Virtual Clinical Trials Market

Market Overview

The global virtual clinical trials market size was valued at USD 8.3 billion in 2022. It is estimated to reach USD 13.67 billion by 2031, growing at a CAGR of 5.7% during the forecast period (2023–2031). The growing role of technology in healthcare and government support stimulate market growth.

The market for remote and virtual clinical trials is known as the "Global Virtual Clinical Trials Market." Novel medications, therapies, medical equipment, or interventions are tested on humans to ascertain their safety and efficacy. Virtual clinical trials are now viable due to technological advancements and the demand for effective, patient-centered trial protocols. Trial participants can remotely access trial-related activities using technological tools such as sensors, smartphone applications, telemedicine platforms, and electronic data collection systems. Technology platforms, software applications, consulting services, and data management tools are available.

Virtual clinical trials are gaining popularity due to patient recruitment and retention, data accuracy, decreased costs, and increased efficiency. In addition, virtual trials enable the accumulation of real-world data in realistic settings and are accessible to various patient populations. Government support, technological advancements, and the rising demand for decentralized and patient-centric trial methodologies are anticipated to propel the virtual clinical trials market 's growth over the next few years.

Market Dynamics

Global Virtual Clinical Trials Market Drivers

Growing Role of Technology in Healthcare

It has been noted that the existing method of performing a conventional clinical trial is ending due to the unaffordable combination of rising trial costs and the chance of commercial failure. Clinical investigations are increasingly being led by the deployment of cutting-edge technology that quickly speeds up the digital transformation of their operations as we move closer to a more digitalized world. Clinical studies are required; thus, switching to cutting-edge technology and digital innovation is a way to solve the issues with conventional clinical trials. Digital clinical trials, previously just ideas, are now close to materializing.

Digital technology is revolutionizing the entire drug development process. The development of mobile and wearable technology, artificial intelligence, cloud computing, and related platforms has made it possible to collect frequent, accurate, and multidimensional data throughout trials. These cutting-edge technologies may enable unique trial designs that facilitate patient recruitment and retention, enhance patient satisfaction, and develop new endpoints in clinical investigations. Clinical trials can now obtain data based on patients' daily behavior thanks to apps and wearables that are directly connected to patients' smartphones.

Government Support

The FDA has adopted an open stance toward innovative concepts and technological advancements. The FDA has also stated that using the technology properly in clinical research offers advantages. It was one of the first publications on electronic informed consent for medical research. In addition to regulators' support, several non-regulatory efforts are working to develop guidelines for using virtual tools in trial design.

 For instance, the FDA-sponsored Clinical Trial Transformation Initiative has outlined guidelines for virtual clinical trials with the help of telemedicine and mobile healthcare professionals. The FDA is more progressive than conservatively minded sponsors and drug development organizations by comprehending the convergence of people, information, technology, and connection to improve health outcomes and healthcare. The U.S. FDA and the European Medical Agency (EMA) support a more patient-centric approach to clinical study participation and data collection. To exchange best practices on patient engagement and the regulatory lifecycles of drugs and biologics, the agencies have jointly established the FDA/EMA Patient Engagement Cluster.

Global Virtual Clinical Trials Market Restraint

Recruitment Obstacles

Clinical trial effectiveness depends on how committed the doctors, patients, and clinical personnel are from the very beginning. Unfortunately, these groups have several impediments for both practical and psychological reasons. As a result, less than 5% of adult cancer patients enroll in clinical studies. This is mostly because of several factors, such as the trial's accessibility, the oncologist's willingness to suggest enrolment, site accessibility, the clinical staff's dedication, and patient concerns. Patient recruiting presents significant difficulties for cancer researchers.

Additionally, the availability of clinical trials is restricted by doctors' ignorance. Specialty doctors and general practitioners not affiliated with research organizations may know even less about the prerequisites for clinical trials. Physicians' understanding and support of clinical trials are crucial for enrolling patients since they serve as the primary point of contact for individuals seeking to join such studies.

Global Virtual Clinical Trials Market Opportunities

VC Funding Increased Significantly

Due to of the widespread COVID-19 outbreak, many clinical trials had to be put on hold, and as a result, businesses were obliged to switch to doing research using virtual trials. This allowed new businesses to enter the market by providing services for decentralized clinical trials. Since then, there has been an upsurge in funding deals, including venture capital. Notably, Medable, one of the suppliers of decentralized trial platforms with the quickest expanding customer base, raised USD 524 million through various rounds.

One of the most significant investment rounds took place in October 2021, when the company was awarded a massive Series D funding of 304 million dollars. An increase in venture capital funding will make it possible for businesses to broaden their consumer base and expand into new geographic areas. After that, overall adoption and virtual clinical trials market growth will both increase as a result.

Regional Analysis

Based on region, the global virtual clinical trials market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global virtual clinical trials market shareholder and is estimated to exhibit a CAGR of 5.2% over the forecast period. North America is predicted to maintain its dominance over the global market for virtual clinical trials throughout the forecast period, as the region currently holds the greatest market share, accounting for 49.4% of the total market. The rise in research and development (R&D) levels in this region, expanding acceptance of new technologies in clinical research, and rising levels of government assistance can all be related to this development.

Additionally, industry participants are utilizing digital technologies to fulfill the requirements of their customers. For example, Parexel carried out more than one hundred decentralized trials, some of which included hybrid and virtual methods. These types of virtual clinical trials use patient and caregiver input, in-house expertise, and contemporary technologies to develop individualized treatment plans. In a similar vein, Covance operates around 1,900 LabCorp Patient Service Centers all over the United States, which bring clinical trials directly to patients. The market is additionally influenced by the growing recognition of telehealth and the rising prevalence of digitization in healthcare. In addition, expanding partnerships between businesses in the biotechnology, clinical research, and pharmaceutical industries, as well as growing support from governments for the conduct of virtual clinical trials, are anticipated to contribute to the expansion of the sector in this region.

