Growing disease burden around the world is one of the main reasons anticipated to boost growth of the worldwide virtual clinical trials market over the forecast period. For instance, the need for cutting-edge and potent treatments is rising quickly along with the burden of chronic, infectious, or life-threatening diseases. Increased use of virtual clinical trials across the globe is another factor fueling the market's expansion. For instance, the number of mobile healthcare studies and decentralised and/or virtual clinical trials has more than doubled recently.
The market for Virtual Clinical Trials was valued at US$ 2,260.61 million in 2022, and it is anticipated to grow to US$ 8,297.56 million by 2030 at a CAGR of 17.65%.
Leading Companies in the Virtual Clinical Trials Industry:
1. Delve Health: Founded in 2015. Headquarters in the United States. Data management software creator who offers data management services and tools to improve clinical trial collaboration. The company's data management software consists of a clinical trial mobile application for patient engagement and recruitment as well as a medical intelligence tool for logging, organising, and linking biomedical data. This combination enables researchers, scientists, and medical professionals to investigate disease-specific information across various websites using the tool as well as enhance patient engagement and recruitment more broadly using the clinical trial app. This week, Altr, a digital innovation and design firm based in Boston, was acquired by Delve.
2. Clario: Established in 1972. United States headquarters. Provider of medical equipment and services for studying health outcomes for biopharma sponsors and contract research organisations. The organization's mission-critical, software-enabled clinical research facility provides cardiac safety and respiratory services, electronic clinical outcomes, suicide risk assessments, and other related services. These services enable customers to deliver successful clinical trial outcomes by ensuring quality data capture, lowering costs and shortening study timelines, while also enhancing trial oversight, enabling site optimisation, and increasing patient engagement. Sitero, a leading provider of clinical trial solutions and a next-generation CRO focusing on sites, is excited to announce the acquisition of a cutting-edge technology suite created to manage the whole clinical trial lifecycle.
3. Clinical Ink: Established in 2007. Headquarters in the United States. Creator of a data capturing technology specifically designed for the healthcare sector. With the help of the company's portfolio of products, clients may improve clinical trial operations, cut down on human labour, and have access to data at any time by capturing and integrating electronic data from locations, physicians, and patients at its source. Clinical Ink, Inc., a major provider of technology for clinical trials, was acquired by GI Partners, a renowned private investment group, as previously stated.
4. Castor: Established in 2011. Headquarters in the Netherlands, at Amsterdam. An individual who creates platforms for electronic data collection in the field of medicine. The company's platform gathers, manages, and analyses medical data from numerous electronic records and generates reports that can be extracted in different formats, allowing hospitals and medical researchers to provide high-quality care at reasonable costs and to stay current on patients' past health conditions. Castor is on a mission to expedite and put the patient first in every clinical trial. As the industry transitions to decentralised clinical trials, the provider of software for clinical trials revealed on Wednesday that it has raised $45 million in Series B funding to keep modernising the procedure.
5. Accenture: Global management consulting company Accenture was established in 1989 and is headquartered in Dublin, Ireland. The company focuses on providing management consulting, systems integration, business process outsourcing, risk management, information technology, and infrastructure outsourcing services. The banking, financial markets, travel, utilities, communications, healthcare, natural resources, energy, media, technology, and retail sectors are just a few of the many industries that Accenture serves. Droga5, one of the most innovative and significant creative agency, has been fully acquired by Accenture (NYSE: ACN).
6. Thread: Founded in 2016. Headquarters in the United States.Creator of a platform for remote patient research targeted at biopharma and home health specialists. The company's platform enables customers to design, operate, and scale contemporary clinical research programmes by adding validated and digitally licenced studies within each patient-facing application, having pre-built integrations with wearables and medical devices, and fully integrating into existing data systems to meet data transfer requirements. M&S buys Thread with an eye on personalization's GBP100 million in revenue.
7. Science 37: Founded in 2014. Headquarters in the United States. Science 37 Holdings Inc is involved in the creation of cutting-edge medical procedures that improve patient lives. It makes clinical trials open to all individuals and healthcare professionals. Networks of telemedicine researchers, travelling nurses, remote coordinators, patient groups, and connected equipment are integrated into its operating system. Science 37 Holdings, Inc. (Nasdaq: SNCE), the market-leading Metasite, declared in 2023 that it had acquired the life sciences platform from Vault Health, a leader in remote diagnostics and COVID testing, in order to further develop the Science 37 platform's capabilities for orchestrating clinical trial workflow and data interoperability.
*Definition: Virtual clinical trials is a relatively new method of conducting clinical research using technologies and online social engagement platforms.
