- Expanded Access
Digital Trials Market size was valued at USD 7.3 billion in 2022 and it is expected to grow to USD 14.2 billion growing at a 7.4% CAGR from 2023 to 2029. Digital trials are the information that includes data, results, information, discoveries, invention, and method resulting from clinical trial studies by personnel performance and invigilator, but except personnel data from medical records. A critical phase in clinical research leads to generating high-quality data reliable and statical data from clinical trials to manage all the data Digital Trial Management tools are used. Various study designs are segmented into Interventional Cardiology , Observational, and expanded access are used to collect information regarding clinical trials. The rapid increase in the development of novel drugs for medications of various diseases and the increase in technology in the digitalization of clinical data is the major factor driving the market. Due to covid outbreak, clinical trials on drugs and vaccines are increasing rapidly to lower the risk through various chronic and acute diseases which result in to increase in demand for digital trails information. Expanded access is a potential pathway to subdue patients for new drug and vaccine development. The oncology segment dominated the market for Virtual/Decentralized Clinical Trials and accounted for the largest revenue share of 28.4% in 2022, including the clinical trials in cardiovascular chronic diseases accounted second largest revenue share of 24.6% in the same year.
Recent Digital Trials Market Key Developments:
In January 2023, Curebase launched All-in-One Software and Trial Execution Package to Help Digital Therapeutics Companies Accelerate Clinical Trials
In September 2022, BMS and ConcertAI launch a digital trial solution for oncology. The digital trial solutions are designed to merge well into the clinical workflows of healthcare practices.
Fastest Growing Market
The increasing prevalence of virtual trials of chronic and acute diseases across the world is the major market driver in the Digital Trials Market during the forecast period. With the rise in various diseases around the world the research and development for various novel medications and vaccines increased results the number of trials also increased to collect information is crucial for firms, digital trial data are the most effective way to collect data. Low rate of enrollment poses risk to the success of clinical trial studies they hamper the treatment advances and corresponding benefits to the outcomes which anticipated the boost of virtual clinical trial studies. Hence, this will drive global market growth at a significant rate.
The digital trials market was valued at USD 7.3 billion in 2022 and it is expected to grow at a significant CAGR of 7.4% from 2023 to 2029.
Digital trials are the information that includes data, results, information, discoveries, invention, and method resulting from clinical trial studies by personnel performance and invigilator, but except personnel data from medical records.
The leading players in the Digital Trials Market are ICON plc, Parexel International Corporation, IQVIA, Covance, PRA Health Sciences, LEO Innovation Lab, Medidata, Oracle, CRF Health, Clinical Ink, Medable, Inc., Signant Health, Clinical Ink, Halo Health Systems, and Croprime
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation, and Seven years forecast is presented from 2023 – 2029.