The Virtual Clinical Trials market comprises digital and online simulation of clinical trials that replaces or complements traditional clinical trials. Virtual Clinical Trials help evaluate investigational medicinal products' risk-benefit ratio before studies in human subjects. It uses digital tools and services like electronic consent, eCOA (Electronic Clinical Outcome Assessment), ePRO (Patient-Reported Outcome), mobile health, sensor technology, virtual visits, and centralized monitoring to conduct clinical trials virtually and remotely. The technology improves clinical trials' accessibility and convenience for patients while also reducing costs and timelines for sponsors compared to traditional on-site trials. The Global Virtual Clinical Trials Market is estimated to be valued at US$ 3063.86 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Virtual Clinical Trials are SPIMACO, Tabuk Pharmaceuticals Manufacturing Co., Julphar, Jamjoom Pharma, GlaxoSmithKline plc, Pfizer Inc., Novartis AG, and Sanofi. These players are investing heavily in digital technologies to enhance their study execution capabilities. They are also partnering with digital solution providers to expand their virtual trial offerings.
The key opportunities in the Virtual Clinical Trials market include an increasing number of virtual-centric CROs and sites offering remote trial services, growing adoption of technologies like telehealth/telemedicine, remote patient monitoring, and wearable devices. These factors are enhancing trials' accessibility and convenience for diverse patient populations globally.
The increasing acceptance of hybrid and decentralized clinical trial models among sponsors and regulators globally is driving the market's expansion. Leading pharmaceutical companies are shifting from traditional on-site trials to hybrid models incorporating remote monitoring technologies. This trend is expected to accelerate the market's growth in regions like Asia Pacific, Middle East, and Latin America.
Market drivers - Increasing R&D expenditure on novel drug development and growing adoption of digital technologies by pharma companies to reduce costs and improve efficiencies are driving the Virtual Clinical Trials Market Growth . The COVID-19 pandemic has also boosted the demand as sponsors seek alternatives to traditional on-site trials.
Market restraints - Data privacy and security concerns associated with collecting, storing, and analyzing patients' digital health records can hamper the market's growth. Resistance to change protocols from regulators and sponsors and unreliable internet connectivity in certain regions also pose challenges.
Segment Analysis
This market has two key segments - interventional and observational. The interventional segment currently dominates with around 65% market share as most clinical trials tend to involve some kind of intervention like testing the efficacy of a new drug. This is followed by the observational segment which holds around 35% share as it only observes pre existing phenomenon and outcomes without active participation or intervention. The interventional segment is expected to continue dominating this Virtual Clinical Trials Market during the forecast period too as drug development will further push for more virtual interventional trials.
Global Analysis
Regionally, North America holds the largest market share currently in the Virtual Clinical Trials Market owing to high adoption of new technologies for clinical research. The region is expected to continue its dominance during the forecast period 2024-2030. However, Asia Pacific region is projected to grow at the fastest rate globally due to rising R&D investments in clinical research by pharmaceutical companies in developing countries like China and India offering advantages of lower costs. Key players are also focusing on expanding in Asia Pacific to tap the growth potential. Europe holds the second largest share due to presence of large pharmaceutical companies actively involved in drug development and approval processes.
Get more insights on Virtual Clinical Trials Market
Also read related article on Bacteriophage Therapy Market
Comments
0 comment