Virtual Clinical Trials Market to Record USD 5 Billion by 2027 - Arizton

CHICAGO, Nov. 21, 2022 /PRNewswire/ -- According to Arizton's latest research report, the virtual clinical trials market is expected to grow at a CAGR of 18% during 2021-2027. The latest trends in the market are adopting the 'Bring-Your-Own-Device' strategy, clinical trials powered with better data through newly connected devices, and the adoption of synthetic clinical trials.

Virtual clinical trials constitute an innovative approach through remote monitoring and patient-centric approaches. The adoption of virtual clinical trials was high during the COVID-19 pandemic, with an increased application of decentralized clinical trial components. Most clinical trial conductors shifted toward the decentralized or hybrid clinical trial model. Significant changes in rules and regulations by FDA, EMA, and other authorities for clinical trials and supportive initiatives drove significant market growth.

However, several countries are shifting toward value-based treatments. There is increased adoption of telehealth among developed countries, reshaping the virtual clinical trials market demand. Also, technological advancements such as remote patient monitoring, teleradiology, telehealth, and mobile health are paving the way toward adopting virtual clinical trials in the market.

Virtual Clinical Trials Market Report Scope

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Oncology is a field that heavily relies on virtual clinical trials. According to the Clinical Trial Europe global survey 2020, the area of focus in decentralized clinical trial activities is associated with the oncology segment. It accounted for most of the market share in decentralized clinical trials in 2020. Due to the high number of clinical trials registered for the oncology therapeutic area, the adoption of the decentralized clinical trial model in cancer indication has been high in recent years.  In 2021, the oncology segment accounted for 44.8% of the market share in the global virtual clinical trials market.

Market Segmentation:

Study Type

• Interventional
• Others

Phases

• Late Stage
• Early Stage

Therapeutic Area

• Oncology
• Rare & Genetic Diseases
• CNS
• Immunology
• Other

Company Size

• Small & Mid-Sized
• Large Sized

Major market players have a strong market image and a better geographical presence. The virtual clinical trials market comprises many international, national, regional, and local players. Various big pharma and biotech companies are continuously increasing their expenditure on research and development activities, clinical trials, and the development of advanced solutions triggered by high competency in the biopharmaceutical industry. Increasing competition in the pharma industry directly impacts virtual clinical trial market competitiveness. Changing market dynamics of clinical trials and shifting toward patient-centric clinical trials are driving vendors toward virtual clinical trials. The governments are also developing a better regulatory framework, allowing faster market adoption of virtual clinical trials.

Company Profiles in Report

• Dassault Systèmes
• Medable
• Science 37
• THREAD
• Accenture
• Castor
• Clinical ink
• Clario
• Delve Health
• eClinicalHealth
• IQVIA
• Labcorp Drug Development
• ObvioHealth
• Signant Health
• Thermo Fisher Scientific
• Advarra
• Curavit Clinical Research
• CMIC Holdings
• Icon Plc
• Jeeva Informatics Solutions
• LEO Innovation Lab
• Oracle
• Paraxel International Corporation
• ProPharma Group

Europe is one of the leading market regions for virtual clinical trials. Virtual clinical trials have better opportunities in Europe since countries like Russia have more significant geographical distribution and healthcare centers are away from patients. Europe has a diverse patient population that attracts a high number of clinical trial operators. In 2021, Europe accounted for 22.45% market share in the global clinical trials market.

High-income countries in North America and Europe are more likely to host decentralized clinical trials than middle-income countries.

The Report Includes Market Size & Share across these geographies:

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• The UK
• Italy
• Spain
• APAC
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• Turkey
• Saudi Arabia
• South Africa

To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Request for Free Sample Report.

