (Revenue, USD Million, 2017 - 2030)
- Interventional
- Observational
- Expanded Access
Virtual Clinical Trials Indication Outlook (Revenue, USD Million, 2017 - 2030)
- CNS
- Autoimmune/Inflammation
- Cardiovascular Disease
- Metabolic/Endocrinology
- Infectious Disease
- Oncology
- Genitourinary
- Ophthalmology
- Others
Virtual Clinical Trials Phase Outlook (Revenue, USD Million, 2017 - 2030)
- Phase I
- Phase II
- Phase III
- Phase IV
Virtual Clinical Trials Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East Africa)
Key Companies profiled:
Some prominent players in the global Virtual Clinical Trials Industry include
- ICON, plc
- Parexel International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink
- Medable, Inc.
- Signant Health
- Clinical Ink
- Halo Health Systems
- Croprime
Order a free sample PDF of the Virtual Clinical Trials Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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