The global Virtual Clinical Trials market size is estimated to reach around US$ 21.5 billion by 2030 from valued at US$ 8.4 billion in 2020, growing at a CAGR of 6.7% over the forecast period 2021 to 2030.
Virtual Clinical Trials Market Size to Reach US$ 21.5 Bn by 2030
The global Virtual Clinical Trials market size is estimated to reach around US$ 21.5 billion by 2030 from valued at US$ 8.4 billion in 2020, growing at a CAGR of 6.7% over the forecast period 2021 to 2030.
Growth Factors
There has been a rise in the R&D of new drugs and vaccines that has increased the volume and complexity of the trials. Virtual clinical studies eliminate challenges posed by traditional research studies, for example, delays in patient recruitment and time-consuming procedures. Also, studies have revealed that around 75.0% of people favored a mobile trial over traditional ones and 80.0% of patients are more likely to participate in a research study that uses mobile technology.
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The current pandemic of COVID-19 is making the industry change the way of conducting ongoing or upcoming research studies. The pandemic, for the first time in history, has resulted in the global disruption of traditional onsite research studies. Hence, the regulatory bodies such as the U.S. FDA, the European Medicines Agency (EMA), the National Institutes of Health (NIH), and China’s National Medical Products Administration (NMPA), and several other regulating authorities have issued guidelines related to the conduct of research studies during the outbreak of coronavirus, and are in complete support of incorporating virtual services.
Virtual research studies make use of monitoring devices, software apps, and online social engagement platforms to conduct every step of the clinical trial process including patient recruitment, counseling, measuring clinical endpoints, informed consent, and adverse reactions. Telehealth, home care, and remote patient monitoring have been gaining momentum as a healthcare offering, and the COVID-19 is adding more horsepower to this initiative.
Study Design Insights
The interventional design segment led the Virtual/Decentralized Clinical Trials (DCTs) market and accounted for the largest revenue share of 46.7% in 2021. The rapid increase in the number of experiments to develop novel medications for various diseases and the digitalization of laboratories are factors driving the segment. The outbreak of coronavirus has raised the demand for testing and trials of new drugs and vaccines to combat the situation around the world as the traditional method of clinical trials comes with a huge risk of infection in people. Thus, propelling the demand for interventional study designs.
The virtual trials are better suited for chronic diseases as well as less interventional observational studies including cardiovascular diseases, immunology, gastrointestinal, dermatology, respiratory, and endocrinology. The firm that first started this concept conducted an entire interventional Phase2b “site-less” clinical trial with 372 patients across 10 states using their proprietary mobile telemedicine-based platform namely “NORA”. The expanded access segment is expected to account for the highest CAGR over the forecast period. Expanded access is a potential pathway that is appropriate where the potential benefit for the patient subdues the potential risks, hence continuous emergence of new variants of COVID-19 is expected to drive demand for expanded access to new drugs over a short term.
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Indication Insights
The oncology segment dominated the market for Virtual/Decentralized Clinical Trials and accounted for the largest revenue share of 25.2% in 2021. The segment is also anticipated to contribute to the maximum share of the market during the forecast period. This is attributed to the rising cases of cancer globally and the increasing number of oncology clinical trials. Cancer patients are the most vulnerable during the COVID-19 pandemic. Investigators and sponsors managing oncology clinical trials have quickly incorporated virtual and remote trials to keep patients safe and trials moving forward.
Besides, cancer researchers face considerable challenges in patient recruitment. As of June 2019, approximately 14, 000 oncology trials were actively recruiting with a participation rate of 3% to 8% of possible candidates, with an even more limited number in minority and geriatric populations. Low rate of enrollment poses risks to the success of specific clinical studies, they may hamper the treatment advances and corresponding benefits to outcomes. Hence, the low recruitment rate and the need for a diverse population for oncology clinical studies are anticipated to boost the adoption of virtual clinical trials.
Regional Insights
North America dominated the market for virtual clinical trials and accounted for the largest revenue share of 49.2% in 2021. The segment is expected to continue its dominance over the forecast period. This can be attributed to increasing R&D in this region, increasing the adoption of new technologies in clinical research as well as government support. Furthermore, market players are also using digital technologies to meet client needs. For instance, Parexel performed more than 100 decentralized trials including hybrid and virtual approaches. Covance also has around 1,900 LabCorp Patient Service Centers across the U.S. that bring the trial to patients.
In Asia Pacific, the market for virtual clinical trials is anticipated to expand at the fastest CAGR of 6.8% during the forecast period owing to the increasing availability of a large patient pool enabling easy recruitment of candidates along with enhanced penetration of digital technologies in the region. Furthermore, the outbreak of coronavirus is anticipated to boost the adoption of telemedicine, thus driving the market in the region. Japan was the largest market in Asia Pacific in 2020, majorly due to high healthcare and R&D expenditure and increasing demand for virtual clinical trials in the market.
Key Players
- ICON, plc
- Parexel International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink, Inc.
- Medable, Inc.
