DUBLIN--(BUSINESS WIRE)--The "Virtual Clinical Trials Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Virtual Clinical Trials Market was valued at USD 2.64 billion in 2023, and is expected to reach USD 7.11 billion by 2029, rising at a CAGR of 17.95%.
North America dominates the global virtual clinical trials market due to the high advancement in clinical trials, digitalization, and IoT adoption in health facilities and clinical trials, the increasing surge of telemedicine and telehealth, and the wide acceptance of technologies in healthcare management. The U.S. and Canada are the two major countries performing clinical trials. Due to stringent regulations and high costs, most vendors seek better options to handle the market scenario. The North American virtual clinical trials market witnessed exponential growth amid the COVID-19 crisis. Traditional clinical trials witnessed various challenges during the pandemic, thereby increasing the adoption of VCT in the market.
MARKET TRENDS & DRIVERS
Breaking Down Barriers in Women's Health Clinical Studies
Globally, the rising women's health issues led to an increased burden of healthcare settings. Clinical studies are constantly evolving and growing rapidly to increase access to women's health issues. However, women tend to be harder to recruit for clinical studies due to socioeconomic factors, but the emergence of virtual clinical studies design helps ease restraints to participation. Patient recruitment is one of the challenging factors in running clinical studies. However, certain socioeconomic elements, such as the disproportionate burden of childcare, make recruiting women harder and more challenging for clinical trials. In women's health clinical studies, this factor is only exacerbated. According to the Clinical Trials Arena Report 2023, between 2010 and 2015, the proportion of women's health clinical studies in developed countries that included decentralized factors varied between 1.5% and 3% each year. However, with increasing attention to women's health, decentralization has become more popular in women's health clinical studies in recent years.
Rising Integration of More Advanced Systems and Tools
Virtual clinical trials leverage tools, technology, and systems to collect data from patient participants remotely from their working or living places. Virtual clinical trials have already started using eConsent, electronic patient-reported outcomes (ePRO), and telemedicine. In addition, the increased focus on integrating wearable devices and sensors for data collection in recent years helps continuously monitor several health parameters in real-time. In addition, "Bring-Your-Own-Devices" is one of the most popular strategies by virtual clinical trial sites, offering lucrative revenue growth opportunities for the market.
Virtual clinical trials are trending in biopharma and medical device industries to provide more convenience for patients in clinical trials. However, researchers are innovating clinical trials with a new strategy called bring-your-own-device (BYOD). This new strategy allows patients/ participants in the trial to deliver study data with their internet-enabled solutions. Technological advancements and confidence have improved study outcomes, bringing new solutions. In recent years, clinical researchers have noticed a noticeable increase using the electronic clinical outcome assessment (eCOA) tool within trials. Most clinical trial performers are shifting toward clinical trials with the BYOD strategy. Through the BYOD strategy, patients can easily share their regular data through smartphones, laptops, tablets, and desktop computers. BYOD strategy can potentially deliver tremendous opportunities and values in the virtual clinical trials landscape. The ability of patients to use their own devices provides considerable convenience.
Offerings of a More Patient-centric Approach and Participation
Traditional clinical trials are complex for sponsors, providers, and participants; however, virtual clinical trials are revolutionary approaches to running clinical studies that offer more patient-centric approaches and increase patient participation. This emerging approach allows greater patient management and engagement in their care, making it simple and easier for patients from all backgrounds to participate in trials without traveling long distances or being connected to a specific institution or care facility. Furthermore, advanced systems under virtual clinical trials support delivering more benefits to patient participants. For example, Clinical Data Management (CDM) systems help to correctly and securely collect and manage data without disturbing patient time.
INDUSTRY RESTRAINTS
Ethical Consideration and Regulatory Compliance
Clinical trials are highly complex and stringently regularized due to the high-cost investment and involvement of a huge patient population and associated data. Vendors are ensuring compliance with diverse regulatory requirements and ethical standards. The worldwide environment of virtual clinical trials often spans multiple jurisdictions, each with its regulations. Vendors must ensure that the regulatory bodies they submit to are aware of all trial techniques and follow their guidelines. Regulatory bodies must comply with new guidelines and amend existing guidance to keep up with the emerging technologies and virtual trial approaches. Furthermore, ethical challenges, such as informed consent in virtual clinical trials, are still challenging, as perhaps the risk and depth of the trial have not been fully conveyed, and patients can still accept without full understanding.
COMPETITIVE LANDSCAPE
The global virtual clinical trials market report contains exclusive data on 32 vendors. The market is highly fragmented, and large corporations dominate it. However, there are significant growth opportunities for new entrants. Though the market is dominated by major players, many investigational and small companies are coming into existence with virtual clinical trial solutions.
Dassault Systemes, Medable, Science 37, THREAD, Castor, Clinical Ink, IQVIA, and Icon are some leading companies accounting for more than 50% of the market share in the global virtual clinical trials market. These vendors are continuously developing and investing in virtual clinical trial tools and are expected to dominate the market with continued engagement.
Key Vendors
- Dassault Systemes
- Medable
- Science 37
- THREAD
- Castor
- Clinical ink
- IQVIA
- Icon Plc
Other Prominent Vendors
- Accenture
- Clario
- Delve Health
- Cambridge Cognition
- Labcorp
- ObvioHealth
- Signant Health
- Thermo Fisher Scientific
- Advarra
- CMIC Holdings
- Curavit Clinical Research
- Jeeva Informatics Solutions
- LEO Innovation (Studies & Me)
- Oracle
- Paraxel International Corporation
- ProPharma Group
- PCM Trials
- M&B Sciences
- AUTOCRUITMENT
- ClinicalConnection
- CSSi
- Tigermed
- Trialize
- Florence Healthcare
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $2.64 Billion |
| Forecasted Market Value (USD) by 2029 | $7.11 Billion |
| Compound Annual Growth Rate | 17.9% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1: Virtual Clinical Trials Market Overview
- Executive Summary
- Key Findings
Chapter 2: Virtual Clinical Trials Market
- Global: Projected Revenue of Virtual Clinical Trials Market (2020-2029; $ Millions)
Chapter 3: Virtual Clinical Trials Market Prospects & Opportunities
- Virtual Clinical Trials Market Opportunities & Trends
- Virtual Clinical Trials Market Drivers
- Virtual Clinical Trials Market Constraints
Chapter 4: Virtual Clinical Trials Market Segmentation Data
Global: Projected Revenue by Study Type (2020-2029; $ Millions)
- Interventional Study
- Other Study Type
Global: Projected Revenue by Phases (2020-2029; $ Millions)
- Late Stage
- Early Stage
Global: Projected Revenue by Company Size (2020-2029; $ Millions)
- Small & Mid-Sized Companies
- Large Sized Companies
Global: Projected Revenue by Therapeutic Area (2020-2029; $ Millions)
- Oncology
- Rare & Genetic Diseases
- Cns- Central Nervous Systems Diseases
- Immunology Diseases
- Other Therapeutic Area
Chapter 5: Key Regions Overview
Chapter 6: Virtual Clinical Trials Market Industry Overview
- Virtual Clinical Trials Market - Competitive Landscape
- Virtual Clinical Trials Market- Key Vendor Profiles
- Virtual Clinical Trials Market- Other Prominent Vendors
- Virtual Clinical Trials Market - Key Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/myacxq
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