VIRTUAL CLINICAL TRIALS MARKET ANALYSIS

The global virtual clinical trials market was valued at US$ 2,260.61 Mn in 2022 and is forecast to reach a value of US$ 8,297.56 Mn by 2030 at a CAGR of 17.65% between 2023 and 2030. The global virtual clinical trials market is experiencing strong growth owing to the growing burden of diseases and spike in virtual clinical trials adoption across the globe. Moreover, the outbreak of COVID-19 (pandemic) and increasing adoption of novel technologies in clinical research is expected to propel growth of the market. However, factors such as strict rules & regulations and challenges associated with virtual clinical trials are expected to hamper the growth of the market.

Global Virtual Clinical Trials Market: Regional Insights

Based on geography, the global virtual clinical trials market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the rise in burden of chronic disease, increase in the number of clinical trials, increase in R&D (research and development), and well established healthcare infrastructure in the region. For instance, in June 2022, the Government of Canada announced the launch of the Clinical Trials Fund (CTF), supported by the investment of US$ 250 million for the Canadian Institutes of Health Research (CIHR). The government aims to improve health outcomes for Canadians while ensuring Canada is well-positioned to respond to future pandemics and other health priorities.

Europe and Asia Pacific are also expected to witness robust growth in the global virtual clinical trials market owing to the growing burden of diseases, increase in research and development, and well established healthcare infrastructure in these regions. For instance, the European Union (EU) pharmaceutical legislation, the Clinical Trials Regulation entered into application on January 31, 2022. It aims to ensure the EU offers an attractive and favourable environment for carrying out clinical research on a large scale, with high standards of public transparency and safety for clinical trial participants. Clinical Trials Regulation harmonizes the process of evaluating and supervising clinical trials across the European Union.

Figure 1. Global Virtual Clinical Trials Market Share (%), by Region, 2023

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Global Virtual Clinical Trials Market Drivers:

Growing burden of diseases to augment market growth

One of the key factors expected to augment the growth of the global virtual clinical trials market over the forecast period is the growing burden of diseases across the globe. For instance, with the rise in burden of chronic, infectious, and/or life-threatening diseases, the demand for advanced and effective treatment is also increasing with rapid pace. According to the Center for Disease Control and Prevention (CDC), on an average 6 out of 10 people in the United States are suffering from a chronic disease and 4 out of 10 people are suffering from two or more chronic diseases, resulting in the leading cause of death in the country.

Spike in virtual clinical trials to underpin market growth

Another factor which is driving the growth of the global virtual clinical trials market is the spike in virtual clinical trials worldwide. For instance, the number of decentralised and/or virtual clinical trials and trials involving mobile healthcare more than doubled in the recent past. Several clinical research organizations (CROs) and eClinical software providers have expanded their capabilities in response to the growing demand for these services and attracted considerable attention in recent years. Virtual trials offer an innovative solution by improving the patient experiences using digital technologies and other remote services.

Global Virtual Clinical Trials Market Opportunities:

The outbreak of COVID-19 (pandemic) is expected to provide significant growth opportunities for players in the global virtual clinical trials market. For instance, the pandemic has catalyzed the adoption of decentralized clinical trials while highlighting the critical benefits of virtual trials and improving the patient and physician experience. Several biotech and pharmaceutical companies are also engaged in vaccine development that drives the demand for decentralized/virtual clinical trials. The purpose of decentralized/virtual clinical trials is to determine whether a new treatment or vaccine works and is safe for people to use.

Increasing adoption of novel technologies in clinical research is expected to offer lucrative growth opportunities for players in the global virtual clinical trials market. For instance, the use of mobile technologies in clinical trials has increased in recent times. Wearables research showcased a more robust performance, with a record number of trial initiations, and is expected to witness significant growth during the forecast period. In February 2020, Johnson and Johnson initiated a virtual trial design Heartline study to examining whether the Apple Watch and new iPhone app could decrease the possibility of stroke discovering atrial fibrillation.

Global Virtual Clinical Trials Market Trends:

Decentralization of clinical trials is a recent trend

Decentralization of clinical trials has significant potential since decentralized/virtual clinical trials are independent of regional/geographical locations and are implemented through the digital health platforms. The clinical trials landscape is rapidly changing, thus trials need to be more accessible and more convenient for participants. In May 2020, Covance expanded its technology ecosystem to accelerate decentralized/virtual clinical trials adoption. This trend is expected to continue over the forecast period, driving the growth of the market.

Rise in adoption of synthetic clinical trials is another trend

Several companies have adopted modernized approaches to counter the challenges associated with finding participants for clinical trials. Synthetic trials substantially reduces the demand for patient recruitment, saving time and resources. It is an innovative approach that entails the collection of comparison data and can replace patients in clinical trials. The use of synthetic control arm instead of patient cohort receiving standard of care reduces the patient burden of participation in clinical trials. This trend is also expected to continue during the forecast period.

