Global Virtual Clinical Trials Market By Therapeutic Area (Cardiovascular Disorders, Metabolic Disorders, Infectious Diseases, Neurological Disorders, Respiratory Disorders, Oncological Disorders, and Others), By Clinical Trial Phase (Phase I, Phase II, Phase III, and Phase IV), By Company Size (SMEs and Large), By End-users (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes, Medical Device Industries, and Others), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The Global Virtual Clinical Trials Market size is expected to be worth around US$ 15.6 billion by 2033 from US$ 8.9 billion in 2023, growing at a CAGR of 5.8% during the forecast period 2024 to 2033.

Growing adoption of digital health technologies is driving the expansion of the virtual clinical trials market, as pharmaceutical companies and researchers seek more efficient and patient-centric trial models. Virtual clinical trials, also known as decentralized clinical trials (DCTs), leverage telemedicine, remote monitoring, and digital tools to conduct trials without the need for frequent in-person visits.

This model offers significant advantages, such as increased patient participation, reduced costs, and faster recruitment processes. Opportunities in the market arise from the integration of advanced technologies, including wearables, mobile health applications, and artificial intelligence, to collect and analyze real-time patient data.

In June 2023, Medable Inc. introduced a toolkit for Institutional Review Boards (IRBs) and Ethics Committees (ECs), which streamlined and standardized ethics review procedures for decentralized trials. The toolkit simplified the IRB/EC process, improving the efficiency and scalability of virtual trials. Recent trends also point to a growing focus on enhancing patient engagement, making trials more accessible and inclusive, and accelerating the development of new therapies.

Key Takeaways

• Market Size: The Virtual Clinical Trials Market size is expected to be worth around US$ 15.6 billion by 2033 from US$ 8.9 billion in 2023
• Market Growth: The market growing at a CAGR of 5.8% during the forecast period 2024 to 2033.
• Therapeutic Area Analysis: The oncological disorders segment led in 2023, claiming a market share of 32.9% within the therapeutic area of the virtual clinical trials market.
• Clinical Trial Phase Analysis: Phase II held a significant share of 40.5% as it is a critical stage for evaluating the efficacy and safety of treatments.
• Company Size Analysis: The large segment had a tremendous growth rate, with a revenue share of 61.3%.
• End-Use Analysis: The pharmaceutical & biotechnology companies segment grew at a substantial rate, generating a revenue portion of 53.8%
• Regional Analysis: North America dominated the market with the highest revenue share of 44.7%

By Therapeutic Area Analysis

The oncological disorders segment led in 2023, claiming a market share of 32.9% within the therapeutic area of the virtual clinical trials market. The rising global incidence of cancer, combined with the need for more personalized and complex treatments, has driven pharmaceutical companies to adopt virtual models. The complexity of oncology trials, which often require frequent monitoring and diverse patient populations, aligns well with decentralized trial approaches.

The ability to conduct remote monitoring, collect real-time data, and enhance patient engagement is anticipated to propel growth in this segment. Additionally, the high cost and long duration of traditional cancer trials make virtual alternatives more attractive for both sponsors and patients. Increased investments in cancer research and the push for faster drug development timelines are also expected to fuel growth in the oncological disorders segment.

By Clinical Trial Phase Analysis

Phase II held a significant share of 40.5% as it is a critical stage for evaluating the efficacy and safety of treatments. Phase II trials typically involve larger patient groups compared to phase I, making decentralized approaches more effective in reaching diverse populations and improving recruitment rates. Virtual models offer the flexibility to monitor patients more closely, reducing the need for frequent site visits. This phase also tends to have higher failure rates, making the cost-effectiveness of virtual trials appealing to sponsors.

Advances in remote monitoring technologies and patient data analytics are expected to drive further adoption of virtual models in phase II trials. The ability to quickly adapt trial protocols based on real-time feedback will likely accelerate growth in this segment.

By Company Size Analysis

The large segment had a tremendous growth rate, with a revenue share of 61.3%. Large pharmaceutical and biotech companies often lead in adopting innovative clinical trial models due to their substantial resources and capacity for technological investment. These companies are expected to increasingly adopt virtual trials as they seek to streamline operations, reduce costs, and accelerate drug development timelines. Their global reach allows them to conduct large-scale virtual trials across multiple regions, helping to gather diverse data.

The need to stay competitive and meet regulatory requirements also drives large companies to adopt advanced digital tools for clinical research. With an emphasis on improving trial efficiency and patient outcomes, large firms are likely to continue leading in the adoption of decentralized clinical trial models.

