Virtual Clinical Trials Market Highlights
According to MRFR analysis, theVirtual Clinical Trials Market insightsreport has valued the industry size at USD 7.97 billion in 2021 and is projected to grow from USD 8.44 Billion in 2022 to USD 13.35 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.8% during the forecast period (2022 - 2030).
Virtual clinical trials are method of conducting clinical research using apps, electronically monitoring devices and online social engagement platforms. This exponential increase in number of clinical trials monitored digitally is expected to increase the growth of global virtual clinical trials market during the forecast period.
The global virtual clinical trials 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 ofvirtual clinical trials marketduring the forecast period.
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 RD. 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 RD 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.
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 intoPhase 1, Phase 2, Phase 3 and Phase 4.ThePhase 1segment 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. Theoncologysegment is likely to hold the largest share in the market due to larger number of clinical trials focused on finding treatment options for cancer.
Key Players
Some of the top key players profiled in thevirtual clinical trials market outlookreport 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.
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