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Virtual Clinical Trials Market Trends

Report ID: GMI8438
Published Date: Mar 2024
Report Format: PDF

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Virtual Clinical Trials Market Trends

The growing prevalence of chronic diseases such as infectious diseases, heart diseases, and neurological conditions, coupled with the expanding elderly population, are driving the expansion of the market.
With the growing disease burden, it is anticipated to increase the demand for the development of new drugs. For instance, in 2020 the World Health Organization (WHO) reported that nearly three-quarters of global deaths were attributed to chronic diseases. Similarly, it was highlighted that 71% of deaths related to ischemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes were likely to occur in developing countries. Thus, rising prevalence and incidence of chronic disease is projected to impel the technological development in the healthcare industry, thereby augmenting the market growth.

However, stringent regulatory framework may hamper the market growth to certain extent.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global virtual clinical trials industry was valued at USD 8.6 billion in 2023 and is predicted to reach USD 16.1 billion by 2032, attributed to the adoption of remote monitoring technologies, rise in R&D activities, as well as increasing healthcare digitization.

The fully virtual trials segment is expected to register 7% CAGR from 2024 to 2032 owing to the integration of digital health solutions, such as electronic patient-reported outcomes (ePRO), remote informed consent platforms, and virtual trial management systems that facilitate the implementation of the virtual clinical trials.

North America virtual clinical trials industry accounted for USD 3.7 billion in 2023 and is anticipated to observe 6.9% CAGR between 2024 and 2032 attributed to the increasing prevalence of cardiovascular disorders and a growing elderly population.

Clinical Ink, CROPRIME Ltd, ICON, plc, IQVIA Inc., Medable, Inc., Medidata, Oracle Corporation, Parexel International (MA) Corporation, PRA Health Sciences, and Signant Health.