Virtual Clinical Trials Market Size Report Projected to Reach USD 28,544.08 Million By 2032, at 15.5% Annual CAGR Growth: Polaris Market Research

NEW YORK, Aug. 7, 2023 /PRNewswire/ --

Report Summary:

Published Date: July 23
Number of Pages: 118
Base Year: 2022
Historical Data: 2019-2021

A latest research report [115+] pages with 360-Degree visibility, titled "Virtual Clinical Trials Market Share, Size, Trends, Industry Analysis Report, By Design (Observational Trials, Interventional Trials, and Expanded Access Trials); By Indication; By Phases; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.

"According to research report, the global virtual clinical trials market size/share was valued at USD 7,025.02 Million in 2022 and is expected to touch USD 28,544.08 Million By 2032, growing at a CAGR of 15.5% during the forecast period."

What is Virtual Clinical Trials? How Big is Virtual Clinical Trials Market Size?

• Overview

Virtual clinical trial, also called remote clinical trials, refers to digitally empowered clinical trial processes. This is a relatively new model and a highly underused method of clinical research. However, virtual clinical trials are utilized by pharmaceutical manufacturers, patients, and investigators. They have the ability to lead to significant digital changes in clinical research approaches to build a more patient-centric ecosystem. Virtual trials are usually equipped with telemedicine technology that enables participants to contact healthcare providers remotely, eliminating the need for in-person visits.

Many pharmaceutical companies have made significant investments in virtual clinical trials due to their benefits to benefits to patients, pharmaceutical companies, and clinical trial sponsors. Virtual clinical trials are more comfortable, convenient and offer physicians and trial staff more access to more patients. Rising research and development activities which have led to an increased emphasis on performing clinical trials using virtual approaches, are driving the virtual clinical trials market size growth.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

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• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• LEO Innovation Lab
• Covance Inc.
• CRF Health
• Oracle Corporation
• Medable Inc.
• Paraxel International
• Clinical Ink Inc.
• PRA Health Sciences
• Science 37
• ICON plc

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Virtual Clinical Trials Market: Report Scope

Prominent Growth Driving Factors

• Healthcare digitization: Rising technological developments and healthcare digitization enabling the seamless incorporation of virtual trials into the medical system are fueling the virtual clinical trials market sales. Telehealth development has promoted remote participation and monitoring in clinical research.
• More convenient and comfortable approach: The virtual approach ensures that research can continue even when site visits are not practical by allowing participants to take part in trials from the convenience of their homes. As it eliminates the need for frequent site visits, participants can contribute data from their own homes through wearable devices and mobile applications. This improves patient convenience by avoiding the need for travel and site visits.
• R&D and collaborations: Increasing R&D activities and rising partnerships between clinical research enterprises, pharmaceutical and biotechnology firms, and favorable government initiatives are propelling the virtual clinical trials market growth.

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Recent Trends Influencing the Market

• Digitization efforts: Virtual and remote trials use technology to perform various trial activities remotely. These activities can include participant recruitment, informed consent, data collection, and monitoring. The benefits offered by this approach like improved data quality, cost savings, improved patient convenience, and higher recruitment rates. These are some of the recent virtual clinical trial market trends influencing its growth.

Segmental Analysis

• The interventional design segment witnessed the largest revenue share in 2022

Based on design, interventional design category held the major virtual clinical trials market share in 2022 owing to the rising several studies to create novel treatments for various illnesses, as well as labs' digitalization. Virtual trials are especially well-suited for chronic diseases and less invasive observational research across various sectors like immunology, gastrointestinal disorders, respiratory conditions, cardiovascular diseases, interventional, endocrinology, and dermatology. Companies are setting the standard for virtual trials by doing whole Phase 2b "site-less" interventional clinical studies on their own mobile telemedicine systems, such "NORA."

• The oncology segment dominated the market in 2022

In terms of indication, oncology category dominated the market, and it is expected to maintain its dominance over the forecast period. This growth can be attributed to the rising global cases of cancer and an increasing number of oncology clinical trials. In order to assure patient safety and the advancement of studies in this crucial sector, investigators and sponsors have rapidly embraced virtual and remote trials because cancer patients are particularly vulnerable during the COVID-19 pandemic. Further, the requirement for different populations in oncology clinical studies and relatively low recruitment rates are anticipated to boost the virtual clinical trials market demand.

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Geographical Overview

• North America captured the largest market share in 2022

By geography virtual clinical trials market segmentation, North America holds the highest revenue share owing to the presence of leading companies that produce pharmaceuticals and increasing government and companies emphasizing investment in developing new medicines. On November 2019, Johnson & Johnson's Janssen pharmaceutical division, in collaboration with PRA Health Sciences, established A digital clinical trial called CHIEF-HF (Canagliflozin: Impact on Health Status, Quality of Life and Functional Status in Heart Failure), a fully decentralised, indication-seeking, mobile clinical study.

Moreover, Europe accounted for the significant growth in terms of CAGR due to a surge in R&D in the healthcare industry, being one of the Covid-19 regions that were most negatively impacted. In July 2020, the pharma company Synairgen introduced two trials of their IFN-beta drug for patients at risk for Covid-19, first at home and second for severe patients in the hospital. 

Browse the Detail Report "Virtual Clinical Trials Market Share, Size, Trends, Industry Analysis Report, By Design (Observational Trials, Interventional Trials, and Expanded Access Trials); By Indication; By Phases; By Region; Segment Forecast, 2023 - 2032" with in-depth TOC: https://polarismarketresearch.com/industry-analysis/virtual-clinical-trials-market       

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Recent Developments

• In October 2022, Oracle and ObvioHealth partnered to incorporate a variety of data sets into virtual and decentralized clinical trials in the Asia Pacific area. This partnership aimed to enable the rapid gathering, integration, and analysis of data from various sources, including laboratories, medical devices, patients, and trial sites.
• In August 2022, Medable Inc. launched an advanced software solution to streamline virtual and decentralized clinical vaccine trials. This development was expected to enhance global access to clinical trials while reducing the time required for implementation by 50%.

The Report Answers Questions Such as

• What is the market size and forecast of the industry?
• What are the inhibiting factors and impact of key factors shaping the market during the forecast period?
• Who are the key players operating in this market?
• Which application/end-user or product type may seek incremental growth prospects?
• What are the most significant challenges the market could face in the future?
• What growth strategies are the players considering to stay in the market?

Polaris Market Research has segmented the Virtual Clinical Trials market report based on design, indication, phases, and region:

By Design Outlook

• Observational Trials
• Interventional Trials
• Expanded Access Trials

By Indication Outlook

• CNS
• Autoimmune/Inflammation
• Cardiovascular Disease
• Metabolic/Endocrinology
• Infectious Disease
• Oncology
• Genitourinary
• Ophthalmology

By Phases Outlook

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

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research