By End-users Analysis

The pharmaceutical & biotechnology companies segment grew at a substantial rate, generating a revenue portion of 53.8% due to the growing demand for innovative drug development and the pressure to shorten trial timelines. These companies are projected to adopt virtual trials to enhance patient recruitment, especially for rare diseases or hard-to-reach populations. The flexibility of virtual models also allows these companies to manage multiple trial phases simultaneously, improving overall efficiency.

Increasing competition in the pharmaceutical industry, coupled with the rise of personalized medicine, is expected to push these companies toward adopting decentralized trial platforms. The ability to integrate real-time data collection and advanced analytics is likely to further drive growth in this segment. Pharmaceutical and biotech firms will continue to invest in these technologies to optimize clinical trial outcomes and accelerate drug approval processes.

Key Market Segments

By Therapeutic Area

• Cardiovascular Disorders
• Metabolic Disorders
• Infectious Diseases
• Neurological Disorders
• Respiratory Disorders
• Oncological Disorders
• Others

By Clinical Trial Phase

• Phase I
• Phase II
• Phase III
• Phase IV

By Company Size

• SMEs
• Large

By End-users

• Pharmaceutical & Biotechnology Companies
• Academic & Research Institutes
• Medical Device Industries
• Others

Drivers

Growing Popularity of Decentralized Clinical Trials

The growing popularity of decentralized clinical trials significantly drives the virtual clinical trials market. Decentralized trials increase patient accessibility and engagement by allowing participation from home, reducing geographical barriers. This patient-centric model improves recruitment and retention, addressing long-standing challenges in traditional trials. The updated draft guidelines published by the FDA in May 2023 and the European Medicines Agency (EMA) in December 2022 reflect regulatory confidence in the advantages of decentralized models.

These guidelines aim to streamline the design, use of digital health technologies, and conduct of decentralized trials, enhancing participant diversity and improving patient outcomes. The regulatory backing is anticipated to further accelerate the adoption of virtual trials by pharmaceutical companies eager to leverage their speed and efficiency. The growing integration of advanced technologies, including telemedicine and wearable devices, also drives growth by offering real-time data collection and analysis, improving the quality of trials.

Restraints

Stringent Rules & Regulations

The rising complexity of rules and regulations restrains the growth of the virtual clinical trials market. Strict guidelines on patient privacy, data security, and technology integration often impede the pace at which these trials can be launched. Varying regulations across countries also hamper the ability to conduct global trials seamlessly. Companies must comply with stringent oversight, which can slow down the development process and increase operational costs.

Adhering to these complex regulatory frameworks becomes challenging, particularly for smaller organizations with limited resources. Despite the FDA and EMA releasing updated guidelines, the complexity of adhering to different global regulatory requirements is anticipated to remain a significant restraint. This environment may deter new entrants and limit innovation, ultimately slowing down the widespread adoption of virtual clinical trial models.

Opportunities

Surging Popularity of Virtual Clinical Trials

Increasing demand for virtual clinical trials presents a major opportunity for market growth. The rise of digital health technologies, combined with the need for more inclusive and diverse patient participation, has accelerated the adoption of decentralized trials. Companies that invest in patient recruitment and retention platforms stand to benefit from this trend. For example, SubjectWell, a patient recruiting platform, raised USD 35 million in Series B funding in October 2022, while Curavit Clinical Research raised USD 5 million in Series A funding in November 2022.

These investments highlight the market’s potential and the increasing demand for innovative solutions that can enhance patient recruitment and engagement. As more pharmaceutical companies recognize the benefits of virtual trials, including faster trial times and cost savings, this trend is expected to drive significant growth and innovation in the industry.

Impact of Macroeconomic / Geopolitical Factors

Macroeconomic and geopolitical factors significantly impact the virtual clinical trials market. Economic instability or downturns can slow investment in clinical research, affecting the ability of companies to adopt new technologies for decentralized trials. Inflation and rising operational costs may pose challenges for trial budgets, leading to delays or cancellations.

Geopolitical tensions, such as trade restrictions and international sanctions, disrupt global supply chains, making it harder to procure essential digital tools and technologies. However, the push for healthcare innovation, driven by the need to cut costs and streamline processes, offers a positive outlook.

