by The global Virtual Clinical Trials Market is estimated to be valued at US$ 2,260.61 Mn in 2022 and is expected to exhibit a CAGR of 17.65% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Virtual Clinical Trials involve the use of digital technology and remote monitoring to conduct clinical trials. This innovative approach offers several advantages over traditional clinical trials, including increased patient participation, reduced costs, and enhanced data collection accuracy. The need for efficient and cost-effective methods of conducting clinical trials, coupled with the rising adoption of remote monitoring technology, is driving the growth of the virtual clinical trials market.
Market Key Trends:
One key trend in the virtual clinical trials market is the increasing use of telemedicine platforms to conduct remote patient monitoring. Telemedicine platforms enable real-time communication between patients and healthcare professionals, allowing for seamless data collection and monitoring. This trend is expected to revolutionize the way clinical trials are conducted, as it eliminates the need for physical site visits and enables remote data collection, leading to improved patient engagement and reduced costs.
Porter’s Analysis
Threat of new entrants:
The threat of new entrants in the virtual clinical trials market is low. This is due to the significant barriers to entry, including high capital requirements, complex regulatory processes, and established relationships between pharmaceutical companies and contract research organizations. Additionally, the virtual nature of these trials requires specialized technology and expertise, making it difficult for new entrants to compete with established players.
Bargaining power of buyers:
Buyers in the virtual clinical trials market have moderate bargaining power. While pharmaceutical companies and research organizations are the primary buyers, they have limited options when it comes to selecting virtual clinical trial providers. However, the growing market and increasing competition among service providers could give buyers more negotiating power in the future.
Bargaining power of suppliers:
Suppliers in the virtual clinical trials market have a moderate level of bargaining power. This includes technology providers, software developers, and contract research organizations that offer virtual trial services. The key factors influencing their bargaining power include the uniqueness and availability of their products or services, as well as the number of alternative suppliers in the market.
Threat of new substitutes:
The threat of new substitutes in the virtual clinical trials market is relatively low. Traditional clinical trials conducted in physical settings still dominate the industry. However, the increasing adoption of virtual trials due to their cost and time efficiency could lead to a gradual shift away from traditional trials in the future.
Competitive rivalry:
The competitive rivalry in the virtual clinical trials market is high. There are several key players operating in the market, each striving to gain a larger market share. The market is characterized by constant technological advancements, collaborations, and acquisitions among the players to enhance their capabilities and expand their customer base.
Key Takeaways
The global Virtual Clinical Trials Market Share is projected to experience significant growth, exhibiting a CAGR of 17.65% between 2023 and 2030. This growth can be attributed to the increasing adoption of virtual trials by pharmaceutical companies and research organizations. Virtual trials offer several advantages, including faster recruitment, reduced costs, and improved patient access.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the virtual clinical trials market. The region has a well-established healthcare infrastructure, a favorable regulatory environment, and a high adoption rate of advanced technologies. Additionally, North America has a large pool of clinical trial participants and a strong presence of key players in the market.
The key players operating in the virtual clinical trials market include Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systèmes, and eClinicalHealth (CLINPAL), among others. These players are actively engaged in strategic initiatives such as collaborations, partnerships, and mergers and acquisitions to enhance their product offerings and expand their market share.
The global virtual clinical trials market is poised for significant growth in the coming years. The market is driven by the increasing adoption of virtual trials, particularly in North America. Key players in the market are focused on technological advancements and strategic collaborations to gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
