VIRTUAL CLINICAL TRIALS MARKET ANALYSIS

Virtual Clinical Trials MarketSize and Trends

The global virtual clinical trials market was valued at US$ 2,260.61 Mn in 2022 and is forecast to reach a value of US$ 8,297.56 Mn by 2030 at a CAGR of 17.65% between 2023 and 2030.

Global Virtual Clinical Trials Market Trends:

Decentralization of clinical trials is a recent trend

Decentralization of clinical trials has significant potential since decentralized/virtual clinical trials are independent of regional/geographical locations and are implemented through the digital health platforms. The clinical trials landscape is rapidly changing, thus trials need to be more accessible and more convenient for participants. In May 2020, Covance expanded its technology ecosystem to accelerate decentralized/virtual clinical trials adoption. This trend is expected to continue over the forecast period, driving the growth of the market.

Rise in adoption of synthetic clinical trials is another trend

Several companies have adopted modernized approaches to counter the challenges associated with finding participants for clinical trials. Synthetic trials substantially reduces the demand for patient recruitment, saving time and resources. It is an innovative approach that entails the collection of comparison data and can replace patients in clinical trials. The use of synthetic control arm instead of patient cohort receiving standard of care reduces the patient burden of participation in clinical trials. This trend is also expected to continue during the forecast period.