Governments are increasingly funding digital health initiatives, and regulatory bodies are adopting more flexible frameworks to accommodate decentralized trial models. These factors, coupled with the global emphasis on improving healthcare accessibility, continue to drive growth in the market.

Latest Trends

Increasing Collaboration among Virtual Clinical Trial Companies

Increasing collaboration among companies is a growing trend that is anticipated to accelerate the adoption of decentralized clinical trial models. Partnerships between technology providers and clinical trial operators help enhance data collection, patient monitoring, and trial management processes.

For instance, in May 2023, Allucent partnered with THREAD to launch the Allucent Patient Direct Trials platform, which caters specifically to small and mid-sized biotech companies. These collaborations focus primarily on streamlining electronic data collection and analysis, as well as improving patient recruitment and retention.

The rise in partnerships aimed at integrating advanced technology for remote patient monitoring has significantly boosted the efficiency of conducting clinical trials. This collaborative approach is projected to further drive the market by improving trial outcomes and reducing the time to bring new therapies to market.

Regional Analysis

North America is leading the Virtual Clinical Trials Market

North America dominated the market with the highest revenue share of 44.7% driven by several key factors. The rising adoption of decentralized clinical trials (DCTs) is fueled by the need for more flexible, patient-centric trial models, especially after the pandemic’s impact on traditional trials. The integration of advanced digital platforms, wearables, and real-time data collection has contributed to the efficiency of virtual trials.

Increasing investments in digital health infrastructure and the growing demand for faster, cost-effective clinical trials further drive market expansion in North America, particularly in the biotechnology and pharmaceutical sectors.

The Asia Pacific region is expected to experience the highest CAGR during the forecast period

The virtual clinical trials market in the Asia Pacific region is expected to grow rapidly during the forecast period, driven by increasing technological advancements and the rising need for more efficient trial models. A major factor contributing to this growth is the increasing adoption of digital platforms and data integration technologies.

For instance, in October 2022, Oracle and ObvioHealth entered a strategic collaboration to integrate diverse data sets into decentralized clinical trials in the Asia Pacific. This collaboration is anticipated to enable quick collection, integration, and analysis of data from multiple sources, including labs, devices, patients, and trial sites.

The region is also likely to benefit from government initiatives supporting digital health and the rising demand for innovative therapies. The growing focus on patient-centered trial models and the increasing availability of mobile health tools are projected to fuel market growth across Asia Pacific, making it a key region for future development in virtual clinical trials.

Key Regions and Countries

North America

• US
• Canada

Europe

• Germany
• France
• The UK
• Spain
• Italy
• Russia
• Netherland
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• Australia
• New Zealand
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

Key Players Analysis

The major players in the Virtual Clinical Trials market are actively engaged in the development and introduction of innovative products, as well as implementing strategic initiatives aimed at enhancing their competitive positioning. Key players in the virtual clinical trials market focus on strategic partnerships and collaborations with technology firms to enhance their digital capabilities. They invest in advanced tools like artificial intelligence, remote monitoring devices, and telemedicine platforms to streamline trial processes and improve patient engagement.

Companies prioritize expanding their decentralized trial platforms globally to reach diverse patient populations. Additionally, they emphasize patient-centric approaches by incorporating real-time data collection and personalized healthcare solutions. Continuous innovation and integration of cutting-edge technologies drive growth and competitive advantage in the market.

Top Key Players

• PRA Health Sciences
• Nova Scotia Health
• Oracle
• Medidata
• LEO Innovation Lab
• Signant Health
• ICON, plc
• CRF Health
• Covance
• Clinical Ink

Recent Developments

• In July 2023, Signant Health acquired DSG, significantly strengthening its eClinical solutions for both traditional and decentralized clinical trials. The integration of DSG’s platform enabled the creation of a robust trial ecosystem, complete with advanced software, analytics, and logistics solutions, allowing for seamless study execution and data collection across various trial modalities. This acquisition is pivotal to the growth of the virtual clinical trials market, as it accelerates the shift towards fully digitalized trials, enhancing efficiency, accuracy, and flexibility in clinical research.
• In February 2023, Nova Scotia Health entered into a strategic partnership with Medable Inc. to launch a two-year pilot study aimed at improving access to clinical trials. The collaboration focuses on leveraging virtual clinical trial technologies to eliminate geographical barriers, enhance patient engagement, and improve research outcomes. This initiative highlights the increasing adoption of virtual trials, driving growth in the market by demonstrating how digital solutions can expand trial accessibility and improve overall trial efficiency.

Report Scope