Austin, Nov. 15, 2024 (GLOBE NEWSWIRE) -- “According to SNS Insider, The Virtual Clinical Trials Market Size was valued at USD 8.78 billion in 2023 and is expected to reach USD 14.89 billion by 2032, growing at a CAGR of 6.07% over the forecast period 2024-2032.”
Market Overview
The Virtual Clinical Trials Market is evolving rapidly as healthcare providers and researchers shift towards digital solutions that streamline clinical research. Virtual trials, also known as decentralized clinical trials (DCTs), leverage digital health tools to allow patients to participate remotely, bypassing the need for traditional trial sites. This approach not only makes clinical research more accessible but also ensures continuity, particularly in studies involving chronic and rare conditions that traditionally face logistical challenges.
Key digital innovations such as AI-driven recruitment, data analytics, and telemedicine are helping to optimize trial efficiency and transparency, enabling pharmaceutical companies to adapt swiftly to patient needs. Additionally, advanced data management solutions are boosting data quality and regulatory compliance, further strengthening virtual trials as a preferred method for patients and providers.
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Key Virtual Clinical Trials Companies Profiled:
- ICON, plc
- Parexel International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink
- Medable, Inc.
- Signant Health
- Halo Health Systems
- Croprime
- Dassault Systèmes SE
- Medpace Holdings Inc.
- Laboratory Corporation of America Holdings
- Wuxi AppTech
Virtual Clinical Trials Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 8.78 Billion |
| Market Size by 2032 | US$ 14.89 Billion |
| CAGR | CAGR of 6.07% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segment Analysis
By Study Design
The interventional design segment held a dominant revenue share in the virtual clinical trials market in 2023, a trend projected to continue through the forecast period. This dominance is primarily attributed to the surge in clinical trials for new drugs and the transition of laboratories toward digital frameworks. Interventional virtual trials became critical during the COVID-19 pandemic, where remote testing and patient monitoring proved essential in reducing infection risks. This study design is particularly effective for chronic and observational studies across various medical fields, including cardiovascular, immunology, and dermatology. The interventional design segment constitutes over 40% of the market share, reflecting its integral role in clinical research advancements.
The expanded access segment is anticipated to grow rapidly, at a projected CAGR of 5.9% during the forecast period. This growth is driven by the increasing need for expedited drug accessibility, especially as new COVID-19 variants emerge. Expanded access pathways enable patients to receive experimental therapies when no alternative treatments are available, thus catering to urgent demands in disease management.
By Indication
The oncology segment dominated the virtual clinical trials market in 2023, holding a market share exceeding 25.0%. The ongoing rise in global cancer cases has prompted the adoption of virtual clinical trials, as they provide a safer, remote option for high-risk patients, especially during the pandemic. Virtual trials for oncology facilitate continued care and clinical advancements while ensuring patient safety through remote data collection and monitoring.
The cardiovascular segment is projected to be the fastest-growing segment during the forecast period, fueled by the global prevalence of cardiovascular diseases. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death worldwide, with approximately 17.9 million deaths annually. In the United States alone, the Centers for Disease Control and Prevention (CDC) reports one death every 36 seconds due to heart-related conditions. The increased focus on developing treatments for these widespread diseases has encouraged growth in this segment of virtual trials.
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Virtual Clinical Trials Market Key Segmentation:
By Study Design
- Interventional
- Observational
- Expanded Access
By Indication
- CNS
- Autoimmune/Inflammation
- Cardiovascular Disease
- Metabolic/Endocrinology
- Infectious Disease
- Oncology
- Genitourinary
- Ophthalmology
- Others
By Phase
- Phase I
- Phase II
- Phase III
- Phase IV
Regional Analysis
In 2023, North America held the largest share of the virtual clinical trials market, attributed to the rapid adoption of digital healthcare and the presence of major pharmaceutical companies driving research and development. The United States, in particular, has pioneered the virtual trial landscape, supported by regulatory support from the FDA, which is increasingly receptive to virtual and hybrid trial designs. Leading companies in the region have embraced telemedicine platforms and data analytics to expedite clinical trials, with significant applications observed in areas like oncology, cardiology, and neurology. As companies such as Medable, Inc., and Signant Health lead in innovation, North America is expected to remain a key market throughout the forecast period.
Europe is anticipated to be the fastest-growing region in the virtual clinical trials market due to the increasing adoption of digital healthcare infrastructure, government funding, and favorable regulatory frameworks. European countries have shown a strong inclination toward patient-centric trial methods, with the European Medicines Agency (EMA) encouraging decentralized trial designs. The region’s pharmaceutical companies are increasingly adopting virtual trials to manage chronic disease research, such as oncology and cardiovascular diseases. Companies like Dassault Systèmes have leveraged their virtual twin technology to create comprehensive, digital clinical trial solutions, providing substantial contributions to Europe’s market expansion. The region’s growth is further driven by applications in immunology and rare disease trials, ensuring Europe’s progressive role in the global virtual trials landscape.
Recent Developments
- October 2024 – Dassault Systèmes released the world’s first comprehensive guide on virtual twins for the medical device industry, showcasing how digital twins can accelerate clinical trials. The guide results from a five-year collaboration with the FDA, highlighting virtual twins' utility in clinical trials.
- September 2024 – PicnicHealth, a health tech company, launched its Virtual Site program as part of its Clinical Services. This program allows clinical trials to be conducted entirely online, including virtual visits, diagnostics, and adverse event reporting, without physical trial sites.
- July 2023 – Signant Health completed its acquisition of DSG, expanding its eClinical solutions for traditional and decentralized trials. This acquisition added advanced analytics and logistics solutions to its platform, supporting a fully digital clinical trial ecosystem.
- June 2023 – Medable Inc. launched a toolkit for Institutional Review Boards (IRBs) and Ethics Committees (ECs) designed to streamline ethics review procedures in decentralized clinical trials, improving efficiency and facilitating patient-centered DCTs.
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