July 24, 2024

 Increasing Adoption Of Digital Technologies To Boost The Growth Of Virtual Clinical Trials Market

The global Virtual Clinical Trials Market is estimated to be valued at Us$ 2659.6 Mn in 2023 and is expected to exhibit a CAGR Of 17% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The virtual clinical trials market involves the use of digital and remote technologies to design clinical trials that do not require in-person visits. This allows for clinical trial studies to be more affordable, convenient, and inclusive for participants. Some key advantages of virtual clinical trials include reduced costs, time efficiency, improved data quality, and expanded access for rare disease and other hard-to-recruit patient populations. With virtual technologies, clinical data can be collected and shared remotely using digital devices, centralized databases, and other digital tools to streamline trial processes.

Market key trends:

One of the major trends in the virtual clinical trials market is the growing integration of advanced technologies like artificial intelligence, blockchain, and cloud computing. These technologies help improve the quality and security of virtual trials. For instance, AI aids in automated data collection and analysis from various mobile health devices. Blockchain enhances data transparency, traceability and privacy. Meanwhile, cloud platforms provide flexible data management solutions for multi-site decentralized clinical studies. The increasing adoption of digital innovations is expected to transform clinical trials making them more efficient and patient-centric in the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as clinical trials require high investments and regulatory approvals. However, virtual clinical trial providers face lower entry barriers than traditional clinical trials.

Bargaining power of buyers: The bargaining power of buyers is high as customers have a variety of virtual clinical trial providers to choose from. Buyers can negotiate on price and switch between providers easily.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. While technology and software providers are important, their availability is widespread.

Threat of new substitutes: The threat of new substitutes is high due to advancement of emerging technologies. Digital technologies can potentially replace certain virtual trial processes.

Competitive rivalry: Competition in the market is intense with the presence of many global as well as regional players. Key players focus on expanding their service offerings and global presence.

Key Takeaways

The Global Virtual Clinical Trials Market Size is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing R&D expenditure and technological advancements.

Regional analysis:

 

 North America dominates the market and is expected to continue its dominance over the forecast period. However, Asia Pacific is expected to grow at the fastest pace owing to rising clinical trial activities in China, India and other emerging countries.

Key players:

 

Key players operating in the Virtual Clinical Trials Market include Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systà ̈mes, and eElinicalHealth (CLINPAL), among others. Key players focus on expanding their service offerings and global presence through strategic collaborations and partnerships.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it