Virtual Clinical Trials Market Analysis

Virtual Clinical Trials Market Analysis

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The market based on study design is segmented into interventional, observational, and expanded access. The interventional segment accounted for majority of market share of 49.7% in 2023.
 

• The combination of patient safety, accessibility, efficiency, regulatory support, and technological advancements drives the adoption of interventional study designs in the market.
   
• The segment is being propelled by a rapid rise in experiments aimed at developing novel medications for a wide range of diseases, coupled with the increasing digitalization of laboratories.
   
• Further, the outbreak of the COVID-19 pandemic has heightened the demand for testing and trials of new drugs and vaccines worldwide. Traditional clinical trial methods entail a significant risk of infection among participants, thereby leading to an increased demand for virtual trials. Thus, adoption of clinical trials that are conducted virtually will spur the market growth.
   

Based on type, the virtual clinical trials market is classified into fully virtual trials and hybrid virtual trials. The fully virtual trials segment is expected to hold 7% CAGR throughout the forecast period.
 

• Fully virtual trial methodologies prioritize patient-centric approaches by offering flexible participation options, reduces the burden of travel and site visits, and enhance patient engagement through remote monitoring technologies. Also, by placing patients at the center of trial design and execution, the trials improve participant retention and recruitment rates.
   
• Furthermore, the integration of digital health solutions, such as electronic patient-reported outcomes (ePRO), remote informed consent platforms, and virtual trial management systems are facilitating the implementation of the virtual clinical trials, thereby accelerating the segment growth.
   

The virtual clinical trials market based on phases is classified into phase I, phase II, phase III, and phase IV. The phase II segment is expected to reach USD 5.4 billion by 2032.
 

• The segmental growth is attributable to the increased utilization of decentralized clinical trial (DCT) tools and platforms. Virtual clinical trials are particularly advantageous during phase II trials, as it offers substantial benefits to the biopharmaceutical and pharmaceutical sectors by expediting the collection of time-sensitive patient data and reducing delays in approvals and site payments. Thus, owing to such aforementioned factor, the virtual clinical trials are highly utilized in phase II.
   

Based on indication, the virtual clinical trials market is divided into CNS, autoimmune/inflammation, cardiovascular disease, metabolic/endocrinology, infectious disease, oncology, genitourinary, ophthalmology, and other indications. The oncology segment accounted for significant market position and is predicted to reach USD 3.9 billion by 2032.
 

• Growing prevalence of cancer, increasing R&D activities on the development of novel cancer drugs, and rising government initiatives for cancer awareness are increasing the number of oncological trials. For instance, according to GLOBOCAN 2022 report, an estimated 1.9 million cancer cases were diagnosed globally.
   
• Therefore, virtual clinical trials offer greater flexibility and convenience for oncology patients by enabling them to participate in trials from their homes or local healthcare facilities. This reduces the burden of travel and facilitates broader participation, including patients from remote or underserved areas who may face challenges accessing traditional clinical trial sites, thereby supplementing the market growth.
   

Based on industry, the virtual clinical trials market is segmented into pharmaceutical and biotechnology companies, contract research organizations (CROs), medical devices companies, and other industries. The pharmaceutical & biotechnology companies segment held a business share of 34.5% in 2023.
 

• Pharmaceutical & biotechnology companies are witnessing shift from traditional clinical trials to decentralized model. This is majorly due to greater flexibility, reduced costs, and improved patient outcomes.
   
• Additionally, the increasing focus of the pharmaceutical industry on research and development (R&D) activities is a significant driver propelling the market forward. With the growing prevalence of complex diseases and unmet medical needs, there is a rising demand for innovative treatments and therapies.
   

North America virtual clinical trials market accounted for USD 3.7 billion revenue in 2023 and is anticipated to grow at CAGR of 6.9% between 2024 and 2032 period.
 

• The increasing prevalence of cardiovascular disorders and a growing elderly population are among the factors projected to drive the growth of the market. Also, the demand for virtual clinical trials is predicted to increase as more clinical studies are conducted to identify effective and dependable solutions to reduce or cure the spread of cardiovascular and other diseases.
   
• Further, the presence of major market players and the large number of ongoing clinical trials conducted in the region is anticipated to be driving the growth of the market in the region.