by Clinical trials aim to evaluate the effectiveness and safety of medical interventions such as drugs, medical devices, vaccines, and more. Traditionally clinical trials are conducted in a physical setting with face-to-face interactions. However, with the advancement of technology, virtual/decentralized clinical trials have emerged as a viable alternative. In virtual clinical trials, patients participate remotely and a majority of the trial-related activities such as monitoring, visits, data collection are conducted virtually using digital health technologies. Some key advantages of virtual clinical trials include reduction in cost by 30-40% and time by 6-12 months as it eliminates the need for physical sites and travel. Sites can recruit more patients globally and conduct trials faster.
The global Virtual Clinical Trials Market is estimated to be valued at US$ 2659.6 Mn in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Reduction in cost and time is a major driver boosting the growth of virtual clinical trials market. Conducting trials virtually reduces costs associated with site management, physical monitoring, travel for patients and staff. It is estimated that virtual trials can reduce costs by 30-40% and timelines by 6-12 months compared to traditional trials. This significant cost and time advantage encourages pharmaceutical and biotech companies to adopt virtual/decentralized models. Another key driver is the COVID-19 pandemic which accelerated the shift to virtual ways of working. During lockdowns and restrictions, digital technologies helped sponsors, sites and patients to continue trial activities remotely without disruption thereby establishing virtual methods. This further strengthened the value proposition of virtual clinical trial models.
Segment Analysis
Virtual clinical trials market is dominated by contract research organizations segment that holds around 60% of the total market share. Contract research organizations conduct clinical trials on behalf of biopharmaceutical companies and medical device manufacturers. They have strong technical expertise, infrastructure and experience in conducting various phases of virtual clinical trials. Their expertise helps reduce cost and time involved in clinical development.
PEST Analysis
Political: Regulations around digital health and virtual clinical trials are still evolving. However, agencies like FDA are encouraging innovative trial models like virtual/ decentralized trials to make trials more patient-centric and cost-effective.
Economic: Covid-19 pandemic stressed healthcare infrastructure and increased demand for alternative trial models. Virtual trials help reduce costs associated with site monitoring, drug distribution and other expenses. They are estimated to be 30-50% cheaper than traditional trials.
Social: Growing patient acceptance of digital technologies, preference for convenience and improved access are driving adoption of virtual/decentralized clinical trials. Willingness to participate in virtual modes can rapidly expand patient pools.
Technological: Advanced digital tools like ePROs, mobile apps, wearables, connected devices, telehealth, artificial intelligence are powering diverse data capture in virtual environments. Sophisticated analytics help derive meaningful insights from such decentralized data sources.
Key Takeaways
The global Virtual Clinical Trials Market Size is expected to witness high growth over the forecast period aided by Covid-19 disruptions, technological advancements and growing patient acceptance. North America dominated the market in 2023 due to presence of major CROs, favorable regulations and high healthcare investments. Europe and Asia Pacific are also emerging as high growth markets.
Regional analysis: North America accounted for over 40% market share in 2023 led by presence of major CROs such as IQVIA, Parexel, PPD and Medpace in the US and Canada. Growth in these countries can also be attributed to increasing research collaborations between healthcare industry and academia. Europe and Asia Pacific regions are witnessing increasing adoption of virtual trial models due to rising R&D investments and improving connectivity infrastructure.
Key players: Key players operating in the virtual clinical trials market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systèmes, and eElinicalHealth (CLINPAL), among others. Major players are focusing on offering end-to-end virtual trial solutions integrated with various patient facing tools and technologies to make trials more patient-centric. They are also expanding their geographic footprints through strategic collaborations.
