What is the growth trajectory of the Virtual Clinical Trials Market?
The virtual clinical trials market size has witnessed robust growth in recent years. From $11.91 billion in 2024, it will grow to $12.99 billion in 2025 at a compound annual growth rate (CAGR) of 9.0%. Factors contributing to this growth include increasing costs of clinical trials, growing need for patient-centric trials, rising demand for remote monitoring, growing adoption of digital technologies in clinical trials, and the need for efficient and cost-effective clinical trials.
The virtual clinical trials market size is set to see swift growth, projected to reach $19.67 billion in 2029 at a compound annual growth rate (CAGR) of 10.9%. This growth is ascribed to factors such as growing adoption of decentralized clinical trials, increasing use of wearables and other remote monitoring devices, expansion of telehealth services, regulatory support for virtual trial methodologies, cost and time efficiency in trial conduct. Major trends in the forecast period include increased use of AI and machine learning in clinical trials, growth in virtual trial platforms and technologies, and a focus on real-world evidence and decentralized data collection.
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What are the major drivers of the Virtual Clinical Trials Market?
The burgeoning investments by governments and pharmaceutical companies in the R&D for the development of new vaccines and drugs are propelling the growth of the virtual clinical trials market. With the COVID-19 pandemic catalyzing the adoption of decentralized clinical trials, the R&D divisions in the medical industry are increasingly utilizing virtual clinical trial solutions and services to enhance quality assurance and clinical data management of drugs and their products.
How is the Virtual Clinical Trials Market Segmented?
1) By Design: Observational Trials, Interventional Trials, Expanded Access Trials
2) By Phases: Phase I, Phase II, Phase III, Phase IV
3) By Indication: CNS, Autoimmune Or Inflammation, Cardiovascular Disease, Metabolic Or Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology, Other Indications
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Who are the key players in the Virtual Clinical Trials Market?
Defined major companies in the virtual clinical trials market include ICON plc, Parexel International Pvt. Ltd., IQVIA Holdings Inc., Covance Research Products Inc., Pharmaceutical Research Associates Inc., Medidata Solution Inc., Oracle Corporation, Clario Tech Ltd., Medable Inc., Science 37 Holdings Inc., THREAD Research, Clinical Ink Inc., Veeva Systems Inc., Clinerion Ltd., CRF Health Group Limited, Royal Castor Products Limited, Crio Inc., Deep Lens Inc., Florence Healthcare Inc., goBalto Inc., Medrio Inc., Mint Medical Ltd., Mytrus Inc., OpenClinica LLC, PatientWing, RealTime-CTMS LLC, Reify Health, Sanguine Biosciences Inc., TriNetX Inc., VirTrial LLC
Which trends are influencing the Virtual Clinical Trials Market Landscape?
Advancements in technology are a key trend impacting the virtual clinical trials market. Companies in the virtual clinical trials space are implementing new generation virtual clinical technologies into their services — including wearable technologies, mHealth, blockchain, and cloud computing. As an example, Unlearn. AI, a US-based start-up, will launch a new digital twin RCTs technology for clinical trials in April 2022.
Which region is the fastest growing in the Virtual Clinical Trials Market?
While North America dominated the virtual clinical trials market in 2024, Asia-Pacific is expected to witness the fastest growth during the forecast period. The regions covered in the virtual clinical trials market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Virtual Clinical Trials Market Report 2025 Offer?
The virtual clinical trials refer to remote or decentralized clinical trials using digital health technologies for remote participation using tablets, smartphone apps, or wearable sensors. Virtual clinical trials afford significant digital changes in clinical research methodology, resulting in a more patient-centric ecosystem. The Virtual Clinical Trials Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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