Virtual Clinical Trials Market Share

Global Virtual Clinical Trials Market Overview

Virtual Clinical Trials Market Size was valued at USD 8.80 Billion in 2023. The Global Virtual Clinical Trials industry is projected to grow from USD 9.30 Billion in 2024 to USD 14.51 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.22% during the forecast period (2024 - 2032).

The Convenience provided as compared to traditional method, Integration of mobile-based health platform, and COVID-19 as a catalysis for virtual trials are driving the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

In February 2024, adsilico, a spinout company from the UK University of Leeds, secured £3.5m ($4.4m) in seed funding to advance the development of an in-silico trial solution. The company secured a £2 million investment from Northern Gritstone, an investment firm established by the Universities of Manchester, Leeds, and Sheffield. Parkwalk Advisors, a UK-based investment management firm, invested the remaining £1.5m. 

In-silico trials, or simulated trials, employ AI-assisted modeling and simulations to generate a synthetic population for the purpose of testing a specific medical equipment or medicine. Adsilico's in-silico trial system aims to generate empirical data on the performance and safety of medical devices before conducting human clinical trials. The funding for the technique's research was provided by the Royal Academy of Engineering and the Schools of Medicine and Computing at the University of Leeds. Professor Alex Frangi, the creator of Adsilico, anticipates that the company's solution will expedite the research and development of medical devices by offering a scalable method to create clinical data that can be used to validate device approval. In recent years, there has been a growing utilization of technology such as artificial intelligence, modeling, and simulations.

In February 2024, Curavit Clinical Research, a virtual contract research company (VCRO) that focuses on decentralized clinical trials (DCTs) for digital therapeutics (DTx), successfully concluded a decentralized study for the Sana Device. Sana has provided the trial data to the U.S. Food and Drug Administration (FDA) for the evaluation of Breakthrough Device Designation. The data pertains to their wearable mask, which utilizes audiovisual stimulation to alleviate symptoms associated with post-traumatic stress disorder (PTSD). Curavit achieved a participant retention rate of 76%, surpassing Sana's expectations. 

They effectively handled all aspects of participation by utilizing remote-based clinical research coordinators (CRCs), a remote-based principal investigator, and a technology platform specifically designed for the purpose. This platform included electronic patient-reported outcomes (ePROs), electronic clinical outcome assessments (eCOA), telehealth services, device training, and randomization. Curavit CRCs assessed participant experience with the Sana Device by utilizing the widely accepted PHQ-9 survey and the Columbia Suicide Severity Risk Scale (C-SSRS) to measure degrees of depression. These assessments were conducted remotely through electronic patient-reported outcomes.

Virtual Clinical Trials Market Trends

• The convenience provided as compared to traditional method to boost the market growth

The creation of therapeutic treatment can take up to 15 years, and phase 1 testing results in failure for 85% of experimental drugs, compared to phase 3 research where approval rates are 50%. Furthermore, it is straightforward to conduct virtual clinical trials without participant involvement for conditions like dermatological diseases that require telemedicine follow-up. Additionally, there are several benefits to adopting digital technologies in virtual clinical trials as opposed to traditional methods, such as the capacity to keep track of patient information, use big data to find new participants, and communicate unfavorable results immediately traditional method.

Geographic proximity is another persistent issue that can be removed by using virtual trials. For instance, people from various countries could be enlisted for observational research that tracked participants' actions after ingesting an antiviral medication. Volunteers can offer a digital signature as part of the informed consent process, saving the researchers money. Digital solutions reduce wait times when a test diagnostic is necessary by setting up appointments. Continual monitoring of participants' vital signs and ongoing patient communication are also practices.

According to the estimate of the market for virtual clinical trials, the interventional category is expected to dominate the market in the next years, as shown in the graph below. The industry is being propelled by the rapid rise in experiments to create novel medications for various ailments as well as laboratory digitalization. According to data from ClinicalTrials.gov, 331,906 (or 77%) of the 429,205 clinical trials were interventional studies. The same data showed that 853 trails were documented due to better access, whereas observational studies made up 95,613 (22% of total research).

Figure 1: Virtual clinical trials market study type

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Virtual Clinical Trials Market Segment Insights

Virtual Clinical Trials Study Type Insights

The virtual clinical trials market segmentation, based on study type, includes interventional, observational, and others. The above interventional segment is expected to hold the majority share in 2021 in the virtual clinical trials market revenue. This is due to the rapid increase in the number of experiments to develop novel medications for various diseases and the digitalization of laboratories. Furthermore, an interventional study examines an intervention on the target population, such as a prospective drug in development, a medical gadget like a vibration vest, an activity like exercise, or a treatment. To demonstrate that new perspective medications are both safe and effective, they must go through three stages of interventional testing.

July 2020: Laboratory Corporation of America Holdings (US) announced that its contract research organization, Covance, partnered with digital clinical trial software maker Medable Inc. (US) to allow clinical trial participants to engage with trials remotely.

