Sep 11, 2024

The Global Virtual Clinical Trials Market Forecast: $7.12 Billion by 2029, Future Growth Analysis Opportunities Assessment – Arizton Advisory & Intelligence Posted on With Non-Interventional Segment Leading at 18.33% CAGR and Major Players Investing in Innovation. According to Arizton’s latest research report, the virtual clinical trials market is growing at a CAGR of 17.93% during 2023-2029. Market Size (2023): USD 2.64 Billion CAGR (2023-2029): 17.93% Geographical Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa The global virtual clinical trials market report highlights data on 32 vendors, revealing a highly fragmented landscape dominated by large corporations. Despite this dominance, there are significant opportunities for new entrants in the market. While major players like Dassault Systèmes, Medable, Science 37, THREAD, Castor, Clinical Ink, IQVIA, and Icon Plc hold over 50% of the market share, many emerging and smaller companies are entering the field with innovative virtual clinical trial solutions. These leading vendors are actively investing in and developing new tools, positioning themselves to maintain their market leadership through ongoing engagement and innovation. Non-Interventional the Fastest Growing Segment with A CAGR of 18.33% Interventional clinical trials involve assigning patient participants to groups receiving specific treatments to assess the impact of medical interventions on their health. These trials, spanning from Phase I to Phase III, are prevalent and account for a significant portion of the market share, driving substantial revenue growth. Digital tools such as eConsent and eSignature are increasingly utilized to enhance patient engagement and enrollment in interventional studies. After administering medical products, researchers often conduct video calls to communicate with participants and gather their feedback. Virtual clinical trials are particularly effective for less complex interventional studies, especially in therapeutic areas with established safety profiles and endpoints that can be assessed remotely. Prominent areas for virtual trials include dermatology, respiratory conditions, gastrointestinal issues, central nervous system disorders, endocrinology, immunology, cardiovascular diseases, and rare conditions. These fields present promising opportunities for virtual clinical trials. The design of interventional clinical trials involves a systematic approach to remotely collect data within the trial framework, incorporating electronic consent (eConsent), randomization, and the collection of safety and efficacy data for investigational products. The first virtual interventional clinical trial was conducted in England in 2020, significantly accelerating participant recruitment. Virtual trials utilize digital technology to streamline trial delivery and recruitment processes, potentially transforming the future landscape of clinical research. North America Dominates Virtual Clinical Trials Market: Key Region to Watch for Investment Opportunities In 2023, North America commanded a dominant 54% share of the global virtual clinical trials market. The US leads the market due to its advanced clinical trial infrastructure, high levels of digitalization, extensive adoption of Internet of Things (IoT) technologies in healthcare, and a significant rise in telemedicine and telehealth services. The country’s widespread acceptance of technology in healthcare management further solidifies its leading position. In 2023, North America conducted approximately 14,500 clinical trials, with a high prevalence of decentralized trials. The region had already established a robust foundation for virtual and decentralized clinical trials before the pandemic, making it well-positioned to lead in this space. Major players in the US, such as IQVIA, Medable, Science 37, and Thread Research, are driving the decentralization of clinical trials. Additionally, emerging companies are seeing notable growth due to the increasing demand for clinical trials in the region. Favorable regulatory guidelines, government support, and rising investment in clinical research are key factors fueling this growth. Immunology Diseases About Us: Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services. We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts. Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports. Media Contact