Global Virtual Clinical Trials Market - Focused Insights 2024-2029

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THE GLOBAL VIRTUAL CLINICAL TRIALS MARKET WAS VALUED AT USD 2.64 BILLION IN 2023 AND IS EXPECTED TO REACH USD 7.12 BILLION BY 2029, GROWING AT A CAGR OF 17.93% DURING THE FORECAST PERIOD.

The Virtual Clinical Trials Market Size, Share & Trend Analysis Report By

  1. Study Type: Interventional Study and Non-Interventional Study
  2. Phases: Late Stage and Early Stage
  3. Company Size: Small & Mid-sized Companies and Large-sized Companies
  4. Therapeutic Area: Oncology, Rare & Genetic Diseases, CNS- Central Nervous System Diseases, Immunology Diseases, and Other Therapeutic Areas
  5. Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2024–2029.

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VIRTUAL CLINICAL TRIALS MARKET REPORT SCOPE

REPORT ATTRIBUTEDETAILS
Market Size (2029)USD 7.12 Billion
Market Size (2023)USD 2.64 Billion
CAGR (2023-2029)17.93%
HISTORIC YEAR2020-2022
BASE YEAR2023
FORECAST YEAR2024-2029
MARKET SEGMENTS BYStudy Type, Phases, Company Size, Therapeutic area, and Geography
GEOGRAPHIC ANALYSISNorth America, Europe, APAC, Latin America, and Middle East & Africa
KEY PLAYERSDassault Systèmes, Medable, Science 37, THREAD, Castor, Clinical Ink, IQVIA, and Icon Plc
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MARKET INSIGHTS

The global virtual clinical trials market was valued at USD 2.64 billion in 2023 and is expected to reach USD 7.12 billion by 2029, growing at a CAGR of 17.93% during the forecast period.​ The market is primarily driven by growing digital development in the healthcare sector and rapid acceptance of remote monitoring, telehealth, and telemedicine services. The presence of the targeted patient population and their acceptance of e-health solutions led to the growing adoption of virtual clinical trials. Worldwide, the growing digitalization, automation, and technology development across the healthcare sector and biopharma and medical devices companies resulted in increasing installations of DCT platforms. ​In addition, the constant development in telehealth and telemedicine integration, the rising government support to increase integration of telehealth systems in health settings, and the rapid shift of hospitals to homecare delivery are some of the major factors revolutionizing the market landscape and access to safe and effective care delivery through virtual clinical studies. Such factors are expected to boost the market growth continuously in a further period. ​

Virtual clinical trials, or decentralized clinical trials (DCT), are executed by mobile/local healthcare providers and telehealth providers. They are a newly adopted clinical trial method and an underutilized method since the emergence of the COVID-19 pandemic. During the pandemic, the utilization of this approach has significantly increased and delivered huge growth in clinical studies, including COVID-19-associated clinical trials. This method uses advanced technologies such as electronic monitoring devices, apps, software and hardware, and online social engagement platforms.

MARKET TRENDS & DRIVERS

Breaking Down Barriers in Women’s Health Clinical Studies

Globally, the rising women’s health issues led to an increased burden of healthcare settings. Clinical studies are constantly evolving and growing rapidly to increase access to women’s health issues. However, women tend to be harder to recruit for clinical studies due to socioeconomic factors, but the emergence of virtual clinical studies design helps ease restraints to participation. Patient recruitment is one of the challenging factors in running clinical studies. However, certain socioeconomic elements, such as the disproportionate burden of childcare, make recruiting women harder and more challenging for clinical trials. In women’s health clinical studies, this factor is only exacerbated. According to the Clinical Trials Arena Report 2023, between 2010 and 2015, the proportion of women’s health clinical studies in developed countries that included decentralized factors varied between 1.5% and 3% each year. However, with increasing attention to women’s health, decentralization has become more popular in women’s health clinical studies in recent years.