Table of Content

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION

4.1.1 INCLUSIONS

4.1.2 EXCLUSIONS

4.1.3 MARKET ESTIMATION CAVEATS

4.2 BASE YEAR

4.3 SCOPE OF THE STUDY

4.3.1 MARKET SEGMENTATION BY STUDY TYPE

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS

5.2 CURRENCY CONVERSION

5.3 MARKET DERIVATION

6 PREMIUM INSIGHTS

6.1 OVERVIEW

7 INTRODUCTION

7.1 OVERVIEW

8 MARKET AT A GLANCE

9 MARKET OPPORTUNITIES & TRENDS

9.1 ADOPTION OF "THE BRING-YOUR-OWN-DEVICE" STRATEGY

9.2 CLINICAL TRIALS POWERED WITH BETTER DATA THROUGH NEW CONNECTED DEVICES

9.3 ADOPTION OF SYNTHETIC CLINICAL TRIALS

10 MARKET GROWTH ENABLERS

10.1 SPIKE IN VIRTUAL CLINICAL TRIAL ADOPTION DUE TO COVID-19

10.2 DECENTRALIZATION OF CLINICAL TRIALS

10.3 REGULATORY CHANGES IN FAVOR OF VIRTUAL CLINICAL TRIALS

11 MARKET GROWTH RESTRAINTS

11.1 CHALLENGES ASSOCIATED WITH VIRTUAL CLINICAL TRIALS

11.2 COMPLEXITY IN DECENTRALIZED CLINICAL TRIALS

11.3 INCREASING ALTERNATIVES FOR VIRTUAL CLINICAL TRIALS

12 MARKET LANDSCAPE

12.1 MARKET OVERVIEW

12.2 MARKET SIZE & FORECAST

12.2.1 INSIGHTS BY STUDY TYPE

12.2.2 INSIGHTS BY PHASES

12.2.3 INSIGHTS BY THERAPEUTIC AREA

12.2.4 INSIGHTS BY GEOGRAPHY

12.3 FIVE FORCES ANALYSIS

12.3.1 THREAT OF NEW ENTRANTS

12.3.2 BARGAINING POWER OF SUPPLIERS

12.3.3 BARGAINING POWER OF BUYERS

12.3.4 THREAT OF SUBSTITUTES

12.3.5 COMPETITIVE RIVALRY

13 STUDY DESIGN

13.1 MARKET SNAPSHOT & GROWTH ENGINE

13.2 MARKET OVERVIEW

13.3 INTERVENTIONAL

13.4 OTHERS

14 PHASES

14.1 MARKET SNAPSHOT & GROWTH ENGINE

14.2 MARKET OVERVIEW

14.3 LATE-STAGE

14.4 EARLY STAGE

15 THERAPEUTIC AREA

15.1 MARKET SNAPSHOT & GROWTH ENGINE

15.2 MARKET OVERVIEW

15.3 ONCOLOGY

15.4 RARE & GENETIC DISEASES

15.5 CENTRAL NERVOUS SYSTEM

15.6 IMMUNOLOGY

15.7 OTHERS

16 COMPANY SIZE

16.1 MARKET SNAPSHOT & GROWTH ENGINE

16.2 MARKET OVERVIEW

16.3 SMALL- & MID-SIZED

16.4 LARGE-SIZED

17 GEOGRAPHY

17.1 MARKET SNAPSHOT & GROWTH ENGINE

17.2 GEOGRAPHIC OVERVIEW

18 NORTH AMERICA

18.1 MARKET OVERVIEW

18.2 MARKET SIZE & FORECAST

18.3 KEY COUNTRIES

18.3.1 US: MARKET SIZE & FORECAST

18.3.2 CANADA: MARKET SIZE & FORECAST

19 EUROPE

19.1 MARKET OVERVIEW

19.2 MARKET SIZE & FORECAST

19.3 KEY COUNTRIES

19.3.1 THE UK: MARKET SIZE & FORECAST

19.3.2 FRANCE: MARKET SIZE & FORECAST

19.3.3 GERMANY: MARKET SIZE & FORECAST

19.3.4 SPAIN: MARKET SIZE & FORECAST

19.3.5 ITALY: MARKET SIZE & FORECAST

20 APAC

20.1 MARKET OVERVIEW

20.2 MARKET SIZE & FORECAST

20.3 KEY COUNTRIES

20.3.1 AUSTRALIA: MARKET SIZE & FORECAST

20.3.2 CHINA: MARKET SIZE & FORECAST

20.3.3 SOUTH KOREA: MARKET SIZE & FORECAST

20.3.4 JAPAN: MARKET SIZE & FORECAST

20.3.5 INDIA: MARKET SIZE & FORECAST

21 LATIN AMERICA

21.1 MARKET OVERVIEW

21.2 MARKET SIZE & FORECAST

21.3 KEY COUNTRIES

21.3.1 BRAZIL: MARKET SIZE & FORECAST

21.3.2 MEXICO: MARKET SIZE & FORECAST

21.3.3 ARGENTINA: MARKET SIZE & FORECAST

22 MIDDLE EAST & AFRICA

22.1 MARKET OVERVIEW

22.2 MARKET SIZE & FORECAST

22.3 KEY COUNTRIES

22.3.1 TURKEY: MARKET SIZE & FORECAST

22.3.2 SOUTH AFRICA: MARKET SIZE & FORECAST

22.3.3 SAUDI ARABIA: MARKET SIZE & FORECAST

23 COMPETITIVE LANDSCAPE

23.1 COMPETITION OVERVIEW

23.2 MARKET SHARE ANALYSIS

23.2.1 DASSAULT SYSTÈMES

23.2.2 MEDABLE

23.2.3 SCIENCE 37

23.2.4 THREAD

24 KEY COMPANY PROFILES

24.1 DASSAULT SYSTÈMES

24.1.1 BUSINESS OVERVIEW

24.1.2 PRODUCT OFFERINGS

24.1.3 KEY STRATEGIES

24.1.4 KEY STRENGTHS

24.1.5 KEY OPPORTUNITIES

24.2 MEDABLE

24.3 SCIENCE 37

24.4 THREAD

25.1 ACCENTURE

25.2 CASTOR

