Virtual Clinical Trials Market To Generate $12,987.4 Million Revenue by 2030
- Published: June 2023
The virtual clinical trials market is set to progress at a CAGR of 5.9% during 2022–2030, to reach USD 12,987.4 million by 2030.
Rising Prevalence of Cancer Is Driving Clinical Research Activities
Owing to the rising prevalence of cancer across the globe, the need for increasing the count and frequency of clinical trials in the oncology space is surging. Therefore, the oncology category, under the indication segment, held the largest share, around 25%, in 2022.
As per the WHO, cancer was the first or second on the list of the leading cause of death before 70 years of age in 112 countries and the third or fourth on this list in 23 countries. As a result, the number of clinical trials in the oncology field is increasing every year, which, in turn, is boosting the adoption of decentralized solutions to conduct these activities. This is itself driven by the increase in the investment in cancer therapy R&D by private as well as government bodies.
Furthermore, the cardiovascular category has a significant share in the market, as CVDs are the overall leading cause of death globally. A higher disease prevalence is seen in middle- and low-income countries, due to the lack of access to appropriate treatment. Thus, the resulting increase in the demand for affordable, effective, and safe medication continues to drive R&D spending in the cardiovascular subspecialty.
Thus, this category is expected to experience a CAGR of 7% during the forecast period, driven by the extensive pipeline of drugs for heart failure, lipid disorders, vascular diseases, and stroke.
Technological Advancements in Healthcare Industry Drive Market
With the adoption of advanced technologies for clinical trials, driven by the implementation of regulations supporting this move, IT vendors catering to this space continue to prosper. Technologies including artificial intelligence, telemedicine, and wearables offer real-time data and support in conducting decentralized clinical trials. Essentially, the concerns regarding the high cost and high rates of trial failures boost the usage of such advanced technologies.
Real-world evidence is one of most-significant pillars of clinical trials, and wearable and other technologies have supported in collecting and analyzing the large volumes of data sourced from participants.
Moreover, smartphone-based apps, mobile devices, and wearable medical devices have the potential to significantly improve the way data is captured virtually and transmitted over the air to research coordinators. Data monitoring becomes easy with wearable devices, which capture a wide range of data points from within patients’ bodies in quick time. This allows organizations and sponsors to analyze data collected from multiple locations. Moreover, other technologies that support virtual clinical trials are virtual reality, machine learning, and IoT.
The most-significant virtual clinical trials market players are Parexel International Corporation, ICON Plc, IQVIA, Dassault Systèmes, Oracle Corporation, Clinical Ink Inc., Medable Inc., Halo Health Systems, and Labcorp Drug Development.