Europe is anticipated to exhibit a CAGR of 5.9% over the forecast period. There has been a recent uptick in the use of virtual trials in the European region. The idea had been developing for some time before the epidemic and has been further spurred by the necessity of social distance in recent years. For instance, in September 2019, a public–private partnership known as the Innovative Medicines Initiative (IMI) began a project known as Trials Home to investigate the use of digital technology in clinical trials. It is a large-scale collaborative project with 31 members who collectively represent the European Federation of Pharmaceutical Industries and Associations (EFPIA) and small and midsized life sciences enterprises, academic institutions, and patient organizations. It is anticipated that the project will be completed in August 2024. The project will incorporate virtual aspects, and as a result, it will give vital evidence to establish that a virtual solution will not compromise the safety and privacy of patients. In addition, several meetings focused on promoting the use of virtual clinical trials are currently being organized across Europe.

Asia Pacific is anticipated to experience growth on an exponential scale throughout the projection period. The rising prevalence of cardiovascular disorders and the proportion of older adults in the community are two variables expected to contribute to expanding the virtual clinical trials industry over the forthcoming year. The need for virtual clinical trials is anticipated to increase during the projected period as the number of clinical studies conducted to discover efficient and dependable solutions to lessen or cure and prevent the spread of cardiovascular and other diseases continues to rise. In the next seven years, the market for virtual clinical trials in India is anticipated to experience the highest growth rate in the Asia Pacific region, followed by China. Due in large part to the country's high healthcare and R&D expenditures and the rising need for virtual clinical trials in the industry, Japan was the largest market in the Asia Pacific region.

Latin American nations have provided excellent growth potential for virtual clinical trials in recent years. One of the main drivers of the growth of the Latin American market is the expansion of well-known, internationally active businesses like PRA Health Sciences and PAREXEL International Corporation in nations like Brazil, Mexico, Argentina, and Chile. Major pharmaceutical firms are also choosing virtual clinical trial services as a practical tactic to maintain their competitiveness in the market. Even though Brazil dominates this region in terms of population and market size, nations like Mexico and Argentina are anticipated to offer plenty of room for expansion for virtual clinical trials. Since most people in the area speak Portuguese or Spanish, there are fewer language barriers to conducting online clinical studies. Additionally, Latin America has a strong regulatory framework and excellent patient retention.

In the Middle East and Africa, it has been noted that the market for virtual clinical trials has the lowest market penetration because this industry is still in its infant stage. However, knowledge regarding virtual clinical trials is developing in the region, which is projected to impact the market growth throughout the projection period favorably. There is a high prevalence of uncommon genetic diseases and lifestyle-related illnesses in the Middle East and African countries. Compared with developed economies, the cost of conducting clinical trials on each patient in the Middle East and African countries is significantly lower. It is anticipated that such factors will fuel the expansion of the market for virtual clinical trials, particularly as a result of the pandemic caused by the coronavirus and the growing necessity to decrease R&D budgets in the region.

Segmental Analysis

The global virtual clinical trials market is bifurcated into Study Design and Indication.

Based on the Study Design, the global virtual clinical trials market is bifurcated into Interventional, observational, and expanded access studies. 

The Interventional studies segment dominates the global market and is projected to exhibit a CAGR of 5.8% over the forecast period. Interventional virtual clinical studies involve the use of specific interventions by researchers. These interventions can take the shape of medical items (drugs, biologics, or devices) or changes to a participant's behavior (diet, rest, etc.). Interventional clinical trials are more expensive than observational clinical trials. Using interventional clinical trials can aid the comparison of new and established medical practices. Some clinical studies pit two or more interventions against one another to see whether one is superior.

The expansion of research and development activities within the pharmaceutical, biologic, and medical device industries is anticipated to drive the segment's growth throughout the forecast period. According to clinicaltrials.gov, interventional studies make up 78% of the total number of studies that have been registered. In addition, interventional studies make up 94% of the total registered studies with results uploaded.

Based on Indication, the global virtual clinical trials industry is segmented into Oncology, cardiovascular, and others. 

The oncology segment dominates the global market and is predicted to exhibit a CAGR of 5.8% during the forecast period. The growing incidence of cancer is the primary factor propelling the virtual clinical trials market growth for oncology. It is anticipated that expanding research and development activities in cancer and increased use of personalized medicine will drive growth in the category. Several factors, including the proliferation of supportive government efforts and increased levels of innovation in the oncology field, are driving the market for cancer virtual clinical trials forward. It is anticipated that more people will be diagnosed with cancer throughout the projection period.

Despite this, the number of effective clinical trials and developments in the medical sciences have greatly improved the likelihood of a patient surviving their illness. Research into potential treatments for cancer is likewise advancing at a breakneck pace. Immunotherapy is becoming increasingly popular for treating cancer, and this trend continues. The rising incidence of cancer creates an enormous opportunity for the conduct of interventional clinical studies using virtual environments. It is also anticipated that a growing pipeline of medication candidates for cancer treatment will fuel the segment's rise over the forecast year.

Recent Developments

• October 2022- Oracle and ObvioHealth entered into a strategic collaboration to integrate diverse data sets into virtual/decentralized clinical trials in the Asia-Pacific region. This initiative is expected to allow the quick collection, integration, and analysis of multi-source data collected from labs, devices, patients, and sites.
• August 2022- Medable Inc. launched a novel software solution that aided in the simplification of virtual/decentralized clinical trials for vaccines. This initiative was believed to boost the growth of global clinical trial access while cutting deployment time by 50%.