Rising Integration of More Advanced Systems and Tools

Virtual clinical trials leverage tools, technology, and systems to collect data from patient participants remotely from their working or living places. Virtual clinical trials have already started using eConsent, electronic patient-reported outcomes (ePRO), and telemedicine. In addition, the increased focus on integrating wearable devices and sensors for data collection in recent years helps continuously monitor several health parameters in real-time. In addition, “Bring-Your-Own-Devices“ is one of the most popular strategies by virtual clinical trial sites, offering lucrative revenue growth opportunities for the market.

Virtual clinical trials are trending in biopharma and medical device industries to provide more convenience for patients in clinical trials. However, researchers are innovating clinical trials with a new strategy called bring-your-own-device (BYOD). This new strategy allows patients/ participants in the trial to deliver study data with their internet-enabled solutions. Technological advancements and confidence have improved study outcomes, bringing new solutions. In recent years, clinical researchers have noticed a noticeable increase using the electronic clinical outcome assessment (eCOA) tool within trials. Most clinical trial performers are shifting toward clinical trials with the BYOD strategy. Through the BYOD strategy, patients can easily share their regular data through smartphones, laptops, tablets, and desktop computers. BYOD strategy can potentially deliver tremendous opportunities and values in the virtual clinical trials landscape. The ability of patients to use their own devices provides considerable convenience.

Offerings of a More Patient-centric Approach and Participation

Traditional clinical trials are complex for sponsors, providers, and participants; however, virtual clinical trials are revolutionary approaches to running clinical studies that offer more patient-centric approaches and increase patient participation. This emerging approach allows greater patient management and engagement in their care, making it simple and easier for patients from all backgrounds to participate in trials without traveling long distances or being connected to a specific institution or care facility. Furthermore, advanced systems under virtual clinical trials support delivering more benefits to patient participants. For example, Clinical Data Management (CDM) systems help to correctly and securely collect and manage data without disturbing patient time.

INDUSTRY RESTRAINTS

Ethical Consideration and Regulatory Compliance

Clinical trials are highly complex and stringently regularized due to the high-cost investment and involvement of a huge patient population and associated data. Vendors are ensuring compliance with diverse regulatory requirements and ethical standards. The worldwide environment of virtual clinical trials often spans multiple jurisdictions, each with its regulations. Vendors must ensure that the regulatory bodies they submit are aware of all trial techniques and follow their guidelines. Regulatory bodies must comply with new guidelines and amend existing guidance to keep up with the emerging technologies and virtual trial approaches. Furthermore, ethical challenges, such as informed consent in virtual clinical trials, are still challenging, as perhaps the risk and depth of the trial have not been fully conveyed, and patients can still accept without full understanding.

SEGMENTATION INSIGHTS

INSIGHTS BY STUDY TYPE

The global virtual clinical trials market by study type is segmented into interventional and non-interventional study types. The interventional study type segment holds the largest market share. Interventional is a type of decentralized clinical trial where patient participants are assigned to groups that receive treatment. Interventional clinical trial study design can be described as a method or structure for remote data collection within the framework. It includes consent data (eConsent), randomization, and inclusion for collected safety and efficacy data for investigational (newly developed) products in clinical trials. Based on this, clinical trial researchers evaluate the effects of the intervention of medical products on health. Most clinical trials from phase I to phase III commonly go through interventional studies, accounting for higher market share and contributing to the highest revenue growth.

INSIGHT BY PHASES

The global virtual clinical trials market by phases is categorized into late and early stages. The late-stage segment shows significant growth, with the fastest-growing CAGR during the forecast period. In the late stage, phases III and IV require more patient enrollment and vast data generation, creating a huge demand for virtual clinical trials. High investment and the requirement for the most suitable candidate enrollments are considered essential in these phases, where DCT offers high patient enrollment, provides a range of targeted patient populations across the boundaries, and reduces significant cost burdens. Drug approval for specific diseases/conditions by the FDA or other authorities is often monitored over a long time during this phase. These factors accelerate the segmental growth.

