Virtual Clinical Trials Market Growth & Trends
The global virtual clinical trials market size is expected to reach USD 10.5 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.1% from 2020 to 2027. The need for patient diversity clubbed with enhanced data collection in clinical trials is boosting the market growth.
There has been a rise in the R&D of new drugs and vaccines that has increased the volume and complexity of clinical experiments. Virtual laboratory trials eliminate challenges posed by traditional laboratory experiments, for example, delays in patient recruitment and time-consuming procedures. Also, studies have revealed that around 75.0% of the people favored a mobile experiment over traditional methods, and 80.0% of patients are more likely to participate in an experiment that uses mobile technology.
The current pandemic of COVID-19 is making the clinical trial industry to change the way of conducting ongoing or upcoming lab experiments. The pandemic, for the first time in history, has resulted in the global disruption of traditional onsite lab experiments. Hence, the regulatory bodies such as the U.S. FDA, the European Medicines Agency (EMA), the National Institutes of Health (NIH), and China’s National Medical Products Administration have issued guidelines related to the conduct of lab experiments during the outbreak of coronavirus, and are in complete support of incorporating virtual services.
Virtual clinical trials make use of monitoring devices, software apps, and online social engagement platforms to conduct every step of the research process including patient recruitment, counseling, measuring clinical endpoints, informed consent, and adverse reactions. Telehealth, home care, and remote patient monitoring have been gaining momentum as a healthcare offering, and the COVID-19 is adding more horsepower to this initiative.
Virtual Clinical Trials Market Report Highlights
- The oncology segment alone held 25.0% of market share in 2019. The increasing adoption of virtual experiments especially in oncology laboratory research for diverse population is responsible for the growth.
- The interventional design segment accounted for the largest revenue share of 46.5% in 2019.
- North America held 49.7% of the market share in 2019. Favorable government initiatives and presence of large numbers of players in the U.S. offerings advanced services are responsible for market growth.
- In Asia Pacific, the market is expected to witness the fastest CAGR of 6.2% over the forecast period owing to the increasing patient pool and cost efficient services.