The size of the virtual clinical trials market 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.
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.
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.