INSIGHT BY COMPANY SIZE

Based on the company size, the small & mid-sized company segment dominates with the largest global virtual clinical trials market share. Small- and mid-sized companies have witnessed massive growth in clinical trial activities in the past few years. Also, the success rate of clinical trials in small and mid-sized pharma and biotech companies is higher than in large-sized companies. Small and mid-sized companies depend on CROs to outsource clinical trials due to a lack of infrastructure and lower expenditure or revenue generation. Due to the increased price of 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 and biotech companies.

INSIGHT BY THERAPEUTIC AREA

Based on the therapeutic area, the CNS- central nervous system diseases segment shows prominent growth, with the highest CAGR during the forecast period. Most sponsors, specifically those focused on CNS diseases, are optimistic about virtual clinical trials in CNS. A hybrid approach that combines traditional in-person trials with decentralized strategies is often preferred in CNS research studies. It maintains the robustness of clinical studies while expanding the convenience and reach of clinical trials for investigative sites and patients. In-home nursing visits, direct-to-patient drug delivery, mobile health, and electronic patient-reported outcomes are some of the benefits of attracting more patients to CNS virtual clinical trials.

GEOGRAPHICAL ANALYSIS

North America dominates the global virtual clinical trials market due to the high advancement in clinical trials, digitalization, and IoT adoption in health facilities and clinical trials, the increasing surge of telemedicine and telehealth, and the wide acceptance of technologies in healthcare management. The U.S. and Canada are the two major countries performing clinical trials. Due to stringent regulations and high costs, most vendors seek better options to handle the market scenario. The North American virtual clinical trials market witnessed exponential growth amid the COVID-19 crisis. Traditional clinical trials witnessed various challenges during the pandemic, thereby increasing the adoption of VCT in the market.

COMPETITIVE LANDSCAPE

The global virtual clinical trials market report contains exclusive data on 32 vendors. The market is highly fragmented, and large corporations dominate it. However, there are significant growth opportunities for new entrants. Though the market is dominated by major players, many investigational and small companies are coming into existence with virtual clinical trial solutions. Dassault Systèmes, Medable, Science 37, THREAD, Castor, Clinical Ink, IQVIA, and Icon Plc are some leading companies accounting for more than 50% of the market share in the global virtual clinical trials market. These vendors are continuously developing and investing in virtual clinical trial tools and are expected to dominate the market with continued engagement.

Frequently Asked Questions

How big is the global virtual clinical trials market?

The global virtual clinical trials market was valued at USD 2.64 billion in 2023 and is expected to reach USD 7.12 billion by 2029.

What is the growth rate of the global virtual clinical trials market?

The global virtual clinical trials market is expected to grow at a CAGR of 17.93% during the forecast period.

Which region dominates the global virtual clinical trials market?

North America dominates the global virtual clinical trials market.

Who are the major players in the global virtual clinical trials market?

Dassault Systèmes, Medable, Science 37, THREAD, Castor, Clinical Ink, IQVIA, and Icon Plc are the major players in the global virtual clinical trials market.

What are the drivers of the global virtual clinical trials market?

Offerings of a more patient-centric approach and participation, as well as supporting regulatory norms and cost efficiency with virtual clinical trials, are some drivers of the global virtual clinical trials market.

The global virtual clinical trials market size is expected to grow at a CAGR of approximately 17.93% from 2023 to 2029.

Base Year: 2023

Forecast Year: 2024-2029

The report considers the present scenario of the global virtual clinical trials and its market dynamics for 2024−2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.

