Virtual Clinical Trials Market Worth $11.5 Billion By 2028 | CAGR: 5.7%
The global Virtual Clinical Trials Market size is expected to reach USD 11.5 billion by 2028, according to a new
report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2021 to 2028. The
need for patient diversity clubbed with enhanced data collection in clinical trials is boosting virtual/decentralized
clinical trials (DCTs) market growth.
There has been a rise in the R&D of new drugs and vaccines that has increased the volume and complexity of the
trials. Virtual clinical studies eliminate challenges posed by traditional research studies, for example, delays in
patient recruitment and time-consuming procedures. Also, studies have revealed that around 75.0% of people
favored a mobile trial over traditional ones and 80.0% of patients are more likely to participate in a research study
that uses mobile technology.
The current pandemic of COVID-19 is making the clinical trial industry change the way of conducting ongoing or
upcoming research studies. The pandemic, for the first time in history, has resulted in the global disruption of
traditional onsite research studies. Hence, the regulatory bodies such as the U.S. FDA, the European Medicines
Agency (EMA), the National Institutes of Health (NIH), and China’s National Medical Products Administration
(NMPA), and several other regulating authorities have issued guidelines related to the conduct of research studies
during the outbreak of coronavirus, and are in complete support of incorporating virtual services.
Virtual research studies make use of monitoring devices, software apps, and online social engagement platforms to
conduct every step of the clinical trial process including patient recruitment, counseling, measuring clinical
endpoints, informed consent, and adverse reactions. Telehealth, home care, and remote patient monitoring have
been gaining momentum as a healthcare offering, and the COVID-19 is adding more horse