The Virtual Clinical Trials Market Size was valued at USD 7.91 billion in 2022, and is expected to reach USD 12.14 billion by 2030 and grow at a CAGR of 5.5% over the forecast period 2023-2030.
Patient-facing technologies, like wearable sensors, tablet apps, and smartphones, are used in virtual clinical trials. It is projected that the virtual clinical trials would incorporate more mobile technology, wearable technology, web-based patient diaries, and other digital methods. They are frequently referred to as distant trials, direct-to-patient trials, virtual trials, decentralized trials, and hybrid trials. Several factors, like the COVID-19 pandemic's increased shift toward virtual clinical trials, the development in integration of mobile-based health platforms, and the rising demand for investigational site flexibility, are driving the industry. The absence of laws and the necessity for data integration brought on by the massive influx of data, however, might impede the market's expansion.
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DRIVERS
Convenience offered in comparison to the conventional approach
The incorporation of a mobile health platform
As a catalyst for virtual trials, COVID-19
RESTRAINTS
Inadequate data security
OPPORTUNITIES
There is a growing need for online clinical studies.
CHALLENGES
Technical malfunction
Data reliability
Demonstrate your dependability to regulators.
People from all over the world have been affected by the current COVID-19 pandemic, which has also prompted the closure of operational facilities worldwide. The healthcare industry encountered unprecedented difficulties during the shutdown, including supply chain delays that led to a rise in warehouse stockpiles of produced items. The market for virtual clinical trials did not suffer significantly, though.
The COVID-19 pandemic opened up expansion potential for the businesses operating in the field of virtual clinical trials. This is because more research and development are being done to create medications to treat COVID-19, test vaccines in clinical settings, and take use of virtual clinical trials that minimize contact between researchers and volunteers.
By switching to a hybrid approach, producers of pharmaceuticals, biologics, medical devices, and new therapies were able to continue their ongoing clinical trials. During the COVID-19 pandemic, contract research firms concentrated on working with technology providers to adapt to the new clinical trial environment.
By Study Type
Interventional
In an interventional study, the target population is subjected to an intervention, such as a prospective drug in development, a medical device like a vibration vest, an exercise routine, or a treatment. To demonstrate their efficacy and safety, new prospective medications must endure three stages of interventional testing.
Observational
Observational research doesn't evaluate prospective treatments. Instead, they keep tabs on individuals' health outcomes while they are following their current treatment regimen. For instance, following the FDA's approval of a new drug, the pharmaceutical company is frequently required to do what is known as a Phase 4 study to continue tracking the drug's efficacy and safety.
Others
The extended access based on compassionate use studies are the other ones that have been noticed. Patients needing emergency treatment for acute illnesses or disorders that pose a threat to their lives. So that patients can receive treatment quickly, some medications, biologics, and medical devices may be approved on a compassionate basis.
By Phase
The possibility that the novel therapy will outperform the already present one must be demonstrated by researchers. A phase 1 clinical trial determines if a new medication, medical procedure, or equipment is safe for humans. Researchers gather data on the dosage, dosage frequency, side effects, and complications related to the surgery.
A phase 2 clinical study aids researchers in learning about the treatment's safety and effectiveness with various populations. Diagnostic tests are used to determine whether a new treatment is effective in symptom reduction and pain relief. A researcher may use a radiological examination to estimate the tumor's size or examine blood samples to see whether biomarkers are present. The effectiveness of therapy and the treatment plan are documented in patient health records.
Phase 3 clinical trials assess the effectiveness of treatments that were successful for volunteers in phase 2 clinical trials. Researchers compare the new treatment to the already available conventional treatment in a phase 3 trial. Research is done on the toxicity, safety, and effectiveness of therapies in order to compare them to other options. This stage may go on for many years. Clinical trial interpretations are recorded and submitted to regulatory agencies. If end points satisfy predetermined criteria, regulatory agencies examine and approve drugs, medical equipment, and treatments.
Clinical trials in phase four are started to check on the efficacy of approved goods or practises. The term "post-marketing surveillance research" is often used. To comprehend safety, pharmacovigilance of pharmaceuticals and medical devices is required.
However, regulatory bodies may require sponsors to start the recall process if specific negative effects or difficulties occur. Sponsors may evaluate the effectiveness of a drug or combination therapy during the ongoing phase 4 study to get regulatory approval for additional indications.