VENDORS LIST

Key Vendors

  1. Dassault Systèmes 
  2. Business Overview
  3. Product Offerings
  4. Medable
  5. Science 37
  6. THREAD
  7. Castor
  8. Clinical ink
  9. IQVIA
  10. Icon Plc

Other Prominent Vendors

  1. Accenture
  2. Business Overview
  3. Product Offerings
  4. Clario
  5. Delve Health
  6. Cambridge Cognition
  7. Labcorp
  8. ObvioHealth
  9. Signant Health
  10. Thermo Fisher Scientific
  11. Advarra
  12. CMIC Holdings
  13. Curavit Clinical Research
  14. Jeeva Informatics Solutions
  15. LEO Innovation (Studies & Me)
  16. Oracle
  17. Paraxel International Corporation
  18. ProPharma Group
  19. PCM Trials
  20. M&B Sciences
  21. AUTOCRUITMENT
  22. ClinicalConnection
  23. CSSi
  24. Tigermed
  25. Trialize
  26. Florence Healthcare

SEGMENTATION & FORECAST

  1. By Study Type
  2. Interventional Study
  3. Non-Interventional Study
  4. By Phases
  5. Late Stage
  6. Early Stage
  7. By Company Size
  8. Small & Mid-sized Companies
  9. Large-sized Companies
  10. By Therapeutic Area
  11. Oncology
  12. Rare & Genetic Diseases
  13. CNS- Central Nervous System Diseases
  14. Immunology Diseases
  15. Other Therapeutic Areas
  16. By Geography
  17. North America
  18. The U.S.
  19. Canada
  20. Europe
  21. Germany
  22. The U.K.
  23. France
  24. Italy
  25. Spain
  26. APAC
  27. Japan
  28. China
  29. India
  30. Australia
  31. South Korea
  32. Latin America
  33. Brazil
  34. Mexico
  35. Argentina
  36. Middle East & Africa
  37. Turkey
  38. South Africa
  39. Saudi Arabia

Exhibit 1: Projected Revenues of Virtual Clinical Trials Market in Global (2020 – 2029; $ MN)

Exhibit 2: Market Size & Forecast – Interventional Study (2020 – 2029; $ MN)

Exhibit 3: Market Size & Forecast – Other Study Type (2020 – 2029; $ MN)

Exhibit 4: Market Size & Forecast – Late Stage (2020 – 2029; $ MN)

Exhibit 5: Market Size & Forecast – Early Stage (2020 – 2029; $ MN)

Exhibit 6: Market Size & Forecast – Small & Mid-sized Companies (2020 – 2029; $ MN)

Exhibit 7: Market Size & Forecast – Large Sized Companies (2020 – 2029; $ MN)

Exhibit 8: Market Size & Forecast – Oncology (2020 – 2029; $ MN)

Exhibit 9: Market Size & Forecast – Rare & Genetic Diseases (2020 – 2029; $ MN)

Exhibit 10: Market Size & Forecast – CNS- Central Nervous System Diseases (2020 – 2029; $ MN)

Exhibit 11: Market Size & Forecast – Immunology Diseases (2020 – 2029; $ MN)

Exhibit 12: Market Size & Forecast – Other Therapeutic Areas (2020 – 2029; $ MN)

Exhibit 13: Projected Revenues of Virtual Clinical Trials Market in N. America (2020 – 2029; $ MN)

Exhibit 14: Projected Revenues of Virtual Clinical Trials Market in the US (2020 – 2029; $ MN)

Exhibit 15: Projected Revenues of Virtual Clinical Trials Market in Canada (2020 – 2029; $ MN)

Exhibit 16: Projected Revenues of Virtual Clinical Trials Market in Europe (2020 – 2029; $ MN)

Exhibit 17: Projected Revenues of Virtual Clinical Trials Market in the UK (2020 – 2029; $ MN)

Exhibit 18: Projected Revenues of Virtual Clinical Trials Market in France (2020 – 2029; $ MN)

Exhibit 19: Projected Revenues of Virtual Clinical Trials Market in Germany (2020 – 2029; $ MN)

Exhibit 20: Projected Revenues of Virtual Clinical Trials Market in Spain (2020 – 2029; $ MN)

