July 15, 2024
Virtual Clinical Trials Market

Virtual And Hybrid Clinical Trials Are Driving Expansion Of Digital Health Solutions

The global virtual clinical trials market is driven by the need to streamline clinical trial processes. Virtual clinical trials involve the use of digital health technologies like electronic clinical outcome assessments (eCOA), wearable devices, mobile apps, and virtual drug trial kits to capture clinical trial data remotely without in-person visits to investigational sites. This allows sponsors to conduct clinical trials in a more decentralized manner, improving patient access and convenience. Virtual tools facilitate remote patient screening, recruitment, consent, drug administration, monitoring, and data collection during a trial. Flexible trial designs incorporating virtual elements can boost patient retention and protocol adherence compared to traditional on-site models. The advantages of faster trial execution times, cost reductions of up to 75%, and access to a more globally diverse patient population are fueling investor interest in virtual clinical trial technologies.

The global 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 key trends:

Decentralized and hybrid trial models are seeing increased adoption post-pandemic. Sponsors are leveraging virtual tools to conduct certain tasks remotely while maintaining elements of on-site visits. Hybrid trials allow both virtual and traditional in-person participation based on patient and site preferences. The flexibility of hybrid designs is appealing to sponsors looking to balance quality, accessibility and cost considerations. Emerging technologies like artificial intelligence, virtual/augmented reality, wearables and digital biomarkers are also being explored to enhance patient engagement and generate real-world evidence during virtual and hybrid trials. FDA support for virtual elements and guidance on decentralized clinical trials provide regulatory clarity for sponsors evaluating less traditional trial models. Increased VC funding and partnerships between technology firms are also fueling innovation in virtual clinical solutions.

Porter’s Analysis

Threat of new entrants: High capital requirements, established players, regulatory barriers and economies of scale create significant barriers for new market entrants.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many vendors providing virtual clinical trial solutions. However, switching costs are moderate.

Bargaining power of suppliers: Suppliers of specialized technologies and services have moderate bargaining power due to differentiation in offerings. However, presence of many solution providers limits their power.

Threat of new substitutes: Alternatives like on-site clinical trials provide some substitution. However, virtual clinical trials provide convenience and reduce costs, thus threat is low.

Competitive rivalry: The market is characterized by fierce competition between many players. Companies compete based on technologies, services, capabilities, and pricing.

Key Takeaways

The global Virtual Clinical Trials Market Size is expected to witness high growth. North America is currently the largest market for virtual clinical trials due to presence of many pharmaceutical companies and favorable regulations. Growing technological adoption and increasing R&D spending by biopharma companies will drive market growth in the region.

Europe is also one of the major markets for virtual clinical trials. Presence of large pharmaceutical industries and increasing adoption of advanced technologies for clinical trials are fueling market growth. The rapid innovation in digital technologies and supportive government initiatives are expected to offer significant opportunities.

Key players operating in the Virtual Clinical Trials Market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systémes, and eElinicalHealth (CLINPAL), among others. Companies are focusing on partnerships, new service launches and technology innovations to strengthen their market position. Strategic collaborations between pharma companies and solution providers is also a growing trend in the market.