Europe Virtual Clinical Trials Market

Europe Virtual Clinical Trials Market Size (2024 to 2029)

The virtual clinical trials market size in Europe is expected to be valued at USD 4.05 billion by 2029 from USD 3.11 billion in 2024, growing at a CAGR of 5.4% from 2024 to 2029.

The growing prevalence of chronic diseases and the increasing need for effective treatments drive the Europe virtual clinical trials market growth. The demand for innovative drugs, medical devices and vaccines is growing rapidly due to the growing patient population suffering from chronic diseases. Virtual clinical trials provide an efficient and data-driven approach to conducting research and developing new healthcare solutions. These trials leverage advanced technologies and large-scale data analysis to streamline the research process and accelerate the discovery of effective treatments.

The rapid adoption of telehealth and telemedicine contributes to the growth of the European virtual clinical trials market. Healthcare facilities are embracing digital systems to alleviate the burden on healthcare professionals and enhance the efficiency of healthcare management. Moreover, the adoption of telehealth offers benefits such as reducing the spread of infections and minimizing transportation time for patients. Additionally, the utilization of remote patient monitoring devices plays a pivotal role in market growth by enabling data collection from diverse sources and facilitating informed decisions during clinical trial procedures. The accessibility and convenience of remote data collection further augment the European market growth.

The growing number of advancements in virtual clinical trial procedures fuel the growth rate of the European virtual clinical trials market. Manufacturers and researchers prioritize the development of efficient procedures for conducting virtual clinical trials. The utilization of advanced technologies like artificial intelligence and big data enhances the utilization of collected data. Factors such as increasing research and development, expanding virtual clinical trial sources, and growing investments from both private and public sectors further drive the European market growth.

Regulatory challenges such as data privacy and security concerns, ethical considerations, and compliance with local regulations is one of the major factors hampering the European market growth. Inadequate digital infrastructure, especially in rural areas, limited digital literacy among certain patient populations, and technological disparities further hinder the regional market growth. Resistance and hesitancy towards adopting virtual clinical trial methods among stakeholders, including researchers, healthcare providers, and patients and concerns regarding data breaches, unauthorized access, and data integrity inhibit the growth rate of the European market.

This research report on the Europe virtual clinical trials market has been segmented and sub-segmented into the following categories.

By Study Design

• Interventional
• Observational
• Expanded Access

By Indication

• Oncology

• Cardiovascular
• CNS
• Autoimmune/Inflammation
• Metabolic/Endocrinology
• Infectious Disease
• Genitourinary
• Ophthalmology
• Others

By Phase

• Phase I
• Phase II
• Phase III
• Phase IV

By Country

• UK

• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Europe occupied the second largest share of the global market in 2022 and is expected to hold a considerable share of the worldwide market during the forecast period due to the growing number of initiatives by the European governments and the establishment of dedicated centers. These centers provide participants with comfort and convenience while reducing trial costs. Germany had the leading share of the European market in 2022 and is expected to grow at a healthy CAGR during the forecast period owing to the numerous virtual clinical trial organizations and the presence of key players. The UK virtual clinical trials market is estimated to account for a noteworthy share of the European market during the forecast period owing to the rising focus of medical institutes on virtual clinical trials to advance healthcare practices and develop innovative procedures for chronic diseases.

KEY MARKET PLAYERS

Companies that play a notable role in the Europe virtual clinical trials market are IQVIA Holdings Inc., PRA Health Sciences, Inc., ICON plc, Medpace Holdings, Inc. and Covance Inc.