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Growing Investments By The Government And Pharmaceutical Companies Drives The Virtual Clinical Trials Market Driver: Leading Transformation in the Virtual Clinical Trials Market in 2025
The growth of the virtual clinical trials market is being propelled by the escalating investments from the government and pharmaceutical firms into research and development (R&D) for the creation of new drugs and vaccines. There is an expanding use of virtual clinical trial solutions and services within the medical industry's R&D departments, aiming to enhance the quality assurance and clinical data management for drugs and their derivatives. Highlighted in an article by McKinsey, the COVID-19 pandemic significantly expedited the use of decentralized clinical trials by pharmaceutical companies, underlining the vital advantages of virtual trials while refining the experience of both patients and doctors. Hence, the uptick in investment in the development of new vaccines and drugs by both the government and pharmaceutical companies remains a key driver for the expansion of the virtual clinical trials market.
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What is the projected compound annual growth rate (CAGR) of the virtual clinical trials market from 2025 to 2034, and what factors influence it?
There has been substantial growth in the market size of virtual clinical trials in the recent past. The market is forecasted to increase from $11.91 billion in 2024 to $12.99 billion in 2025, marking a compound annual growth rate (CAGR) of 9.0%. The historical expansion can be linked to a combination of factors including the rising costs of clinical trials, an increased focus on patient-centric trials, a higher demand for remote monitoring, and the increasing use of digital technology in clinical trials. Not to mention, the pressing need for more efficient and cost-effective clinical trials strategies.
The market for virtual clinical trials is projected to experience a significant rise in the coming years, elevating to $19.67 billion by 2029 at a compound annual growth rate (CAGR) of 10.9%. The anticipated growth during the forecast period can be credited to the rising implementation of decentralized clinical trials, escalating usage of wearables and other devices allowing monitoring from a distance, proliferation of telehealth facilities, regulatory encouragement for virtual trial methods, and the cost and time efficiency they provide. Key tendencies expected during the forecast phase encompass the rising utilization of artificial intelligence and machine learning within clinical trials, heightened use of electronic informed consent (econsent), expansion in virtual trial platforms and technologies, partnerships between pharmaceutical corporations and technology providers, with an emphasis on real-world evidence and dispersed data collection.
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How are the latest trends influencing the growth of the virtual clinical trials market?
The evolution of technology is an emerging trend garnering attention in the virtual clinical trials sector. Dominant companies in this market are dedicating themselves to introduce technologically sophisticated solutions to accommodate the rapidly increasing industry requirements and solidify their standing in the market. They're integrating contemporary virtual clinical technologies like wearable technologies, mHealth, blockchain, cloud computing, EMR integration, actionable data, threshold monitoring, AI, SFTP, ETL services, and more. For example, Unlearn.AI, an American startup, is set to release a novel digital twin RCTs technology for clinical trials in April 2022. This technology permits smaller control groups while maintaining potency and producing evidence appropriate for aiding regulatory decisions utilizing AI and historical data.
What are the major segments of the virtual clinical trials market and their role in driving growth?
The virtual clinical trials market covered in this report is segmented -
1) By Design: Observational Trials, Interventional Trials, Expanded Access Trials
2) By Phases: Phase I, Phase II, Phase III, Phase IV
3) By Indication: CNS, Autoimmune Or Inflammation, Cardiovascular Disease, Metabolic Or Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology, Other Indications
Subsegments:
1) By Observational Trials: Prospective Cohort Studies, Retrospective Studies, Case-Control Studies
2) By Interventional Trials: Randomized Controlled Trials (RCTs), Non-Randomized Trials, Adaptive Trials
3) By Expanded Access Trials: Single-Patient Expanded Access, Multi-Patient Expanded Access, Compassionate Use Programs
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Which regions are key players in the growth of the virtual clinical trials market?
North America was the largest region in the virtual clinical trials market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual clinical trials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the virtual clinical trials market?
Major companies operating in the virtual clinical trials market include ICON plc, Parexel International Pvt. Ltd., IQVIA Holdings Inc., Covance Research Products Inc., Pharmaceutical Research Associates Inc., Medidata Solution Inc., Oracle Corporation, Clario Tech Ltd., Medable Inc., Science 37 Holdings Inc., THREAD Research, Clinical Ink Inc., Veeva Systems Inc., Clinerion Ltd., CRF Health Group Limited, Royal Castor Products Limited, Crio Inc., Deep Lens Inc., Florence Healthcare Inc., goBalto Inc., Medrio Inc., Mint Medical Ltd., Mytrus Inc., OpenClinica LLC, PatientWing, RealTime-CTMS LLC, Reify Health, Sanguine Biosciences Inc., TriNetX Inc., VirTrial LLC
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What Is Covered In The Virtual Clinical Trials Global Market Report?
•Market Size Forecast: Examine the virtual clinical trials market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the virtual clinical trials market for a structured understanding.
•Key Players Overview: Analyze major players in the virtual clinical trials market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the virtual clinical trials market.
•Segment Contributions: Evaluate how different segments drive overall growth in the virtual clinical trials market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the virtual clinical trials market.
•Industry Challenges: Identify potential risks and obstacles affecting the virtual clinical trials market.
•Competitive Landscape: Review strategic developments in the virtual clinical trials market, including expansions, agreements, and new product launches.
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