Market Segmentation
- Study Design Outlook
- Interventional
- Observational
- Expanded Access
- Indication Outlook
- Oncology
- Cardiovascular
- Others
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Virtual Clinical Trials Market Size to Reach US$ 21.5 Bn by 2030
The global Virtual Clinical Trials market size is estimated to reach around US$ 21.5 billion by 2030 from valued at US$ 8.4 billion in 2020, growing at a CAGR of 6.7% over the forecast period 2021 to 2030.
Growth Factors
There has been a rise in the R&D of new drugs and vaccines that has increased the volume and complexity of the trials. Virtual clinical studies eliminate challenges posed by traditional research studies, for example, delays in patient recruitment and time-consuming procedures. Also, studies have revealed that around 75.0% of people favored a mobile trial over traditional ones and 80.0% of patients are more likely to participate in a research study that uses mobile technology.
Get the sample copy of report@ https://www.visionresearchreports.com/report/sample/38141
The current pandemic of COVID-19 is making the industry change the way of conducting ongoing or upcoming research studies. The pandemic, for the first time in history, has resulted in the global disruption of traditional onsite research studies. Hence, the regulatory bodies such as the U.S. FDA, the European Medicines Agency (EMA), the National Institutes of Health (NIH), and China’s National Medical Products Administration (NMPA), and several other regulating authorities have issued guidelines related to the conduct of research studies during the outbreak of coronavirus, and are in complete support of incorporating virtual services.
Virtual research studies make use of monitoring devices, software apps, and online social engagement platforms to conduct every step of the clinical trial process including patient recruitment, counseling, measuring clinical endpoints, informed consent, and adverse reactions. Telehealth, home care, and remote patient monitoring have been gaining momentum as a healthcare offering, and the COVID-19 is adding more horsepower to this initiative.
Study Design Insights
The interventional design segment led the Virtual/Decentralized Clinical Trials (DCTs) market and accounted for the largest revenue share of 46.7% in 2021. The rapid increase in the number of experiments to develop novel medications for various diseases and the digitalization of laboratories are factors driving the segment. The outbreak of coronavirus has raised the demand for testing and trials of new drugs and vaccines to combat the situation around the world as the traditional method of clinical trials comes with a huge risk of infection in people. Thus, propelling the demand for interventional study designs.
The virtual trials are better suited for chronic diseases as well as less interventional observational studies including cardiovascular diseases, immunology, gastrointestinal, dermatology, respiratory, and endocrinology. The firm that first started this concept conducted an entire interventional Phase2b “site-less” clinical trial with 372 patients across 10 states using their proprietary mobile telemedicine-based platform namely “NORA”. The expanded access segment is expected to account for the highest CAGR over the forecast period. Expanded access is a potential pathway that is appropriate where the potential benefit for the patient subdues the potential risks, hence continuous emergence of new variants of COVID-19 is expected to drive demand for expanded access to new drugs over a short term.
Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/38141
Indication Insights
The oncology segment dominated the market for Virtual/Decentralized Clinical Trials and accounted for the largest revenue share of 25.2% in 2021. The segment is also anticipated to contribute to the maximum share of the market during the forecast period. This is attributed to the rising cases of cancer globally and the increasing number of oncology clinical trials. Cancer patients are the most vulnerable during the COVID-19 pandemic. Investigators and sponsors managing oncology clinical trials have quickly incorporated virtual and remote trials to keep patients safe and trials moving forward.
Besides, cancer researchers face considerable challenges in patient recruitment. As of June 2019, approximately 14, 000 oncology trials were actively recruiting with a participation rate of 3% to 8% of possible candidates, with an even more limited number in minority and geriatric populations. Low rate of enrollment poses risks to the success of specific clinical studies, they may hamper the treatment advances and corresponding benefits to outcomes. Hence, the low recruitment rate and the need for a diverse population for oncology clinical studies are anticipated to boost the adoption of virtual clinical trials.
Regional Insights
North America dominated the market for virtual clinical trials and accounted for the largest revenue share of 49.2% in 2021. The segment is expected to continue its dominance over the forecast period. This can be attributed to increasing R&D in this region, increasing the adoption of new technologies in clinical research as well as government support. Furthermore, market players are also using digital technologies to meet client needs. For instance, Parexel performed more than 100 decentralized trials including hybrid and virtual approaches. Covance also has around 1,900 LabCorp Patient Service Centers across the U.S. that bring the trial to patients.
In Asia Pacific, the market for virtual clinical trials is anticipated to expand at the fastest CAGR of 6.8% during the forecast period owing to the increasing availability of a large patient pool enabling easy recruitment of candidates along with enhanced penetration of digital technologies in the region. Furthermore, the outbreak of coronavirus is anticipated to boost the adoption of telemedicine, thus driving the market in the region. Japan was the largest market in Asia Pacific in 2020, majorly due to high healthcare and R&D expenditure and increasing demand for virtual clinical trials in the market.
Key Players
- ICON, plc
- Parexel International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink, Inc.
- Medable, Inc.
Market Segmentation
- Study Design Outlook
- Interventional
- Observational
- Expanded Access
- Indication Outlook
- Oncology
- Cardiovascular
- Others
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Click Here to View Full Report Table of Contents
Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/38141
You can place an order or ask any questions, please feel free to contact at sales@visionresearchreports.com | +1 9197 992 333