Product Code: GVR-4-68040-085-3
U.S. Virtual Clinical Trials Market Growth & Trends
The U.S. virtual clinical trials market size is expected to reach USD 7.52 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 5.45% from 2023 to 2030. Factors such as the adoption of telehealth, the need for patient diversity clubbed with enhanced data collection in clinical trials, and the increasing digitalization in healthcare are factors driving the growth of the market.
In a virtual paradigm, researchers can use digital tools to speed up hiring, cut down on overheads, and increase inclusivity. For patient-trial matching, for instance, cancer centers are starting to use artificial intelligence (AI). These platforms collect patient data from both structured and unstructured parts of electronic medical records, determine eligibility, and match patients to pertinent open studies in the ClinicalTrials.gov database. They use natural language processing and other AI approaches for this purpose.
The importance of these cutting-edge analytics tools in cancer is rising rapidly, as regulators work to enlarge previously stringent eligibility requirements. This factor is representing lucrative growth opportunities for the virtual clinical trials market in the United States. As a result of the COVID-19 pandemic, telemedicine has seen a sharp increase in usage in recent years. This is because most of the sponsors funding research studies have placed a greater emphasis on patient-centricity.
One of the biggest obstacles to patient enrollment and retention in clinical trials is the patient's geographic location and/or socioeconomic class. This is addressed via telemedicine, which also improves the possibility of better patient diversity. This provides a more realistic picture of a certain illness in a population and the potential effects of an investigational drug on that population. Furthermore, patients can interact with researchers as well as the treating doctors more effectively, when telemedicine is used in clinical research.
The pandemic switched research attention from study clinics to homes, leading researchers to consider novel methods for data gathering. The FDA published instructions to temporarily increase access to noninvasive medical devices for remote patient monitoring, such as electrocardiographs and spirometers. Researchers have changed the assessment frequency specifically in oncology. These developments are compatible with the virtual trial approach, which aims to increase the ability of studies to gauge patient-reported outcomes and produce real-world data. The U.S. market for virtual clinical trials has observed notable growth due to the pandemic.
U.S. Virtual Clinical Trials Market Report Highlights
- The interventional study design segment accounted for the highest market share in 2022 due to the rapid rise in the number of experiments being performed to develop novel medications for various diseases
- The expanded access segment is anticipated to experience maximum growth as it represents great potential
- The oncology segment dominated the market in 2022 with a revenue share of 57.73% owing to the rising cases of cancer in the United States
- The CNS indication segment is expected to witness maximum growth due to the increasing adoption of virtual clinical trials in this area
- The Phase II trials segment accounted for the highest revenue share in 2022 in the market due to many studies currently being under this study phase
- The Southern region dominated the U.S. market in 2022 with a revenue share of 33.25%, owing to a significant number of clinical trials being carried out in states such as Texas and Florida
- The Western region of the United States is anticipated to experience maximum growth during the forecast period, aided by the presence of states such as California that strongly focus on research activities
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definitions
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.3.5. Details of Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.5.1. Commodity Flow Analysis
- 1.5.1.1. Approach 1: Commodity flow approach
- 1.5.1.2. Approach 2: Country wise market estimation using bottom-up approach
- 1.6. Data Validation & Publishing
- 1.7. Global Market: CAGR Calculation
- 1.8. List of Secondary Sources
- 1.9. List of Primary Sources
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segmental Snapshot
- 2.3. Competitive Insights Snapshot
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage
- 3.1.1. Parent Market Analysis
- 3.1.2. Ancillary Market Analysis
- 3.2. U.S. Virtual Clinical Trials Market - Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.1.1. The increasing healthcare digitization
