Virtual Clinical Trials Market Size, Share And Growth Report, 2031

(MENAFN- Straits Research) The marketplace for remote and virtual clinical trials is called the "Global Virtual Clinical Trials Market." They are evaluated on human subjects to determine the safety and efficacy of novel medications, therapies, medical equipment, or interventions. Due to technological advancements and the demand for effective, patient-centered trial protocols, virtual clinical trials are now feasible. Using technological tools like sensors, smartphone applications, telemedicine platforms, and electronic data collection systems, participants in a clinical trial can remotely access trial-related activities. Technology platforms, software applications, consulting services, and data management tools are on the market.
Virtual clinical trials are becoming increasingly popular due to patient recruitment and retention, data accuracy, decreased costs, and increased efficiency. Moreover, virtual trials permit real-world data collection in authentic settings and are accessible to various patient populations. Government support, technological advancements, and the rising demand for decentralized and patient-centric trial methodologies are expected to drive the market's expansion in the coming years.
Market Dynamics
Growing Role of Technology in Healthcare Drives the Global Market
Due to the unsustainable combination of rising trial costs and the possibility of commercial failure, the existing conventional clinical trial method is being phased out. As we move toward a more digitalized world, clinical investigations are increasingly driven by cutting-edge technology that accelerates the digital transformation of their operations. There is a need for clinical trials; therefore, adopting cutting-edge technology and digital innovation is a solution to the problems with conventional clinical trials. Digital clinical trials, which were once merely concepts, are now close to becoming a reality. The digital revolution is transforming the entire drug development process.
The development of mobile and wearable technology, artificial intelligence, cloud computing, and other platforms has enabled frequent, accurate, and multivariate data collection during trials. These cutting-edge technologies may enable novel trial designs that facilitate patient recruitment and retention, increase patient satisfaction, and generate new clinical endpoints. Thanks to applications and wearables directly connected to patients' smartphones, clinical trials can now obtain data based on patients' daily behavior.
VC Funding Increased Significantly
Creates Tremendous Opportunities
Due to the widespread COVID-19 outbreak, many clinical trials had to be halted, and businesses were forced to switch to conducting research using virtual trials. This made it possible for new companies to enter the market by offering services for decentralized clinical trials. Since then, there has been an increase in funding transactions, including venture capital. Notably, Medable, one of the most rapidly expanding providers of decentralized trial platforms, raised USD 524 million in multiple rounds. In October 2021, the company received a massive Series D funding of 304 million dollars, marking one of the most significant investment transactions. A rise in venture capital funding will allow businesses to diversify their customer base and expand into new geographies. After that, both overall adoption and market expansion will increase.
Regional Analysis
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.
Key Highlights

The global virtual clinical trials market 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).
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.
Based on Indication, the global virtual clinical trials market 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.
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.

Competitive Players
The key players in the global virtual clinical trials market are ICON, plc; Parexel International Corporation; IQVIA; Covance; PRA Health Sciences; LEO Innovation Lab; Medidata; Oracle; CRF Health; Clinical Ink; Medable, Inc; Clinical Ink; Halo Health Systems; and Croprime.
Market News

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%.

Global Virtual Clinical Trials Market: Segmentation
By Study Design

Interventional
Observational
Expanded Access

By Indication

Oncology
Cardiovascular
Others

By Regions

North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa

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