The size of the virtual clinical trials industry will power at a compound annual growth rate of 5.9% during 2022-2030, to touch a value of USD 12,987.4 million by 2030.
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This is due to rising rate of digitization in the healthcare industry, surging clinical research activities, and the increasing demand for new vaccines and treatments and technologies that allow clinical trials to be conducted online.
The market is going through clinical trial platforms and technological developments in patient recruitment which have made it possible to analyse trial data effectively.
In a fully decentralised or virtual approach, patient recruitment, intervention delivery, and outcome data collection can all be completed without the patients' actual physical presence.
Virtual clinical trials are a revolutionary method that allows participants to take part in the study from the comfort of their own homes without travelling to the study site. Additionally, this aids in maintaining effective control over the gathering of participant data for clinical trials.
Clinical trials have become more patient-centric due to decentralised technologies, which have also revolutionised product development. As a result, market participants are working on a variety of strategic initiatives to provide the finest services and to reduce trial costs.
The interventional category maintained the greatest share, around 50% due to the increased number of research and development efforts focused on innovative medicines and digitization at the laboratory level.
Experimental research also known as interventional studies, enables the medical community to determine the cause-and-effect between an intervention or treatment. When doing epidemiological research on preventative or therapeutic products, such studies provide trustworthy evidence.
Decentralised platforms, tools, and solutions are anticipated to gain more focus as a result of strong government support and severe clinical trial laws in the United States. Additionally, governments in a number of poor nations are launching measures to increase the quantity of clinical studies.
Due to the presence of many significant market players, North America held a 40% share of the global virtual clinical trials market. The market is also fuelled by expanding R&D spending, the use of new technologies in clinical research, and government funding for pharmaceutical research.
For instance, from 19.1% in 2021 to 20.7%, the rate of new research project grant success grew by 1.6%. Additionally, the NIH spent over USD 43 billion on research to lessen the burden of disease.
Furthermore, the U.S. accounts for the biggest share—more than 31%—of all clinical studies reported globally. Additionally, this nation accounts for more than 32% of all patient recruiting for similar research worldwide.
Traditional clinical trial methods are becoming obsolete due to the rising number of registrations; hence the virtual method is expected to be used most in the upcoming years and this will lead to market growth.
