Global Virtual Clinical Trials Market - Focused Insights 2024-2029

MARKET INSIGHTS

The global virtual clinical trials market size was valued at USD 2.64 billion in 2023 and is projected to grow to USD 7.12 billion by 2029, with a compound annual growth rate (CAGR) of 17.93% during this forecast period. The growth of the market is mainly fueled by advancements in digital technology within the healthcare sector and the swift adoption of remote monitoring, telehealth, and telemedicine services. The availability of a targeted patient population and their willingness to embrace e-health solutions have contributed to the increasing use of virtual clinical trials. Globally, the rise of digitalization, automation, and technological advancements in healthcare, and within biopharma and medical device companies, have led to a higher installation rate of decentralized clinical trial (DCT) platforms. Moreover, ongoing enhancements in the integration of telehealth and telemedicine, increasing government support for incorporating telehealth systems into healthcare settings, and the rapid transition of hospitals to homecare services are key factors transforming the market landscape and enhancing access to safe and effective care through virtual clinical research. These elements are anticipated to continuously fuel market growth in the future.

MARKET DEFINITION

Virtual clinical trials, also known as decentralized clinical trials (DCT), are carried out by local healthcare providers and telehealth services. This method, which has been newly adopted and remains underutilized since the advent of the COVID-19 pandemic, saw a notable rise in usage during that time, significantly boosting the number of clinical studies, including those linked to COVID-19. This approach employs state-of-the-art technologies such as electronic monitoring devices, applications, software and hardware, and online social engagement platforms.

MARKET TRENDS & DRIVERS

Addressing Challenges in Women’s Health Clinical Research

The increase in women’s health issues globally has created a heightened demand in healthcare environments. Clinical studies are rapidly evolving to enhance access to women’s health topics. However, recruiting women for clinical trials can be more challenging due to various socioeconomic factors, and the introduction of virtual clinical study designs has eased some of the barriers to participation. Patient recruitment is a significant hurdle in conducting clinical studies. Certain socioeconomic factors, including the uneven burden of childcare responsibilities, complicate the recruitment of women for clinical trials. This issue is particularly pronounced in women’s health studies. According to the Clinical Trials Arena Report 2023, the proportion of decentralized factors in women’s health clinical studies in developed nations ranged from 1.5% to 3% annually between 2010 and 2015. However, increased interest in women’s health has led to a growing popularity of decentralization in these studies in recent years.

Providing More Patient-Focused Approach and Increased Involvement

Conventional clinical trials are often intricate for sponsors, providers, and participants; however, virtual clinical trials introduce innovative methods that focus more on the patient and enhance participation rates. This modern approach facilitates better patient management and encourages engagement in their care, making it more convenient for patients from diverse backgrounds to take part in trials without the need for extensive travel or reliance on specific institutions or care facilities. In addition, advanced systems in virtual clinical trials offer more advantages to patient participants. For instance, Clinical Data Management (CDM) systems ensure accurate and secure data collection and management without infringing on patients’ time.

INDUSTRY RESTRAINTS

Ethical Issues and Adherence to Regulations

Clinical trials are intricate and heavily regulated processes due to their significant cost and the involvement of a large patient population along with the related data. Vendors are working to meet various regulatory demands and ethical standards. The global landscape of virtual clinical trials frequently spans multiple legal jurisdictions, each with its own set of regulations. Vendors must ensure that regulatory agencies are fully informed about all trial methodologies and adhere to their protocols. Regulatory bodies are required to comply with new standards and update existing guidelines to align with advancing technologies and modern trial methodologies. In addition, ethical dilemmas, such as ensuring informed consent in virtual clinical trials, remain problematic, since the risks and depth of the trial may not be entirely communicated, leading patients to consent without a comprehensive understanding.

GLOBAL VIRTUAL CLINICAL TRIALS MARKET INSIGHTS

• By Study Type: The interventional study segment occupies the largest global virtual clinical trials market share. This type of trial involves a decentralized clinical study design where participants receive specific treatments. The interventional clinical trial structure encompasses various methods for collecting data remotely, which includes consent data (eConsent), randomization, and criteria for gathering safety and efficacy data for investigational new products in trials. Clinical trial researchers then assess the effects of the medical intervention on health. Typically, interventional studies span phases I through III, contributing to a larger market share and driving substantial revenue growth.
• By Phases: The late-stage segment is experiencing notable growth, with the fastest compound annual growth rate (CAGR) predicted during the forecast period. In the late-stage phases III and IV, there is a heightened requirement for patient enrollment and extensive data accumulation, which significantly boosts the need for virtual clinical trials. Major investments and the necessity for the most appropriate candidate enrollments are critical during these stages, where decentralized clinical trials provide broad patient enrollment options, reach diverse patient populations across different regions, and lessen considerable cost burdens. FDA or other authorities often monitor drug approvals for certain diseases/conditions over an extended period during this phase. Collectively, these elements drive growth in this segment.
• By Company Size: Regarding company size, the segment of small and mid-sized enterprises holds the largest share of the global virtual clinical trials market. Small- and mid-sized organizations have experienced remarkable growth in clinical trials in recent years. Moreover, the success rate of clinical trials conducted by small and mid-sized pharmaceutical and biotech companies tends to surpass that of larger firms. These companies frequently rely on contract research organizations (CROs) to outsource clinical trials due to their limited infrastructure and lower revenue generation capabilities. With the rising costs associated with clinical trials, pricing pressures, and insufficient in-house capabilities, the affordability of virtual clinical trials appeals to many small and mid-sized pharmaceutical and biotech companies.
• By Therapeutic Area: The central nervous system (CNS) disease segment is experiencing significant growth, with the highest CAGR projected for the forecast period. Many sponsors, particularly those concentrating on CNS disorders, are positive about the potential of virtual clinical trials in this area. A hybrid method that integrates traditional in-person trials with decentralized techniques is commonly favored in CNS research studies. This approach preserves the integrity of clinical examinations while enhancing the convenience and accessibility of trials for both research sites and patients. Advantages such as in-home nursing services, direct drug delivery to patients, mobile health technologies, and digital patient-reported outcomes contribute to attracting a larger pool of participants to CNS virtual clinical trials.

GEOGRAPHICAL ANALYSIS

North America leads the global virtual clinical trials market, driven by advancements in clinical trial practices, increased digitalization, and the adoption of IoT technologies across health facilities. The rise in telemedicine and telehealth, along with a broad acceptance of technology in healthcare management, further consolidates this dominance. The United States and Canada are the primary countries conducting clinical trials. Due to strict regulations and high expenses, many vendors are looking for more favorable solutions to navigate the market landscape. The North American market for virtual clinical trials has seen significant growth during the COVID-19 pandemic, as traditional clinical trials faced numerous challenges that accelerated the use of virtual methods.

COMPETITIVE LANDSCAPE

The global report on virtual clinical trials provides unique insights into the activities of 32 vendors. The market is highly fragmented, dominated by large companies, but there are substantial opportunities for new entrants to flourish. While prominent players hold a significant share, numerous smaller and investigational firms are emerging with innovative virtual clinical trial offerings. Leading companies such as Dassault Systèmes, Medable, Science 37, THREAD, Castor, Clinical Ink, IQVIA, and Icon Plc collectively represent over 50% of the total market share. These organizations are actively developing and investing in virtual clinical trial technologies and are anticipated to maintain a leading position through ongoing engagement.