25.3 CLINICAL INK

25.4 CLARIO

25.5 DELVE HEALTH

25.6 ECLINICALHEALTH (CLINPAL)

25.7 IQVIA

25.8 LABCORP DRUG DEVELOPMENT

25.9 OBVIOHEALTH

25.10 SIGNANT HEALTH

25.11 THERMO FISHER SCIENTIFIC

26 OTHER PROMINENT VENDORS

26.1 ADVARRA

26.1.1 BUSINESS OVERVIEW

26.1.2 PRODUCTS OFFERING

26.2 CURAVIT CLINICAL RESEARCH

26.3 CMIC HOLDINGS

26.4 ICON PLC

26.5 JEEVA INFORMATICS SOLUTIONS

26.6 LEO INNOVATION LAB

26.7 ORACLE

26.8 PARAXEL INTERNATIONAL CORPORATION

26.9 PROPHARMA GROUP

27 REPORT SUMMARY

27.1 KEY TAKEAWAYS

27.2 STRATEGIC RECOMMENDATIONS

28 QUANTITATIVE SUMMARY

28.1 MARKET BY GEOGRAPHY

28.2 MARKET BY STUDY TYPE

28.3 MARKET BY PHASES

28.4 MARKET BY COMPANY SIZE

28.5 MARKET BY THERAPEUTIC AREA

29 APPENDIX

29.1 ABBREVIATIONS

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Check out more related studies published by Arizton:

Regulatory Affairs Outsourcing Market - Global Outlook and Forecast 2022-2027: Global Outlook and Forecast 2022-2027: The global regulatory affairs outsourcing market is expected to reach around $17 billion by 2027, growing at a CAGR of 12.7%. Changing regulatory landscape, increasing use of digital platforms/solutions in regulatory affairs, and the impact of strict government regulations are some major factors driving the growth of the regulatory affairs outsourcing market.

Pharma R&D Outsourcing Market - Global Outlook & Forecast 2022-2027: The global pharma R&D outsourcing market is to record USD 121 billion by 2027, growing with a CAGR of over 9% during 2022-2027. Vendors in the pharma R&D outsourcing market compete based on the wide range of services offered, quality, and scale-up development of pharmaceuticals. The market is so competitive that vendors aim to implement different strategies to maintain their competitive advantage over other vendors.

Clinical Trials Outsourcing Market - Global Outlook & Forecast 2022-2027: The global clinical trials outsourcing market is expected to grow at a CAGR of 6.71% from 2022-2027. North America dominates the global clinical trials outsourcing market, with a 34.33% higher market share. The primary factors driving the region's growth can be attributed to the many vendors available for clinical trials and the massive flow of investments in the clinical trials. The U.S. and Canada are the two major countries performing high clinical trials in North America. The number of clinical trial outsourcing is high due to the presence of big pharma and biotech companies in the region, increased expenditure on drug development activities, and a favorable environment for drug discovery and expertise.

Clinical Trials Software Market - Global Outlook and Forecast 2022-2027: The clinical trials software market is expected to grow at a CAGR of 15.35% from 2022 to 2027, and revenue is projected to reach $ 2.1 billion by 2027. Cloud computing in clinical trials, entry of start-ups & small biopharma in drug discovery, and increasing expenditure and R&D by big biopharma companies are some factors driving the market growth. Moreover, increasing collaboration, rising adoption of cloud-based platforms, and new solution availabilities influence the high competition in the global clinical trial software market.

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Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.  

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.  

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SOURCE Arizton Advisory & Intelligence

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