By Indication
The biggest revenue share came from the oncology area, which led the market for virtual/decentralized clinical trials. During the projection period, it is also anticipated that the sector will contribute the most to market share. This is explained by the rise in cancer incidence worldwide and the number of oncology clinical trials. During the COVID-19 pandemic, cancer patients are most at risk. To ensure patient safety and trial progress, investigators and sponsors overseeing oncology clinical trials have quickly adopted virtual and remote trials.
The success of particular clinical studies is at risk due to low enrolment rates, which could obstruct the development of new treatments and their beneficial effects on outcomes. Therefore, it is projected that the low rate of recruitment and the requirement for a broad population for oncology clinical research will encourage the implementation of virtual clinical trials.
By Study Type
Interventional
Observational
Others
By Phase
Phase 1
Phase 2
Phase 3
Phase 4
By Indication
Oncology
Cardiovascular
Immunology
Gastrointestinal
Respiratory
Endocrinology
Ophthalmology
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Due to increased investments from both public and private actors, as well as the support of key market leaders for improved virtual trial solutions, North America currently holds a disproportionate share of the global market for virtual clinical trials. Due to an increase in R&D activities in the region, a rise in the adoption rate of technology in the clinical region, and government assistance, it accounted for a sizable portion of the virtual clinical trials market globally in terms of revenue. In order to communicate with customers, market participants are also implementing digital technology.
Due to the quick rise in the number of tests to adopt new pharmaceuticals for various ailments as well as the digitization of laboratories, Asia-Pacific, followed by Europe, has experienced lucrative growth and holds a significant position in the market.
REGIONAL COVERAGE
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Major key players are as Clinical Ink, Inc., Dassault Systemes SE, Icon plc, Laboratory Corporation of America Holdings, IQVIA Holdings, Inc., Medable, Inc., Parexel International Corporation, Oracle Corporation, Medpace Holdings, Inc., Wuxi AppTech and Other Players.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 7.91 Billion |
| Market Size by 2030 | US$ 12.14 Billion |
| CAGR | CAGR of 5.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Study Type (Interventional, Observational, Others) • By Phase (Phase 1, Phase 2, Phase 3, Phase 4) • By Indication (Oncology, Cardiovascular, Immunology, Gastrointestinal, Respiratory, Endocrinology, Ophthalmology) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Clinical Ink, Inc., Dassault Systemes SE, Icon plc, Laboratory Corporation of America Holdings, IQVIA Holdings, Inc., Medable, Inc., Parexel International Corporation, Oracle Corporation, Medpace Holdings, Inc., Wuxi AppTech. |
| Key Drivers | • The incorporation of a mobile health platform • As a catalyst for virtual trials, COVID-19 |
| RESTRAINTS | • Inadequate data security |
Ans. The Virtual Clinical Trials Market size was valued at US$ 7.91 billion in 2022.
Ans. The biggest revenue share came from the oncology area, which led the market for virtual/decentralized clinical trials.
Ans. Key drivers of the Virtual Clinical Trials Market is the incorporation of a mobile health platform, and as a catalyst for virtual trials, COVID-19.
Ans. Clinical Ink, Inc., Dassault Systemes SE, Icon plc, Laboratory Corporation of America Holdings, IQVIA Holdings, Inc are the key plyer of Virtual Clinical Trials Market.
Ans. The Virtual Clinical Trials is to grow at a CAGR of 5.5% over the forecast period 2023-2030.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Virtual Clinical Trials Market Segmentation, By Study Type
8.1 Interventional
8.2 Observational
8.3 Others
9. Virtual Clinical Trials Market Segmentation, By Phase
9.1 Phase 1
9.2 Phase 2
9.3 Phase 3
9.4 Phase 4
10. Virtual Clinical Trials Market Segmentation, By Indication
10.1 Oncology
10.2 Cardiovascular
10.3 Immunology
10.4 Gastrointestinal
10.5 Respiratory
10.6 Endocrinology
10.7 Ophthalmology
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Clinical Ink, Inc.
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Dassault Systemes SE
12.3 Icon plc
12.4 Laboratory Corporation of America Holdings
12.5 IQVIA Holdings, Inc.
12.6 Medable, Inc.
12.7 Parexel International Corporation
12.8 Oracle Corporation
12.9 Medpace Holdings, Inc.
12.10 Wuxi AppTech.
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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