Exhibit 21: Projected Revenues of Virtual Clinical Trials Market in Italy (2020 – 2029; $ MN)

Exhibit 22: Projected Revenues of Virtual Clinical Trials Market in APAC (2020 – 2029; $ MN)

Exhibit 23: Projected Revenues of Virtual Clinical Trials Market in Australia (2020 – 2029; $ MN)

Exhibit 24: Projected Revenues of Virtual Clinical Trials Market in China (2020 – 2029; $ MN)

Exhibit 25: Projected Revenues of Virtual Clinical Trials Market in South Korea (2020 – 2029; $ MN)

Exhibit 26: Projected Revenues of Virtual Clinical Trials Market in Japan (2020 – 2029; $ MN)

Exhibit 27: Projected Revenues of Virtual Clinical Trials Market in India (2020 – 2029; $ MN)

Exhibit 28: Projected Revenues of Virtual Clinical Trials Market in L. America (2020 – 2029; $ MN)

Exhibit 29: Projected Revenues of Virtual Clinical Trials Market in Brazil (2020 – 2029; $ MN)

Exhibit 30: Projected Revenues of Virtual Clinical Trials Market in Mexico (2020 – 2029; $ MN)

Exhibit 31: Projected Revenues of Virtual Clinical Trials Market in Argentina (2020 – 2029; $ MN)

Exhibit 32: Projected Revenues of Virtual Clinical Trials Market in MEA (2020 – 2029; $ MN)

Exhibit 33: Projected Revenues of Virtual Clinical Trials Market in Turkey (2020 – 2029; $ MN)

Exhibit 34: Projected Revenues of Virtual Clinical Trials Market in South Africa 2020 – 2029; $ MN)

Exhibit 35: Projected Revenues of Virtual Clinical Trials Market in Saudi Arabia (2020 – 2029; $ MN)

Tables

Table 1:Estimated & Projected Revenues of Global Virtual Clinical Trials Market (2020 – 2029; $ Mn)

Table 2: Market Size & Forecast- Virtual Clinical Trials Market by Study Type (2020 – 2029; $ Mn)

Table 3: Market Size & Forecast- Virtual Clinical Trials Market by Study Type (2020 – 2029; %)

Table 4: Market Size & Forecast- Virtual Clinical Trials Market by Phases (2020 – 2029; $ Mn)

Table 5: Market Size & Forecast- Virtual Clinical Trials Market by Phases (2020 – 2029; %)

Table 6: Market Size & Forecast- Virtual Clinical Trials Market by Company Size (2020 – 2029; $ Mn)

Table 7: Market Size & Forecast- Virtual Clinical Trials Market by Company Size (2020 – 2029; %)

Table 8: Market Size & Forecast- Virtual Clinical Trials Market by Therapeutic Area (2020 – 2029; $ Mn)

Table 9:Market Size & Forecast- Virtual Clinical Trials Market by Therapeutic Area (2020 – 2029; %)

Table 10: Market Size & Forecast- Virtual Clinical Trials Market by Geography (2020 – 2029; $ Mn)

Table 11: Market Size & Forecast- Virtual Clinical Trials Market by Geography (2020 – 2029; %)

CHAPTER – 1: Virtual Clinical Trials Market Overview

  1. Executive Summary
  2. Key Findings


CHAPTER – 2: Virtual Clinical Trials Market Market

  1. GLOBAL: Projected Revenue of Virtual Clinical Trials Market (2020-2029; $ Millions)


CHAPTER – 3: Virtual Clinical Trials Market Prospects & Opportunities

  1. Virtual Clinical Trials Market Opportunities & Trends
  2. Virtual Clinical Trials Market Drivers
  3. Virtual Clinical Trials Market Constraints


