Source: PR Newswire
CHICAGO, Nov. 21, 2022 /PRNewswire/ — According to Arizton’s latest research report, the virtual clinical trials market is expected to grow at a CAGR of 18% during 2021-2027. The latest trends in the market are adopting the ‘Bring-Your-Own-Device’ strategy, clinical trials powered with better data through newly connected devices, and the adoption of synthetic clinical trials.
Virtual clinical trials constitute an innovative approach through remote monitoring and patient-centric approaches. The adoption of virtual clinical trials was high during the COVID-19 pandemic, with an increased application of decentralized clinical trial components. Most clinical trial conductors shifted toward the decentralized or hybrid clinical trial model. Significant changes in rules and regulations by FDA, EMA, and other authorities for clinical trials and supportive initiatives drove significant market growth.
However, several countries are shifting toward value-based treatments. There is increased adoption of telehealth among developed countries, reshaping the virtual clinical trials market demand. Also, technological advancements such as remote patient monitoring, teleradiology, telehealth, and mobile health are paving the way toward adopting virtual clinical trials in the market.
| Report Attributes | Details |
|---|---|
| Market Size (2027) | USD 5 Billion |
| Market Size (2021) | USD 1.93 Billion |
| CAGR (2022-2027) | 17.6 % |
| Base Year | 2021 |
| Forecast Year | 2022-2027 |
| Market Segments | Study Type, Phases, Therapeutic Area, Company Size, and Geography |
| Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
| Leading Countries | US, Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, and South Africa |
| Largest Market | North America |
| Leading Vendors | Dassault Systèmes, Medable, Science 37, THREAD, Accenture, Castor, Clinical ink, Clario, Delve Health, eClinicalHealth, IQVIA, Labcorp Drug Development, ObvioHealth, Signant Health, Thermo Fisher Scientific, Advarra, Curavit Clinical Research, CMIC Holdings, Icon Plc, Jeeva Clinical Trials Inc. LEO Innovation Lab, Oracle, Paraxel International Corporation, and ProPharma Group |
| Page Number | 270 |
| Customization Request | If our report does not include the information you are searching for, you may contact us to have a report tailored to your specific business needs: https://www.arizton.com/customize-report/3553 |
| Market Dynamics | Covid-19 accelerates virtual clinical trials adoption, decentralization of clinical trials is the future of clinical trials and regulatory changes in favor of virtual clinical trials |
Find additional highlights on the growth strategies adopted by vendors and their product offerings, Download Free Sample Report.
Oncology is a field that heavily relies on virtual clinical trials. According to the Clinical Trial Europe global survey 2020, the area of focus in decentralized clinical trial activities is associated with the oncology segment. It accounted for most of the market share in decentralized clinical trials in 2020. Due to the high number of clinical trials registered for the oncology therapeutic area, the adoption of the decentralized clinical trial model in cancer indication has been high in recent years. In 2021, the oncology segment accounted for 44.8% of the market share in the global virtual clinical trials market.
Market Segmentation:
Study Type
- Interventional
- Others
Phases
- Late Stage
- Early Stage
Therapeutic Area
- Oncology
- Rare & Genetic Diseases
- CNS
- Immunology
- Other
Company Size
- Small & Mid-Sized
- Large Sized
Major market players have a strong market image and a better geographical presence. The virtual clinical trials market comprises many international, national, regional, and local players. Various big pharma and biotech companies are continuously increasing their expenditure on research and development activities, clinical trials, and the development of advanced solutions triggered by high competency in the biopharmaceutical industry. Increasing competition in the pharma industry directly impacts virtual clinical trial market competitiveness. Changing market dynamics of clinical trials and shifting toward patient-centric clinical trials are driving vendors toward virtual clinical trials. The governments are also developing a better regulatory framework, allowing faster market adoption of virtual clinical trials.
Company Profiles in Report
- Dassault Systèmes
- Medable
- Science 37
- THREAD
- Accenture
- Castor
- Clinical ink
- Clario
- Delve Health
- eClinicalHealth
- IQVIA
- Labcorp Drug Development
- ObvioHealth
- Signant Health
- Thermo Fisher Scientific
- Advarra
- Curavit Clinical Research
- CMIC Holdings
- Icon Plc
- Jeeva Clinical Trials Inc.
- LEO Innovation Lab
- Oracle
- Paraxel International Corporation
- ProPharma Group
Europe is one of the leading market regions for virtual clinical trials. Virtual clinical trials have better opportunities in Europe since countries like Russia have more significant geographical distribution and healthcare centers are away from patients. Europe has a diverse patient population that attracts a high number of clinical trial operators. In 2021, Europe accounted for 22.45% market share in the global clinical trials market.
High-income countries in North America and Europe are more likely to host decentralized clinical trials than middle-income countries.
The Report Includes Market Size & Share across these geographies:
1. North America
- U.S.
- Canada
2. Europe
- Germany
- France
- The UK
- Italy
- Spain
3. APAC
- Japan
- China
- India
- South Korea
- Australia
4. Latin America
- Brazil
- Mexico
- Argentina
5. Middle East & Africa
- Turkey
- Saudi Arabia
- South Africa
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Request for Free Sample Report.
