Virtual Clinical Trials Market Growth & Trends
The global virtual clinical trials market size is expected to reach USD 11.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2021 to 2028. The need for patient diversity clubbed with enhanced data collection in clinical trials is boosting virtual/decentralized clinical trials (DCTs) market growth.
There has been a rise in the R&D of new drugs and vaccines that has increased the volume and complexity of the trials. Virtual clinical studies eliminate challenges posed by traditional research studies, for example, delays in patient recruitment and time-consuming procedures. Also, studies have revealed that around 75.0% of people favored a mobile trial over traditional ones and 80.0% of patients are more likely to participate in a research study that uses mobile technology.
The current pandemic of COVID-19 is making the clinical trial industry change the way of conducting ongoing or upcoming research studies. The pandemic, for the first time in history, has resulted in the global disruption of traditional onsite research studies. 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 (NMPA), and several other regulating authorities have issued guidelines related to the conduct of research studies during the outbreak of coronavirus, and are in complete support of incorporating virtual services.
Virtual research studies make use of monitoring devices, software apps, and online social engagement platforms to conduct every step of the clinical trial 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 held 25.0% of the market share in 2020. The increasing adoption of virtual trials especially in oncology research for the diverse population is responsible for the growth of the segment
- The interventional design segment accounted for the largest revenue share of 46.6% in 2020
- North America held 49.4% of the market share in 2020, in terms of revenue. Favorable government initiatives and the 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 6.8% over the forecast period owing to the increasing patient pool and cost-efficient services