by The global Virtual Clinical Trials Market is estimated to be valued at US$2,260.61 Mn in 2023 and is expected to exhibit a CAGR of 17.65% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Virtual clinical trials refer to the use of innovative technologies and data collection methods to conduct clinical trials remotely. These trials eliminate the need for participants to travel to study sites, thus offering convenience and reducing costs. The advantages of virtual clinical trials include increased patient recruitment rates, higher participant retention, and faster data collection. With the rise of decentralized clinical trials, the market for virtual clinical trials is expected to grow significantly.
Market Key Trends:
One key trend in the virtual clinical trials market is the growing preference for remote data collection. Remote monitoring and data collection methods, such as wearables and electronic patient-reported outcomes (ePRO), allow for real-time data collection without the need for in-person visits. This trend enables virtual clinical trials to collect more accurate and comprehensive data while minimizing the burden on participants. By leveraging these innovative technologies, virtual clinical trials are revolutionizing the way clinical research is conducted and are expected to drive market growth in the coming years.
Porter’s Analysis
Threat of new entrants: The Virtual Clinical Trials Market Growth is expected to experience a moderate threat of new entrants. While the market offers lucrative opportunities, the high barriers to entry, such as complex regulatory requirements and the need for advanced technology infrastructure, limit the entry of new players.
Bargaining power of buyers: The bargaining power of buyers in the virtual clinical trials market is high. Buyers, including pharmaceutical companies and contract research organizations (CROs), have numerous options to choose from due to the presence of several virtual clinical trial service providers. This empowers buyers to negotiate prices and demand high-quality services.
Bargaining power of suppliers: The bargaining power of suppliers in the virtual clinical trials market is moderate. Suppliers, including technology providers and software vendors, hold valuable expertise and resources that are crucial for conducting virtual clinical trials. However, due to intense competition in the market, buyers have the option to switch suppliers easily, reducing supplier power.
Threat of new substitutes: The threat of new substitutes is low in the virtual clinical trials market. Traditional clinical trials conducted in physical settings have limitations such as high costs, longer timelines, and geographic constraints. Virtual clinical trials offer significant advantages and are increasingly being adopted by the pharmaceutical industry, reducing the likelihood of substitutes.
Competitive rivalry: The competitive rivalry in the virtual clinical trials market is intense. The market is fragmented, with several key players competing for market share. These key players, including Delve Health, Clario, and Clinical Ink, among others, offer a range of innovative solutions and services. The intense competition drives companies to innovate and differentiate themselves to gain a competitive edge.
Key Takeaways
The global virtual clinical trials market is projected to witness high growth, exhibiting a CAGR of 17.65% over the forecast period. The increasing adoption of virtual clinical trials by pharmaceutical companies and CROs is a major driver for market growth. Virtual trials offer benefits such as cost-efficiency, faster enrollment, and improved patient engagement, driving their demand.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the virtual clinical trials market. The region’s well-established healthcare infrastructure, higher adoption of innovative technologies, and the presence of key market players contribute to its growth. Additionally, the region’s regulatory framework supports the conduct of virtual clinical trials, further boosting market growth.
Key players operating in the virtual clinical trials market include Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systèmes, and eClinicalHealth (CLINPAL), among others. These players offer a diverse range of virtual trial solutions, including electronic data capture systems, telemedicine platforms, and patient recruitment tools. They are focused on partnerships, collaborations, and product innovation to maintain a competitive advantage in the market.
