The Virtual Clinical Trials Market is estimated to be valued at Us$ 2659.6 Mn in 2023 and is expected to exhibit a CAGR Of 17.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Virtual clinical trials involve conducting clinical trials using the digital technologies including telemedicine and other decentralized technologies instead of using the traditional approach. The decentralized clinical trials enable conducting the studies from patient's own homes by collecting the data remotely from connected devices. This makes the clinical trials more patient centric and increases the participation. The virtual trials also help in reducing costs related to site monitoring and travel expenditure for patients and thus can potentially accelerate clinical development.
Market key trends:
The virtual clinical trials market is expected to witness high growth owing to increasing adoption of telemedicine technologies. The covid-19 pandemic has further accelerated the acceptance of telemedicine and remote patient monitoring tools. Various drug manufacturers are incorporating virtual technologies into their clinical trial designs to make clinical trials more flexible and accessible to diverse patient populations. For example, virtual visit allows patients to have their routine check-ups and physician visits through video conferencing without visiting doctor's physical location. This not only increases comfort but also saves time and cost of travel for patients.
Porter's Analysis
Threat of new entrants: The virtual clinical trials market poses low threat of new entrants due to high capital requirements and stringent regulatory procedures.
Bargaining power of buyers: Buyers have high bargaining power due to the presence of many vendors providing virtual clinical trial solutions.
Bargaining power of suppliers: Technology providers and CROs have moderate bargaining power being an important link in clinical trials.
Threat of new substitutes: No direct substitutes but advancement in technologies poses a potential threat.
Competitive rivalry: Intense due to growing demand and presence of global and local vendors.
SWOT Analysis
Strengths: Virtual clinical trials offer faster patient recruitment and reduced costs. The COVID-19 pandemic has accelerated digital transformation.
Weaknesses: Lack of trained professionals for specialized tools and technologies. Security and privacy concerns persist regarding sensitive patient data.
Opportunities: Growth in decentralized/siteless clinical trials and integration of artificial intelligence/machine learning present lucrative opportunities.
Threats: Stringent regulations and complexity of integrating legacy systems pose significant challenges.
Key Takeaways
The Global Virtual Clinical Trials Market Size is expected to witness high growth, exhibiting CAGR of 17.% over the forecast period, due to increasing demand for cost-effective and timely drug development amid the COVID-19 pandemic. The market size is projected to reach US$ 2,659.6 million by 2023.
North America dominates the global virtual clinical trials market currently and is expected to maintain its lead over the forecast period. This is attributed to growing digitization in healthcare and presence of key market players in the region.
Key players operating in the virtual clinical trials market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systèmes, and eElinicalHealth (CLINPAL), among others. Players are focusing on offering innovative virtual clinical trial solutions integrated with advanced technologies like AI/ML to gain competitive advantage.
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