Virtual Clinical Trials Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM3490 | Last Updated On: May 13 2022 | Available Formats

> Global Virtual Clinical Trials Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Virtual Clinical Trials Market is segmented By Design (Interventional, Observational, Expanded Access), By Indication (Oncology, CNS, Autoimmune/Inflammation, Cardiovascular Disease, Metabolic/Endocrinology, Infectious Disease, Genitourinary, Ophthalmology), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The global virtual clinical trials market size was valued US$ XX billion in 2022 and is estimated to reach US$ XX billion by 2029, growing at a CAGR of XX % during the forecast period (2022-2029). 

Virtual Clinical Trials (VCTs), also called remote or decentralized trials, are a comparatively new and yet underutilized method of conducting clinical research taking full advantage of technologies such as apps, electronic monitoring devices, and online social engagement platforms.

Market Dynamics

The virtual clinical trials market growth is driven by the increasing investments by the government and the pharmaceutical companies in the R&D for the development of new vaccines and drugs, increasing occurrences of people suffering from chronic diseases, infectious diseases and neurological diseases, coupled with the rising geriatric population.

Rising expenditure on healthcare and healthcare facilities is expected to propel the global virtual clinical trials market growth over the forecast period.

Private as well as public expenditure on healthcare has increased significantly in the recent past. This is owing to the increasing population and prevalence of various diseases. Furthermore, a rapidly changing lifestyle drives the demand for advanced healthcare solutions. For instance, according to the World Bank, public and private health expenditure collectively in the U.S. accounted for 16.89% and 17% of the overall GDP of the Country in 2017 and 2018, respectively, whereas, in Germany, it accounted for 11.43% of the Country's GDP in 2018. Furthermore, increased expenditure on healthcare has led to high adoption of wireless technologies, implantable medical devices, and a high preference for alternative healthcare institutions. Thus, a rise in healthcare expenditure is expected to propel the global needle counters market growth over the forecast period.

Increasing collaborations, partnerships are expected to propel the global virtual clinical trials market growth over the forecast period.

For instance, Nov-2020: Parexel came into collaboration with the Clinical Trial Center (CTC). This collaboration will increase the research capacity of delivering early Phase clinical trials. It will also support the rising demand and continuation of early phase clinical studying during the pandemic.

Jul-2020: IQVIA came into a partnership agreement with AstraZeneca PLC. This partnership aimed to develop vaccines and therapies against COVID-19, which come under U.S. government projects. IQVIA aimed to enroll the U.S. study participants who received AZD1222 onto its virtual clinical trial platform.

Increasing challenges associated with virtual clinical trials are likely to hamper market growth.

The issues of pervasive conservative corporate culture, handling large amounts of collected data and reliability to regulators make full adoption of virtual trials difficult for industrial experts. The integrity of data formulates the main reticence of virtual trials in the industry. The lack of personal dealing of clinicians with patients affects the standards of treatment or care.

COVID-19 Impact Analysis

The current pandemic of COVID-19 is making the clinical trial industry change the way of conducting ongoing or upcoming experiments. This year has changed people’s lives upside down. The stay-at-home or quarantine orders are being followed everywhere, and the clinical trial industry is no exception. As per the Continuum Clinical report published in April 2020, approximately 30% of the surveyed clinical trial places are projected to have a huge impact on recruiting patients for new trial studies and retaining already-enrolled patients compliant with their study schedules. Also, 81% of the European clinical trial study sites and 56% of the U.S. sites indicated that the patients are less likely to continue participating in studies. Besides, as of March 30, around 30 pharma or biotech companies have reported disruption to a trial due to the crisis.

Segment Analysis

The Interventional segment is expected to hold the largest share in this market segment.

The interventional design segment led the market and accounted for the largest revenue share. The rapid increase in the number of experiments to develop novel medications for various diseases and the digitalization of laboratories drive the segment growth. The coronavirus outbreak 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 of people. This, in turn, is propelling the growth of the interventional design segment for virtual/decentralized trials.

The virtual trials are better suited for chronic diseases and 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 oncology segment is expected to hold the largest share in this market segment.

The oncology segment dominated the market and accounted for the largest revenue share. The segment is also anticipated to contribute to the maximum revenue share 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. Besides, cancer researchers face considerable challenges in patient recruitment. Till June 2019, approximately 14,000 oncology trials were actively recruited with a participation rate of 3% to 8% of possible candidates, with a limited number in geriatric and minority populations.

Geographical Analysis

North America region holds the largest market share of the global Virtual Clinical Trials market.

North America dominated the Virtual/Decentralized Clinical Trials (DCTs) market and accounted for the largest revenue share. The Region 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, and 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/decentralized approaches. Covance also has around 1,900 LabCorp patient service centers across the U.S. to bring virtual/decentralized clinical trials to patients.

Competitive Landscape

The global virtual clinical trials market is highly competitive with the presence of global companies.  Some of the key players which are contributing to the growth of the market include IQVIA Holdings, Inc., ICON PLC, Laboratory Corporation of America Holdings (Covance, Inc.), Dassault Systemes S.E. (Medidata Solutions, Inc.), Oracle Corporation, Parexel International Corporation (Pamplona Capital Management), PRA Health Sciences, Inc. (KKR & Co., Inc.), Medpace Holdings, Inc., Medable, Inc. and Clinical Ink, Inc. (G.I. Partners). For instance, Jul-2020: Medidata came into partnership with CTI, a leading contract research organization. The partnership provided trials for patients with rare and infectious diseases and cancer. CTI uses Medidata’s Remote Source Reviewed to improve remote monitoring and document review for many global studies, including several COVID-19 projects.

Virtual Clinical Trials Market Key Companies to Watch

IQVIA

Overview: In 2016, Quintiles and IMS Health came together to created IQVIA. It brings together advances in data science, technology, and human science expertise to help the healthcare industry make better decisions and ultimately improve patient outcomes. Real-World Solutions powered by IQVIA Connected Intelligence. It embraces real-world data (RWD) and real-world evidence (RWE) to create intelligent connections across data, stakeholders, technologies, and services to discover previously unseen insights, drive smarter decision-making, and unleash new opportunities. The company has registered significant growth in the biopharmaceutical services industry and has a presence in all major markets, including the U.S., Japan, Germany, France, Spain, Italy, Brazil, Russia, India, and China (BRIC countries). To increase its geographic presence and customer base, the company focused on expansion as a key growth strategy.

Product Portfolio: The company is focused primarily on Human Data Science Cloud, Innovative Models, Therapeutic Areas.

Key Development: Jul-2020: IQVIA partnered with LMC Manna Research, Canada's largest network of fully-owned integrated sites. The partnership aimed to open its first Prime Site in Canada. This collaboration aimed to optimize processes and decrease the time taken to start clinical trials.

Why Purchase the Report?

  • Visualize the composition of the virtual clinical trials market segmentation by design, Indication and Region, highlighting the key commercial assets and players.
  • Identify commercial opportunities in the virtual clinical trials market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of virtual clinical trials market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

The global virtual clinical trials market report would provide access to an approx. 53 market data table, 48 figures and 200 pages. 

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers
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