Global Virtual Clinical Trials Market to Witness 6% CAGR, Fueled by Digital Health Advances 2030

The global virtual clinical trials market is set to witness a growth rate of ~6% in the next 5 years. Rising adoption of decentralized trial models, advancements in digital health technologies, COVID-19 pandemic impact, increasing focus on patient-centric trials, and advantages such as cost and time efficiency, are some of the key factors driving the virtual clinical trials market. 

Virtual Clinical Trials (VCTs) are research studies that leverage digital health technologies to conduct some, or all, study procedures remotely. In doing so, VCTs utilize telemedicine, mobile applications, wearable devices, and electronic health record data, and can achieve this in a way that allows patients to participate from the convenience of their home. VCTs provide many benefits like reducing, or even completely removing, the need for participants to go to in-person sites. These factors ultimately reduce costs, increase patient access to clinical trials, and provide a potential improvement in data collection efficiencies. VCTs are especially significant for organizations to access population diversity and maintain trial operations in the case of natural disasters or pandemic-related imperatives.

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Rising adoption of decentralized trial models to drive market growth

Growing adoption of decentralized trial models is contributing to the growth of the virtual clinical trials market. Decentralized trial models have enabled patients to participate from home by utilizing digital resources for data gathering, monitoring, and communication. Decentralizing reduces the need for physical sites and allows sponsors to reach and recruit a broader patient population. In addition, study sponsors can reduce operational costs, speeds timelines, and improve patient retention and compliance. Demand for virtual trials is growing as pharmaceutical companies continue to seek research approaches that are more efficient and more inclusive.

Rising use of eConsent and eCOA platforms – A key market trend

The increasing use of eConsent and eCOA (electronic Clinical Outcome Assessment) platforms is changing the perspective about virtual clinical trials, particularly with regard to patient onboarding and patient data collection process. The use of eConsent enhances participant understanding and compliance through multimedia content and remote signing, improving recruitment and retention. eCOA also promotes patient participation by allowing real-time patient reported outcomes and minimizing instances of errors and inaccuracies. eCOA platforms can support remote monitoring of medications, interventions, etc., and they can decrease sites burden. With a shift toward decentralized trials, adopting eConsent and eCOA platforms will be a necessary plan to develop and manage efficient, patient-centric trials.

Competitive Landscape Analysis

The global virtual clinical trials market is marked by the presence of established and emerging market players such as IQVIA, Parexel International (MA) Corporation, Medable Inc., ICON plc, Laboratory Corporation of America Holdings, Dassault Systèmes, Oracle, Science 37, Signant Health, and Clinical Ink; among others. Some of the key strategies adopted by market players include strategic partnerships & collaborations and geographic expansion.

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 Global Virtual Clinical Trials Market Segmentation

This report by Medi-Tech Insights provides the size of the global virtual clinical trials market at the regional- and country-level from 2023 to 2030. The report further segments the market based on study design, phase, indication, component, and end user.

Market Size & Forecast (2023-2030), By Study Design, USD Million

• Interventional
• Observational
• Expanded Access

Market Size & Forecast (2023-2030), By Phase, USD Million

• Phase I
• Phase II
• Phase III
• Phase IV

Market Size & Forecast (2023-2030), By Indication, USD Million

• Oncology
• Cardiovascular Diseases
• CNS Disorders
• Infectious Diseases
• Metabolic Disorders
• Autoimmune/Inflammation
• Others

Market Size & Forecast (2023-2030), By Component, USD Million

• Software
• Services

Market Size & Forecast (2023-2030), By End User, USD Million

• Pharmaceutical and Biopharmaceutical Companies
• Medical Device Companies
• Others

Market Size & Forecast (2023-2030), By Region, USD Million

• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
• Latin America
• Middle East & Africa

About Medi-Tech Insights

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

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Ruta Halde
 Associate, Medi-Tech Insights
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