The Virtual Clinical Trials Market is estimated to be valued at Us$ 2659.6 Mn or Mn in 2023 and is expected to exhibit a CAGR Of 17. % over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Virtual clinical trials utilize digital technologies like electronic consent forms, ePROs, mobile health, telehealth, and other remote monitoring devices to capture clinical trial data without in-person visits. This allows sponsors to reach more diversified and larger patient populations while making clinical trials more flexible and participant-friendly. Key uses include decentralized or siteless trials, hybrid trials, and reduced visit trials where digital tools augment in-person visits.
Market Dynamics:
The rapid adoption of digital technologies amid the COVID-19 pandemic has been a major driver for the growth of virtual clinical trials market. Social distancing norms disrupted traditional clinical trial models and highlighted the need for decentralized and remote trials. This has prompted regulatory approvals for virtual/decentralized clinical trial designs and the acceptance of novel digital endpoints.
Furthermore, virtual trials enable faster recruitment of diverse geographic populations and improve participant retention by offering convenience and flexibility. They also reduce sponsor costs by 31-47% compared to traditional trials through optimized operations, remote monitoring, and fewer physical site visits. This makes virtual trials an attractive proposition for sponsors and CROs to improve trial efficiency.
SWOT Analysis
Strength: Virtual clinical trials market allows reducing costs and increases flexibility. It provides 40-60% cost savings compared to traditional trials. The data collection process is simplified and centralized in a virtual setting. Patient recruitment is faster in virtual mode with improved geographic reach.
Weakness: Ensuring data privacy and security is challenging in a virtual decentralized setting. Maintaining patient compliance and protocol adherence is difficult without physical monitoring.
Opportunity: The COVID-19 pandemic has accelerated market growth by highlighting advantages of virtual trials. Shift towards decentralized and hybrid trial models presents significant revenue opportunities.
Threats: Resistance from participants and investigators to accept new virtual ways of trials can hamper growth. Strict regulations pertaining to virtual ethics and protocols pose compliance challenges.
Key Takeaways
The Global Virtual Clinical Trials Market Size is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing shift from traditional clinical trials to virtual decentralized models. This trend is driven by advantages of virtual trials such as improved patient access, reduced costs, and efficient candidate recruitment.
Regional analysis: North America dominates the virtual clinical trials market, expanding at a CAGR of 18.2% during the forecast period. High adoption of advanced technologies, presence of major market players, and increasing R&D expenditure drive the regional market. Asia Pacific exhibits the fastest growth rate owing to growing clinical research outsourcing to countries like China and India.
Key players operating in the virtual clinical trials market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systèmes, and eElinicalHealth (CLINPAL), among others. Key players are focusing on strategic collaborations, partnerships, acquisitions and technology advancements to strengthen their market presence.
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