April 12, 2024
Virtual Clinical Trials Market

Virtual Clinical Trials Are Revolutionizing The Life Sciences Industry By Adopting Advanced Technologies

The virtual clinical trials market enables decentralized clinical trials through telemedicine and remote patient monitoring. It utilizes digital data collection including wearables, mobile apps, and electronic health records to capture clinical trial data instead of in-person visits. This increases patient access and convenience while reducing costs for sponsors.

The Global Virtual Clinical Trials Market is estimated to be valued at US$ 3063.86 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the virtual clinical trials market are SPIMACO, Tabuk Pharmaceuticals Manufacturing Co., Julphar, Jamjoom Pharma, GlaxoSmithKline plc, Pfizer Inc., Novartis AG, and Sanofi. The growing demand for decentralized clinical trials and remote monitoring solutions are fueling market growth. Pharmaceutical companies are expanding globally to conduct virtual trials across different countries and regions to compress development timelines.

Key players operating in the virtual clinical trials market are SPIMACO, Tabuk Pharmaceuticals Manufacturing Co., Julphar, Jamjoom Pharma, GlaxoSmithKline plc, Pfizer Inc., Novartis AG, and Sanofi. The increasing prevalence of various chronic diseases and demand for cost-effective clinical trials are major factors driving the market. Various government initiatives to support virtual trials will further accelerate market expansion.

The global Virtual Clinical Trials Market Demand is witnessing significant growth owing to increasing investments from pharmaceutical giants in digital innovations. Various regions and countries are being evaluated for conducting decentralized clinical trials to enhance patient access while reducing costs.

Market key trends

The adoption of cloud technologies, blockchain, artificial intelligence and wearable devices in virtual clinical trials has emerged as a key trend. AI helps in remote monitoring of patients, automated data collection and analysis. Blockchain provides transparency and security to decentralized clinical trial data. The use of digital endpoints such as mobile apps, and virtual visits for recruiting, retaining and gathering clinical data from patients is revolutionizing clinical research.

Porter’s Analysis

Threat of new entrants: Current clinical data protection laws and high capital requirement for starting up a virtual clinical trials restrict entry of new players.

Bargaining power of buyers: Pharmaceutical companies have strong bargaining power as buyers as they drive prices down and demand higher quality trials within given timelines.

Bargaining power of suppliers: Virtual trials platform and solutions providers have moderate bargaining power as they do not have very high switching costs.

Threat of new substitutes: Mobile technologies and remote patient monitoring offer viable substitutes but lack comprehensive virtual trials capabilities at present.

Competitive rivalry: Competition is high among existing virtual clinical trial platform providers to offer more customizable, efficient and cost effective solutions.

Geographical Regions

North America accounted for the largest share in the global virtual clinical trials market in terms of value in 2024. This is attributed to presence of major pharmaceutical companies, high adoption of advanced technologies and growing clinical research activities in the region.

The Asia Pacific region is poised to grow at the fastest CAGR during the forecast period owing to increasing investments by pharmaceutical companies, rising patient population and rapid urbanization in countries like China and India. Countries in the region offer lucrative opportunities for conducting virtual clinical trials at lower costs.

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