Virtual Clinical Trials Phase Insights

The virtual clinical trials market segmentation is based on Phase includes Phase 1, Phase 2, Phase 3, and Phase 4. The Phase 1 segment has dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. This is due to the increasing adoption of DCT platforms and tools in phase, I & phase II trial procedures for patient participation. In addition,  A phase 1 clinical trial establishes the safety of a novel treatment, operation, or piece of equipment in humans. Data on dosage, frequency, side effects, and surgical complications are collected by researchers.

Virtual Clinical Trials Indication Insights

The virtual clinical trials market data has been bifurcated into oncology, cardiovascular, immunology, gastrointestinal, respiratory, endocrinology, ophthalmology, and others. The oncology segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. The growth of the oncology segment in the  market is mainly due to oncology. Furthermore, cancer treatment was approved as an additional indication in 53 percent of cases. Compared to the previous ten years, the number of oncology-related clinical studies has doubled. Additionally, the United States is expected to see 1,806,590 new cases of cancer in 2020. Hence, an increase in both the number of cancer incidences ly and oncology clinical trials are likely to be the key factor driving the growth of this segment in the  market.

October 2021: Dassault Systemes SE (France) has signed an agreement with translational drug development (TD2) (US) to adopt Medidata’s Rave CTMS (Clinical Trial Management System) and eTMF (electronic Trial Master File) solutions.

Figure 2:  VIRTUAL CLINICAL TRIALS MARKET, BY INDICATION, 2021 & 2032 (USD BILLION)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Virtual Clinical Trials Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America virtual clinical trials market is expected to account for USD XX billion in 2021 and is expected to exhibit an XX% CAGR during the study period. This is attributed to the Presence of key players like Medable, Inc. (US), Oracle Corporation (US), IQVIA Holdings, Inc. (US), Syneos Health (US), PPD, Inc. (US) and Medpace Holdings, Inc. (US) in the region. For instance, according to the American Association for the Advancement of Science (AAAS), the funding for National Institutes of Health (NIH) for fiscal year 2022 was increased by 15% compared to the fiscal year 2021. Moreover, the increasing R&D in this region, increasing the adoption of new technologies in clinical research as well as government support in the region further fuel the growth of the market.

Further, the major countries studied are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  VIRTUAL CLINICAL TRIALS MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe virtual clinical trials market is expected to account for the second-largest market share due to the increased acceptance of digital and more connected technologies, the high patient population, and increasing awareness among clinical trial investigators, sponsors, and contract research organizations about virtual clinical trials. Further, the Germany virtual clinical trials market is expected to hold a third place for the market share, and the UK Virtual Clinical Trials Market is expected to fastest-growing market, and which is in the 4th place in the European region. Furthermore, France virtual clinical trials market will hold the 5th place for the market share.

The Asia-Pacific virtual clinical trials market is expected to grow at a rapid pace CAGR from 2024 to 2032. This is due to the developing infrastructure for research and increasing contract research organizations, and an increase in the number of academic institutes. Moreover, Japan’ virtual clinical trials market is expected to hold the largest market share, and the China Virtual Clinical Trials Market is expected fastest-growing market in the Asia-Pacific region.

For instance, India is rapidly expanding in terms of healthcare R&D, but Japan has a robust research infrastructure and is home to significant pharmaceutical corporations. China will spend the most on R&D through 2020, rising by 10.3% to reach up to USD 378 billion, making it to be the world leader in the market for virtual clinical trials market.

The Rest of the World includes the Middle East, Africa, and Latin America. technological developments and the growing number of research studies. government initiatives to bring technological advancements in the region contribute to the growth of the virtual clinical trials market.

Virtual Clinical Trials Key Market Players & Competitive Insights

The virtual clinical trials market is characterized by the presence of many , regional, and local vendors catering to the demand created by research scientists and pharmaceutical and biotechnology companies operating in the industry. The growing demand for virtual clinical trial services from pharmaceutical and biotechnology companies is propelling the virtual clinical trials market growth. The market is highly competitive, with players competing and partnering to gain a substantial market share.

One of the primary business strategies adopted by manufacturers in the virtual clinical trials industry to benefit clients and expand the virtual clinical trials market sector is to manufacture locally to reduce operating costs.

IQVIA Holdings Inc is a leading provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry. IQVIA applies human data science by leveraging the analytic rigor and clarity of data science to the ever-expanding scope of human science to enable companies to reimagine and develop new approaches to clinical development and commercialization, speed innovation, and accelerate improvements in healthcare outcomes. Powered by the IQVIA CORE, the company delivers unique and actionable insights at the intersection of large-scale analytics, transformative technology, and extensive domain expertise. The company also delivers execution capabilities to help biotech, medical device, and pharmaceutical companies, medical researchers, government agencies, payers, and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors, and scientific advances, to advance their path toward cures For instance, in In February 2020, IQVIA (US) launched Avacare Clinical Research Network, an advanced analytics-based tool to deliver artificial intelligence-powered patient referrals and data-driven enrolment trends.

