Virtual Clinical Trials Market Share, Business Plans, Strategies With Forecasts 2030

Virtual Clinical Trials Industry Overview

The global virtual clinical trials market size is expected to reach USD 12.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2022 to 2030. The COVID-19 pandemic has significantly impacted the market. The growing need for patient diversity clubbed with enhanced data collection in clinical trials is boosting the market growth.

U.S. Virtual Clinical Trials market size, by study design, 2020 - 2030 (USD Billion)

Virtual Clinical Trials Market Segmentation

Grand View Research has segmented the global virtual clinical trials market based on study design, indication, and region:

Based on the Study Design Insights, the market is segmented into Interventional, Observational, and Expanded Access.

  • The interventional design segment led the Virtual/Decentralized Clinical Trials (DCTs) market and accounted for the largest revenue share of 46.7% in 2021. The rapid increase in the number of experiments to develop novel medications for various diseases and the digitalization of laboratories are factors driving the segment. The outbreak of coronavirus has raised the demand for testing and trials of new drugs and vaccines to combat the situation around the world as the traditional method of clinical trials comes with a huge risk of infection in people.
  • The virtual trials are better suited for chronic diseases as well as less interventional observational studies including cardiovascular diseases, immunology, gastrointestinal, dermatology, respiratory, and endocrinology.
  • The expanded access segment is expected to account for the highest CAGR over the forecast period. Expanded access is a potential pathway that is appropriate where the potential benefit for the patient subdues the potential risks, hence continuous emergence of new variants of COVID-19 is expected to drive demand for expanded access to new drugs over a short term.

Based on the Indication Insights, the market is segmented into Oncology, Cardiovascular, and Others.

  • The oncology segment dominated the market for Virtual/Decentralized Clinical Trials and accounted for the largest revenue share of 25.2% in 2021. The segment is also anticipated to contribute to the maximum share of the market during the forecast period.

Virtual Clinical Trials Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Key Companies Profile & Market Share Insights

The market for global virtual clinical trials is highly competitive. Significant factors affecting competitive nature are the quick adoption of advanced technology for improved healthcare. Besides, players are also acquiring, collaborating, partnering with other firms to gain the market share.

Some prominent players in the global virtual clinical trials market include

  • ICON, plc
  • Parexel International Corporation
  • Covance
  • PRA Health Sciences
  • LEO Innovation Lab
  • Medidata
  • Oracle
  • CRF Health
  • Clinical Ink
  • Medable, Inc.

Order a free sample PDF of the Virtual Clinical Trials Market Intelligence Study, published by Grand View Research.

Comments are closed