CHAPTER – 4: Virtual Clinical Trials Market Segmentation Data

  1. GLOBAL: Projected Revenue by Study Type (2020-2029; $ Millions)
  2. Interventional Study
  3. Other Study Type


  1. GLOBAL: Projected Revenue by Phases (2020-2029; $ Millions)
  2. Late Stage
  3. Early Stage
  4. GLOBAL: Projected Revenue by Company Size (2020-2029; $ Millions)
  5. Small & Mid-sized Companies
  6. Large Sized Companies


  1. GLOBAL: Projected Revenue by Therapeutic Area (2020-2029; $ Millions)
  2. Oncology
  3. Rare & Genetic Diseases
  4. CNS- Central Nervous Systems Diseases
  5. Immunology Diseases
  6. Other Therapeutic Area



CHAPTER – 5: Key Regions Overview

  1. North America: Projected Revenue of Virtual Clinical Trials Market (2020-2029; $ Millions)
  2. Projected Revenue of Virtual Clinical Trials Market in the US
  3. Projected Revenue of Virtual Clinical Trials Market in Canada
  4. Europe: Projected Revenue of Virtual Clinical Trials Market (2020-2029; $ Millions)
  5. Projected Revenue of Virtual Clinical Trials Market in the UK
  6. Projected Revenue of Virtual Clinical Trials Market in France
  7. Projected Revenue of Virtual Clinical Trials Market in Germany
  8. Projected Revenue of Virtual Clinical Trials Market in Spain
  9. Projected Revenue of Virtual Clinical Trials Market in Italy
  10. APAC: Projected Revenue of Virtual Clinical Trials Market (2020-2029; $ Millions)
  11. Projected Revenue of Virtual Clinical Trials Market in Australia
  12. Projected Revenue of Virtual Clinical Trials Market in China
  13. Projected Revenue of Virtual Clinical Trials Market in South Korea
  14. Projected Revenue of Virtual Clinical Trials Market in Japan
  15. Projected Revenue of Virtual Clinical Trials Market in India
  16. Latin America: Projected Revenue of Virtual Clinical Trials Market (2020-2029; $ Millions)
  17. Projected Revenue of Virtual Clinical Trials Market in Brazil
  18. Projected Revenue of Virtual Clinical Trials Market in Mexico
  19. Projected Revenue of Virtual Clinical Trials Market in Argentina
  20. Middle East & Africa: Projected Revenue of Virtual Clinical Trials Market (2020-2029; $ Millions)
  21. Projected Revenue of Virtual Clinical Trials Market in Turkey
  22. Projected Revenue of Virtual Clinical Trials Market in South AFrica
  23. Projected Revenue of Virtual Clinical Trials Market in Saudi Arabia


CHAPTER – 6:Virtual Clinical Trials Market Industry Overview

  1. Virtual Clinical Trials Market - Competitive Landscape
  2. Virtual Clinical Trials Market– Key Vendor Profiles
  3. Virtual Clinical Trials Market– Other Prominent Vendors
  4. Virtual Clinical Trials Market - Key Strategic Recommendations


CHAPTER – 7: Appendix

  1. Research Methodology
  2. Abbreviations
  3. About Arizton

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Frequently Asked Questions

How big is the global virtual clinical trials market?

The global virtual clinical trials market was valued at USD 2.64 billion in 2023 and is expected to reach USD 7.12 billion by 2029.

What is the growth rate of the global virtual clinical trials market?

The global virtual clinical trials market is expected to grow at a CAGR of 17.93% during the forecast period.

Which region dominates the global virtual clinical trials market?

North America dominates the global virtual clinical trials market.

Who are the major players in the global virtual clinical trials market?

Dassault Systèmes, Medable, Science 37, THREAD, Castor, Clinical Ink, IQVIA, and Icon Plc are the major players in the global virtual clinical trials market.

What are the drivers of the global virtual clinical trials market?

Offerings of a more patient-centric approach and participation, as well as supporting regulatory norms and cost efficiency with virtual clinical trials, are some drivers of the global virtual clinical trials market.