The global virtual clinical trials market size was valued at USD 8.3 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2032.
Report Scope of The Clinical Trial Equipment & Ancillary Solutions Market:
|Market Size In 2022||USD 8.3 Billion|
|Revenue Forecast By 2032||USD 14.45 Billion|
|Growth Rate From 2023 to 2032||5.7%|
|Segments Covered||Study Design, Indication, Phase|
|Market Analysis (Terms Used)||Revenue In USD Million/Billion And CAGR From 2023 To 2032|
|Regional Scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Key Companies Profiled||ICON, plc; Parexel International Corporation; IQVIA; Covance; PRA Health Sciences; LEO Innovation Lab; Medidata; Oracle; CRF Health; Clinical Ink; Medable, Inc; Clinical Ink; Halo Health Systems; Croprime|
The market is majorly driven by a rise in R&D activities, increasing healthcare digitization, as well as the adoption of telehealth. Besides, technological advancements, alliances between clinical research organizations, pharmaceutical, and biotechnology companies as well as supportive government initiatives are anticipated to drive the market. The COVID-19 pandemic changed the way of conducting ongoing or upcoming trials which positively impacted the virtual clinical trials industry.
As per the continuum clinical report published in April 2020, approximately 30% of the surveyed clinical trial places are projected to have a huge impact on recruiting patients for new trial studies as well as retaining already-enrolled patients compliant with their study schedules. Also, 81% of the European clinical trial study sites and 56% of the U.S. sites indicated that the patients are less likely to continue participating in studies. Besides, as of March 30, around 30 pharma or biotech companies have reported disruption to a trial as a result of the crisis. Virtual trials also known as decentralized trials had a significant role to play in the COVID-19 crisis and are set to become a norm in the way trials and real-world studies are run.
A virtual method lets people take part in the trial from their homes ensuring research can continue even when site visits cannot, hence, representing a novel approach of collecting safety and efficacy data from participants of clinical studies. Virtual visits and remote patient monitoring of in-person site visits give participants a choice and peace of mind for not being exposed to unnecessary risks. The virtual studies enable sponsors to include a larger population in the study, thus improving recruitment, engagement, and retention. Also, it enables continuous real-time data collection through digital health technologies. Eventually, virtual connectivity, monitoring as well as management can significantly decrease the effort, time commitment, and burden on the participants, CRCs, and investigators.
Virtual Clinical Trials Market Report Segmentation: