A growing demand for advanced technologies and digitization will drive the demand for virtual clinical trials.
Wilmington, Delaware, United States, Oct. 09, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The virtual clinical trials market is projected to reach US$ 8.3 billion by 2032. Virtual clinical trial market revenue is expected to expand at a CAGR of 7.4% from 2022 to 2032.
Researchers evaluated the feasibility and efficacy of using virtual reality (VR) as an alternative to opioid-based interventions to manage adults’ procedural pain while undergoing dressing changes in a recent study published in PLOS Digital Health. Additionally, they gained insights that could be used to optimise future VR pain management experiments.
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Drug development relies heavily on clinical trials, which provide scientific evidence of a drug’s effectiveness and safety, as well as clinical care information. In the field of pediatric pain management, virtual reality is emerging as an innovative, non-pharmaceutical approach that creates immersive distractions, diminishes anxiety and pain as well as enables pain management.
Clinical trials using virtual technology utilize new communication tools and innovative technology to allow participants to take part in clinical trials from the comfort of their own homes at any time of day or night.
Key Findings of Market Report
- United Kingdom is projected to reach a valuation of US$ 520.8 million during the forecast period. The country is expected to reach a CAGR of 5.2% from 2022 to 2032.
- Japan witnessed a CAGR of 10.5% for virtual clinical trials from 2022 to 2032.
- Virtual clinical trials in South Korea are estimated to reach US$ 326 million by 2032.
- A CAGR of 6.8% is anticipated in the Asia Pacific region during the forecast period.
- Over the next few years, virtual clinical trials are expected to gain popularity with cardiovascular indications.
Global Virtual Clinical Trials Market: Growth Drivers
A virtual trial provides participants with greater ease of use and accessibility than a traditional trial. Rather than having to travel to a clinic, patients are able to participate from home, minimizing the amount of time they need to spend in the clinic. Using a patient-centred approach to recruit and retain patients can help increase recruitment and retention.
Increasing adoption of technologies and AI integration will increase demand for virtual clinical trials. As the geriatric population grows, and demand for home clinics at convenience increases, the market is expected to grow. A surge in research and development activities and funding is expected to drive virtual clinical trial demand. Furthermore, dermatological testing is widely adopted by VCTs, which is fueling the market’s growth. Various types of skin disorders are evaluated using remote trials since they do not require complex examinations.
Global Virtual Clinical Trials Market: Regional Landscape
Virtual clinical trial revenue will be dominated by North America in 2023. Forecasts indicate that this segment will continue to dominate for the foreseeable future. Increased research and development in this region, as well as the adoption of cutting-edge technologies, to grow the market. Digital technologies are also being utilized by market players to meet the needs of clients.
The United States and Canada are expected to enhance the market in the coming years. Infrastructural developments and rising hospital maintenance are expected to increase market demand for these trials. With over 200,000 cases expected in 2020 in the United States (U.S.), a balanced, effective pain management strategy is urgently needed.
By reducing physical infrastructure, on-site staff, and travel costs, virtual trials can prove more cost-effective than traditional trials. Companies in the pharmaceutical industry and research organizations can save money by using this method. The efficiency of virtual trials is often higher than that of traditional trials since they streamline processes and reduce administrative overhead. Both patients and pharmaceutical companies can benefit from this, as new treatments can be brought to market faster.
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Global Virtual Clinical Trials Market: Key Players
Virtual clinical trials are dominated by several large-scale vendors. Environmentally friendly products are frequently developed by virtual clinical trial manufacturers. Mergers and acquisitions are common strategies adopted by key players.
- ICON, plc
- Parexel International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink
- Medable, Inc.
Key Development
- In September 2023, Maryland-based CRO Emmes launched a telehealth platform with its Advantage eClinical platform, allowing trial participants and sites to make virtual video calls. In addition to the video option, Emmes is working to develop a digital trial infrastructure to accommodate trials that are conducted on-site, decentralized, hybrid, or completely virtual.
- In October 2023, Acumen Pharmaceuticals, Inc., developing a novel therapeutic to treat Alzheimer’s disease (AD) by targeting soluble amyloid beta oligomers, announced further insight into its Phase 1 INTERCEPT-AD trial testing ACU193, the first Ab-directed antibody for Alzheimer’s disease (AD), at the 16th Annual Clinical Trials on Alzheimer’s Disease (CTAD) held in Boston and online October 24-27, 2023.
Global Virtual Clinical Trials Market: Segmentation
By Study Design
- Interventional
- Observational
- Expanded Access
By Indication
- Oncology
- Cardiovascular
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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