The Global Virtual Clinical Trials Market Forecast: $7.12 Billion by 2029 - Arizton

According to Arizton’s latest research report, the virtual clinical trials market is growing at a CAGR of 17.93% during 2023-2029.

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Report Scope:  

Market Size (2029): USD 7.12 Billion  

Market Size (2023): USD 2.64 Billion 

CAGR (2023-2029): 17.93%  

Historic Year: 2020-2022 

Base Year: 2023 

Forecast Year: 2024-2029 

Market Segmentation: Study Type, Phases, Company Size, Therapeutic area, and Geography

Geographical Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa  

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The global virtual clinical trials market report highlights data on 32 vendors, revealing a highly fragmented landscape dominated by large corporations. Despite this dominance, there are significant opportunities for new entrants in the market. While major players like Dassault Systèmes, Medable, Science 37, THREAD, Castor, Clinical Ink, IQVIA, and Icon Plc hold over 50% of the market share, many emerging and smaller companies are entering the field with innovative virtual clinical trial solutions. These leading vendors are actively investing in and developing new tools, positioning themselves to maintain their market leadership through ongoing engagement and innovation.

Non-Interventional the Fastest Growing Segment with A CAGR of 18.33%

Interventional clinical trials involve assigning patient participants to groups receiving specific treatments to assess the impact of medical interventions on their health. These trials, spanning from Phase I to Phase III, are prevalent and account for a significant portion of the market share, driving substantial revenue growth.

Digital tools such as eConsent and eSignature are increasingly utilized to enhance patient engagement and enrollment in interventional studies. After administering medical products, researchers often conduct video calls to communicate with participants and gather their feedback.

Virtual clinical trials are particularly effective for less complex interventional studies, especially in therapeutic areas with established safety profiles and endpoints that can be assessed remotely. Prominent areas for virtual trials include dermatology, respiratory conditions, gastrointestinal issues, central nervous system disorders, endocrinology, immunology, cardiovascular diseases, and rare conditions. These fields present promising opportunities for virtual clinical trials.

The design of interventional clinical trials involves a systematic approach to remotely collect data within the trial framework, incorporating electronic consent (eConsent), randomization, and the collection of safety and efficacy data for investigational products.

The first virtual interventional clinical trial was conducted in England in 2020, significantly accelerating participant recruitment. Virtual trials utilize digital technology to streamline trial delivery and recruitment processes, potentially transforming the future landscape of clinical research. 

North America Dominates Virtual Clinical Trials Market: Key Region to Watch for Investment Opportunities

In 2023, North America commanded a dominant 54% share of the global virtual clinical trials market.

The US leads the market due to its advanced clinical trial infrastructure, high levels of digitalization, extensive adoption of Internet of Things (IoT) technologies in healthcare, and a significant rise in telemedicine and telehealth services. The country’s widespread acceptance of technology in healthcare management further solidifies its leading position.

In 2023, North America conducted approximately 14,500 clinical trials, with a high prevalence of decentralized trials. The region had already established a robust foundation for virtual and decentralized clinical trials before the pandemic, making it well-positioned to lead in this space.

Major players in the US, such as IQVIA, Medable, Science 37, and Thread Research, are driving the decentralization of clinical trials. Additionally, emerging companies are seeing notable growth due to the increasing demand for clinical trials in the region. Favorable regulatory guidelines, government support, and rising investment in clinical research are key factors fueling this growth.

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Key Vendors

• Dassault Systèmes 
• Medable
• Science 37
• THREAD
• Castor
• Clinical ink
• IQVIA
• Icon Plc
• Accenture
• Clario
• Delve Health
• Cambridge Cognition
• Labcorp
• ObvioHealth
• Signant Health
• Thermo Fisher Scientific
• Advarra
• CMIC Holdings
• Curavit Clinical Research
• Jeeva Informatics Solutions
• LEO Innovation (Studies & Me)
• Oracle
• Paraxel International Corporation
• ProPharma Group
• PCM Trials
• M&B Sciences
• AUTOCRUITMENT
• ClinicalConnection
• CSSi
• Tigermed
• Trialize
• Florence Healthcare

Segmentation & Forecast

Study Type

• Interventional Study
• Non-Interventional Study

Phases

• Late Stage
• Early Stage

Company Size

• Small & Mid-sized Companies
• Large-sized Companies

Therapeutic Area

• Oncology
• Rare & Genetic Diseases
• CNS- Central Nervous System Diseases
• Immunology Diseases
• Other Therapeutic Areas

Geography

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

Key Questions Answered in the Report:  

How big is the global virtual clinical trials market?

What is the growth rate of the global virtual clinical trials market?

Which region dominates the global virtual clinical trials market?

Who are the major players in the global virtual clinical trials market?

What are the drivers of the global virtual clinical trials market? 

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