- 3.2.1.2. The need for patient diversity clubbed with enhanced data collection in clinical trials
- 3.2.1.3. Adoption of telehealth
- 3.2.1.4. Alliances between biotechnology, pharmaceutical & clinical research organization
- 3.2.2. Market Restraint Analysis
- 3.3. Business Environmental Tools Analysis: U.S. Virtual Clinical Trials Market
- 3.3.1. Porter's Five Forces Analysis
- 3.3.2. PESTLE Analysis
- 3.4. COVID-19 Impact Analysis
Chapter 4. U.S. Virtual Clinical Trials Market: Study Design Estimates & Trend Analysis
- 4.1. U.S. Virtual Clinical Trials Market, By Study Design: Key Takeaways
- 4.2. U.S. Virtual Clinical Trials Market: Study Design Movement & Market Share Analysis, 2022 & 2030
- 4.3. Interventional
- 4.3.1. Interventional Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 4.4. Observational
- 4.4.1. Observational Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 4.5. Expanded access
- 4.5.1. Expanded Access Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
Chapter 5. U.S. Virtual Clinical Trials Market: Indication Estimates & Trend Analysis
- 5.1. U.S. Virtual Clinical Trials Market, By Indication: Key Takeaways
- 5.2. U.S. Virtual Clinical Trials Market: Indication Movement & Market Share Analysis, 2022 & 2030
- 5.3. Oncology
- 5.3.1. Oncology Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 5.4. Cardiovascular
- 5.4.1. Cardiovascular Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 5.5. Digestive Diseases
- 5.5.1. Digestive Diseases Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 5.6. Musculoskeletal Diseases
- 5.6.1. Musculoskeletal Diseases Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 5.7. Infectious Diseases
- 5.7.1. Infectious Diseases Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 5.8. CNS
- 5.8.1. CNS Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 5.9. Endocrinology & Metabolic Disease
- 5.9.1. Endocrinology & Metabolic Disease Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 5.10. Others
- 5.10.1. Other Indications Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
Chapter 6. U.S. Virtual Clinical Trials Market: Phase Estimates & Trend Analysis
- 6.1. U.S. Virtual Clinical Trials Market, By Phase: Key Takeaways
- 6.2. U.S. Virtual Clinical Trials Market: Phase Movement & Market Share Analysis, 2022 & 2030
- 6.3. Phase I
- 6.3.1. Phase I Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.4. Phase II
- 6.4.1. Phase II Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.5. Phase III
- 6.5.1. Phase III Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.6. Phase IV
- 6.6.1. Phase IV Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
Chapter 7. U.S. Virtual Clinical Trials Market: Regional Analysis
- 7.1. U.S. Virtual Clinical Trials Regional market share analysis, 2022 & 2030
- 7.1.1. Northeast
- 7.1.1.1. Northeast Market estimates and forecast, 2018 - 2030
- 7.1.2. Midwest
- 7.1.2.1. Midwest Market estimates and forecast, 2018 - 2030
- 7.1.3. South
- 7.1.3.1. South Market estimates and forecast, 2018 - 2030
- 7.1.4. West
- 7.1.4.1. West Market estimates and forecast, 2018 - 2030
Chapter 8. Competitive Landscape
- 8.1. Company Categorization
- 8.2. Strategy Mapping
- 8.3. Company Profiles/Listing
- 8.3.1. ICON, plc
- 8.3.1.1. Overview
- 8.3.1.2. Financial Performance
- 8.3.1.3. Service Benchmarking
- 8.3.1.4. Strategic Initiatives
- 8.3.2. Parexel International Corporation
- 8.3.2.1. Overview
- 8.3.2.2. Financial Performance
- 8.3.2.3. Service Benchmarking
- 8.3.2.4. Strategic Initiatives
- 8.3.3. IQVIA
- 8.3.3.1. Overview
- 8.3.3.2. Financial Performance
- 8.3.3.3. Service Benchmarking
- 8.3.3.4. Strategic Initiatives
- 8.3.4. Labcorp Drug Development
- 8.3.4.1. Overview
- 8.3.4.2. Financial Performance
- 8.3.4.3. Service Benchmarking
- 8.3.4.4. Strategic Initiatives
- 8.3.5. Medidata Solutions
- 8.3.5.1. Overview
- 8.3.5.2. Financial Performance
- 8.3.5.3. Service Benchmarking
- 8.3.5.4. Strategic Initiatives
- 8.3.6. Oracle
- 8.3.6.1. Overview
- 8.3.6.2. Financial Performance
- 8.3.6.3. Service Benchmarking
- 8.3.6.4. Strategic Initiatives
- 8.3.7. Signant Health
- 8.3.7.1. Overview
- 8.3.7.2. Financial Performance
- 8.3.7.3. Service Benchmarking
- 8.3.7.4. Strategic Initiatives
- 8.3.8. Medable, Inc.
- 8.3.8.1. Overview
- 8.3.8.2. Financial Performance
- 8.3.8.3. Service Benchmarking
- 8.3.8.4. Strategic Initiatives
- 8.3.9. Halo Health Systems
- 8.3.9.1. Overview
- 8.3.9.2. Financial Performance
- 8.3.9.3. Service Benchmarking
- 8.3.9.4. Strategic Initiatives
- 8.3.10. Science 37
- 8.3.10.1. Overview
- 8.3.10.2. Financial Performance
- 8.3.10.3. Service Benchmarking
- 8.3.10.4. Strategic Initiatives