Virtual Clinical Trials Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 – 2030

Virtual Clinical Trials Market Report Statistics

• Global virtual clinical trials market revenue is estimated to reach USD 18.6 Billion by 2030 with a CAGR of 6.2% from 2022 to 2030
• According to the ClinicalTrials.gov, a total of 429,205 clinical trials are performed till date in the world
• North America virtual clinical trials market share accounted for over 49% shares in 2021
• Asia-Pacific virtual clinical trials market growth will observe fastest CAGR from 2022 to 2030
• Based on study design, interventional design accounted for over 46% of the overall market share in 2021
• Growing virtual platforms in clinical trials fuels the global virtual clinical trials market value

Clinical trials are a cornerstone of medical product development, assisting in the evaluation of efficacy and identifying safety issues with new drugs, and are a necessary regulatory requirement for bringing novel therapies to market. Clinical trials are one of the most painful and expensive processes in the pharmaceutical industry. It would shape the future of clinical development and transform the trial process by integrating technology.

Global Virtual Clinical Trials Market Dynamics

Market Drivers

• Reduced patient dropout rates and increased engagement
• Greater patient reach and reduced costs
• Real-time reporting and data collection

Market Restraints

• Fear of technology failure
• Concerns over data accuracy

Market Opportunities

• Increasing investments from private and public sector
• Growing technological advancements in virtual trials

Virtual Clinical Trials Market Report Coverage

Virtual Clinical Trials Market Dynamics

Big Calls For "Technology Enabled Clinical Trials" Bolster the Growth of the Global Market

The complexity and costs associated with traditional randomized, controlled trials have increased exponentially over time, and now threaten to stifle the development of new drugs and devices, according to a report released by the American Heart Association, Inc. Nonetheless, the increasing use of electronic health records, mobile apps, and wearable devices holds great promise for transforming clinical trials and making them more pragmatic and efficient. There are several reasons to be optimistic about these technology-enabled approaches. To begin, the US Food and Drug Administration (FDA) recently announced the establishment of the Center of Excellence for Digital Health, with the goal of “modernizing the regulatory approach to help this industry grow and reach its full potential while protecting patients.” Second, major technology companies such as Microsoft, Google, and Amazon have all announced plans to relocate. Finally, venture capital funding for digital health technologies surpassed US$8 Bn in 2018, surpassing all medical device investments combined. Furthermore, one of the most appealing aspects of mHealth-enabled clinical trials is their promise to reduce trial costs. According to reports, the use of newer technologies has reduced the cost of trial operations. For example, if the ADAPTABLE trial had been conducted as a traditional clinical trial, the cost would have been more than US$150 Mn, but the study's actual budget is nearly ten times that amount, thanks to ADAPTABLE's ability to implement EHR and mobile technologies.

Virtual Clinical Trials Climb All-Time High during COVID-19: Dollar Gains: Market Wrap

The COVID-19 pandemic imposed strict guidelines on the conduct of clinical trials. The COVID-19 pandemic has significantly hampered clinical research and trials around the world.  One of the observed disruptors is a decrease in patient enrollment in clinical trials, as well as operational challenges arising from the need to protect patient safety and comply with the social distancing, shelter-in-place, and other rules and regulations that have become critical components of the public health response to the pandemic. Dr. David Boulware and his colleagues at the University of Minnesota in Minneapolis conducted one example of a virtual clinical trial. They conducted a virtual randomized controlled trial of the malaria drug hydroxychloroquine to see if it was effective in protecting people from COVID-19 (the results found that it was not). The trial enrolled over 800 people and delivered medicine to them via FedEx while monitoring their health via virtual appointments. As the number of virtual trials has increased, the FDA has issued guidelines for conducting virtual trials in order to streamline the process. According to the report by California's Stem Cell Agency, virtual trials could help speed up participant enrollment, which could help speed up the drug-development process while still maintaining rigorous standards.

Government Involvement Fuel the Growth of the Global Virtual Clinical Trials Market

Pharmaceutical and medical device companies now have the ability to use robust data sets to optimize trials and products in order to improve treatment efficacy. Because of the depth and breadth of information that can be collected, wearable data can provide profound insights that can be leveraged in product development. Wearables have the potential to be used across therapeutic areas for deep phenotyping, detection and interpretation of adverse effects, and clinical trial recruitment. Wearables, on the other hand, continuously track consumer and patient data over long periods, with the potential for real-time feedback, resulting in rich data sets and opportunities for deeper insights. Personal data collected in EHRs, as well as biological data collected through personal wearables and medical devices, are critical components in clinical trial success. AI tools can help with analysis both before and during a trial, and many life science organizations are beginning to recognize their value. Novartis, for example, collaborated with QuantumBlack, which is well-known for collecting data from Formula One races and using machine learning to optimize race operations. Novartis piloted the platform with QuantumBlack's assistance to support its global drug development team's plan to simulate country allocation scenarios for clinical studies. The successful incorporation of wearables into clinical studies is also dependent on meaningful collaboration with regulators to ensure that the scope of the clinical study is well defined and that outcomes can be achieved and implemented. Furthermore, guidelines such as the Clinical Trials Transformation Initiative encourage collaboration by recommending the use of mobile technology such as wearables. A wide variety of wearable devices are currently available for purchase on the market, with even more in the works, with promising implications for both overall health and cost efficiency. The global wearable computing devices market was 181.5 million units in 2019, and it is expected to reach 520.1 million units by 2025, with a compound annual growth rate of 19.9 percent between 2020 and 2025.

Virtual Clinical Trials Market Segmentation

The worldwide virtual clinical trials market is split based on study design, indication, and geography.

Virtual Clinical Trials Market By Study Design

• Interventional
• Observational
• Expanded Access

According to our virtual clinical trials industry analysis, the interventional segment is expected to dominate the market in the coming years. The rapid growth in the number of experiments to create novel medications for various diseases, as well as laboratory digitalization, is driving the segment. According to the ClinicalTrials.gov data, out of 429,205 clinical trials, 331,906 (77%) were performed for interventional studies. The same data suggested that, observational studies accounted for 95,613 (22%) and expanded access recorded 853 trails.

Virtual Clinical Trials Market By Indication

• Oncology
• Cardiovascular
• Other Indications

As per the virtual clinical trials market forecast, oncology sub-segment is anticipated to account for a significant market share from 2022 to 2030. With the realization that some new drugs may only provide minor improvements in overall survival, the importance of measuring quality of life for cancer patients has grown. While almost all cancer trials necessitate on-site visits, QoL data is best collected virtually to ease the burden on an already overburdened patient population. Furthermore, oncology clinical trials necessitate extreme vigilance in terms of safety and symptom monitoring.

Virtual Clinical Trials Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

The Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa

Virtual Clinical Trials Market Regional Analysis

North America has dominated the virtual clinical trials market in the past and is expected to do so again during the forecast period. Over the forecast period, the region is expected to maintain its dominance. This can be attributed to rising R&D in this region, which is one of the major factors driving the growth of the global virtual clinical trials market. Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the coming years. This is due to the increased availability of a large patient pool, which allows for easier candidate recruitment and increased penetration of digital technologies in the region. Furthermore, the outbreak of the Corona virus is expected to increase the adoption of telemedicine, thereby driving market growth.

Virtual Clinical Trials Market Players

Some of the key virtual clinical trials companies in the market are ICON plc, Parexel International, IQVIA, Covance Inc., PRA Health Sciences, LEO Innovation Lab, Medidata Solutions, Oracle Corporation, CRF Health, Clinical Ink, Inc., Medable, Inc., and among others.