Global Virtual Clinical Trials Market Restraints:

Strict rules and regulations to hinder growth of the market

One of the key factors expected to hamper the growth of the global virtual clinical trials market is the strict rules and regulations. For instance, in the U.S., the Food and Drug Administration (FDA) oversees clinical trials to ensure they are designed, conducted, analysed and reported according to federal law and good clinical practice regulations. While, the European Medicines Agency (EMA) plays an important role in further developing the EU as a competitive centre for innovative clinical trials, and in maintaining IT systems for the coordination of clinical trials.

Complexity/challenges related to virtual trials to hamper market growth

Another factor which is hampering the growth of the virtual clinical trials market is the challenges associated with virtual clinical trials and complexity in virtual clinical trials. Virtual clinical trials have several challenges; data privacy, regulatory compliance, and standard operating procedures. Patient data privacy is a major concern. Moreover, the amount of data generated through virtual trials require more time for the analysis, and clinical trials performed in an unsterile environment might lead to ailment and discrepancies compared to medical sites.

Figure 2. Global Virtual Clinical Trials Market Share (%), by Study Type, 2023

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Global Virtual Clinical Trials Market Segmentation:

The global virtual clinical trials market report is segmented into Study Type, Phases, Company Size, Therapeutic Area, and Geography.

Based on Study Type, the market is segmented into Interventional and Others. Out of which, Interventional Segment is expected to dominate the virtual clinical trials market over the forecast period and this is attributed to the increasing burden of diseases. An interventional study tests an intervention, a potential drug, medical device, activity, or procedure, in people, and aims to find out more about a particular intervention, or treatment.

Based on Phases, the market is segmented into Late Stage and Early Stage. Out of which, Late Stage Segment is expected to dominate the market over the forecast period and this is attributed to the increasing number of clinical trials. Late stage clinical trials are growing in popularity as a way of using the Real World Evidence and clinical trial methodologies to delve deeper into the thorough effects of newly marketed therapies and drugs.

Early Stage Segment is also expected to witness significant growth in the near future and this is owing to increase in demand for safe and effective treatment worldwide. Early stage clinical trials test the safety, side effects, and timing of the new treatment, as well as tests the best way of dosage delivery for treatment, such as oral, infusion, or injection.

Based on Company Size, the market is segmented into Small- & Mid-sized and Large-sized. Out of which, Small- and Mid-sized Segment is expected to dominate the market over the forecast period and this is attributed to the outsourcing of drug development. Due to the high cost associated with clinical trials, pricing pressure, and lack of internal capabilities, low-cost services offered by virtual clinical trials attract a large number of small- & mid-sized pharma/biotech companies.

Large-sized Segment is also expected to witness significant growth in the near future and this is owing to the spike in virtual clinical trial adoption. Virtual clinical trials provide better alternatives and more economic opportunities for companies.

Based on Therapeutic Area, the market is segmented into Oncology, Rare & Genetic Diseases, CNS, Immunology, and Others. Out of which, Oncology Segment is expected to dominate the market over the forecast period and this is attributed to the rise in burden of cancer and increase in demand for novel cancer therapies or treatments worldwide.

Rare & Genetic Diseases Segment is also expected to witness robust growth in the near future and this is owing to increasing prevalence of rare diseases and increasing adoption of new methods, such as virtual clinical studies.  

Global Virtual Clinical Trials Market: Key Developments

In February 2022, Medable Inc. and CVS Health collaborated to expand clinical trial access and engagement for patients at select MinuteClinic locations using a Medable’s clinical trials software platform. CVS Health Clinical Trial Services will manage the relationship.

In January 2022, Signant Health announced that it has been selected as the technology vendor for the Trials@Home consortium. This landmark, five-year research project aims to reshape clinical trials in the European Union (EU) by developing and piloting standards, tools, and best practices for decentralized clinical trials (DCTs).

In March 2021, IQVIA announced that more than 60 trials spanning around 40 countries utilize its innovative decentralized clinical trial solutions as part of their respective registration trials.

In October 2020, Medidata planned to focus on the Virtualization of Clinical trials in the digital transformation of patient experience by using the power of analytics.

In June 2020, Janssen Pharmaceuticals and PRA Health Sciences recently designed the first-ever completely decentralized, mobile, indication-seeking clinical trial.

Global Virtual Clinical Trials Market: Key Companies Insights

The global virtual clinical trials market is highly competitive. This is attributed to the rising number of clinical trials due to growing burden of disease worldwide, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global virtual clinical trials market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systèmes, and eElinicalHealth (CLINPAL), among others.

*Definition: Virtual clinical trials is a relatively new method of conducting clinical research using technologies and online social engagement platforms. Virtual clinical trials have the potential to drive significant digital alterations in the clinical research methodologies to create an improved patient-centric ecosystem.