Also, Oracle Corporation (US) provides integrated cloud applications and enterprise platform services. The company offers cloud infrastructure, applications, and hardware systems. Additionally, it provides integrated cloud solutions such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS). It also offers updates, new software licenses for on-premises usage, and related support services. The company offers its solutions through independent software and hardware manufacturers, system integrators, and resellers.

Key Companies in the Virtual Clinical Trials Market includes

• Oracle Corporation (US)


• IQVIA Holdings Inc. (US)


• Dassault Systemes SE (France)


• Medpace Holdings Inc. (US)


• Icon plc (UK)


• Laboratory Corporation of America Holdings (US)


• Parexel International Corporation (US)


• Medable Inc. (US)


• Clinical Ink Inc. (US)


• Wuxi AppTech (China)

Virtual Clinical Trials Industry Developments

 In October 2022, Oracle and ObvioHealth entered into a strategic collaboration to integrate diverse data sets into virtual/decentralized clinical trials in the Asia-Pacific region. This initiative is expected to allow the quick collection, integration and analysis of multi-source data collected from labs, devices, patients, and sites. 

In November 2020, Parexel entered into an alliance with the Clinical Trial Center (CTC). This collaboration is anticipated to enhance early-phase clinical research capability. In addition, it will support increasing demand as well as continuity for early-phase clinical studies during a pandemic.

A feature called myMedidata LIVE was introduced by Medidata in October 2020 via their patient portal myMedidata. It provides advanced intuitive platforms for patients enabling flexible participation in trials for new drugs or vaccines.

Medable introduced Teleconsent into its cloud-based telehealth software in September 2020. This allowed full virtual trials and the possibility for patients to consent from anywhere they are located without the need to go through a lengthy process.

Another feature called myMedidata LIVE was introduced by Medidata in October 2020 via their patient portal myMedidata. It provides advanced intuitive platforms for patients enabling flexible participation in trials for new drugs or vaccines.

Medable introduced Teleconsent into its cloud-based telehealth software in September 2020. This allowed full virtual trials and the possibility for patients to consent from anywhere they were located without the need to go through a lengthy process.

Georgetown University Medical Center, in October 2019, used cloud-based virtual interconnected computing techniques to reduce the time it took to access cancer patients' profiles, indicating that there were virtually examined cases from 46 to 622 against the traditional assessments of between 3 and 14 cases within the timeframe from 2014-2017. 

In 2019, Janssen pharmaceutical subsidiary of Johnson & Johnson partnered with PRA Health Sciences and launched a fully decentralized mobile study digital clinical trial setup CHIEF-HF, which is the indication-seeking approach. The company plans on employing wearable devices together with smart technology aimed at efficiently collecting and analyzing evidence for evaluating the population effectiveness of Canagliflozin for patients suffering from heart failure, whether having diabetic conditions or not.

January 2021: ICON plc (Ireland) provided clinical trial services to Pfizer Inc. (US) and BioNTech SE (Germany) which included a high level of remote clinical monitoring for the late-stage study of a COVID-19 vaccine

March 2020: Medable fostered another Televisit versatile application that assists patients with following their clinical preliminary locales practically. The application makes it feasible for a clinical preliminary examination to advance in a climate where numerous patients are being told to remain at home and stay away from social communication

April 2020: Dassault Systemes SE(France), launched of myMedidata, an advanced, intuitive platform for patients to enable flexible participation in clinical trials for new medicines and vaccines. It provides a unified experience for patients, encompassing all of the capabilities of Medidata’s industry-leading, regulatory-compliant rave platform, and patient cloud tools.

October 2018: WuXi AppTec (China) collaborated with   Faxian Therapeutics(US) with the aim of accelerating drug discovery was introduced as Faxian Therapeutics. To advance the pharmaceuticals it develops utilising Schrödinger's computational drug discovery methods to locate novel targets, the new company will use WuXi's CRO services. Schrodinger with the aim of accelerating drug discovery was introduced as Faxian Therapeutics.

June 2020: Oracle Corporation (US) launched the Clinical One Data Collection Cloud Service in the US. Oracle clinical one data collection collects data from any source, including forms, wearable sensors, patient apps, electronic health records (EHR), and labs, and then harmonizes it in a single location.

Virtual Clinical Trials Market Segmentation:

Virtual Clinical Trials Study Type Outlook

• Interventional


• Observational


• Others

Virtual Clinical Trials Phase Outlook

• Phase 1


• Phase 2


• Phase 3


• Phase 4

Virtual Clinical Trials Indication Outlook

• Oncology


• Cardiovascular


• Immunology


• Gastrointestinal


• Respiratory


• Endocrinology


• Ophthalmology


• Others

Virtual Clinical Trials Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America