DUBLIN–(BUSINESS WIRE)–The “Virtual Clinical Trials Market Size, Share & Trends Analysis Report By Study Design (Interventional, Observational, Expanded Access), By Indication (Oncology, Cardiovascular Disease), By Phase, By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The projected global size of the virtual clinical trials market is anticipated to reach a substantial value of $12.9 billion by the year 2030. Over the forecast period from 2023 to 2030, the market is poised to experience a growth rate of 5.7% CAGR. The market landscape has been notably influenced by the COVID-19 pandemic, which has brought about significant shifts. This transformation has been spurred by the rising demand for enhanced patient diversity and improved data collection in the realm of clinical trials.
The surge in research and development endeavors focusing on novel pharmaceuticals and vaccines has led to an increase in both the volume and intricacy of clinical trials. The adoption of virtual clinical trials stands as a solution to traditional challenges, such as delays in patient recruitment and time-intensive procedures. Recent studies underscore a preference for mobile trials, with approximately 75.0% of individuals favoring them over traditional methods. Furthermore, a striking 80.0% of patients exhibit a greater willingness to partake in clinical trials incorporating mobile technology.
Recovery following the pandemic has been notably robust, owing to the multitude of benefits offered to both patients and sponsors. The inherent risks associated with travel during the pandemic, including health concerns and financial implications, have accentuated the appeal of virtual clinical trials. These trials offer a multitude of advantages, including efficient real-time data collection, analysis, and monitoring of substantial data volumes.
Virtual trials seamlessly integrate monitoring devices, software applications, and online social engagement platforms across the entire clinical trial process. This encompasses patient recruitment, counseling, measurement of clinical endpoints, informed consent, and tracking of adverse reactions. The broader healthcare landscape has also witnessed the escalating momentum of telehealth, home care, and remote patient monitoring, with the COVID-19 pandemic amplifying this trend.
Geopolitical conflicts on a global scale, exemplified by the military conflict in Ukraine and Eastern Europe, have cast a shadow on the healthcare ecosystem. Clinical trials in regions such as Ukraine and neighboring areas of Eastern Europe have been significantly impacted by these conflicts. Regulatory bodies like the FDA have reported that around 251 devices and drugs were engaged in clinical trials in Ukraine. However, the conflict has necessitated the suspension of new trial initiations and patient recruitment efforts for ongoing trials. The escalation of geopolitical issues in Europe is anticipated to impose constraints on the growth of the virtual clinical trials market in the region.
Report Highlights
- The oncology segment accounted for 25.2% of revenue share in 2022, with the increased adoption of virtual trials in oncology clinical research playing a pivotal role in segment growth.
- The interventional design segment secured the largest revenue share at 46.7% in 2022.
- North America claimed 49.0% of revenue share in 2022, driven by favorable government initiatives and a substantial presence of key players in the U.S., offering advanced services.
- Asia Pacific is projected to witness the highest CAGR of 6.8% over the forecast period, attributed to a burgeoning patient pool and cost-effective services.
Companies Mentioned
- ICON, plc
- PAREXEL International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink
- Medable Inc.
- Signant Health
- Halo Health Systems
- Croprime
Market Dynamics
Market Drivers:
- Increasing integration of technology in healthcare
- Benefits associated with virtual trials
- Support from government initiatives
Market Restraints:
- Concerns regarding data security
Market Challenges:
- Impact of the COVID-19 pandemic on clinical trial activity
Competitive Landscape
A detailed overview of the competitive landscape, including key players such as ICON, plc, PAREXEL International Corporation, IQVIA, Covance, PRA Health Sciences, LEO Innovation Lab, Medidata, Oracle, CRF Health, Clinical Ink, Medable Inc., Signant Health, Halo Health Systems, and Croprime, is provided in the report.
For more information about this report visit https://www.researchandmarkets.com/r/9n3qvw
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