Virtual Clinical Trials Global Market Report 2022

“Virtual Clinical Trials Global Market Report 2022” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global virtual clinical trials market.

This report focuses on virtual clinical trials market which is experiencing strong growth. The report gives a guide to the virtual clinical trials market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.

• Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.

• Create regional and country strategies on the basis of local data and analysis.

• Identify growth segments for investment.

• Outperform competitors using forecast data and the drivers and trends shaping the market.

• Understand customers based on the latest market research findings.

• Benchmark performance against key competitors.

• Utilize the relationships between key data sets for superior strategizing.

• Suitable for supporting your internal and external presentations with reliable high quality data and analysis

• Report will be updated with the latest data and delivered to you within 3-5 working days of order.

Where is the largest and fastest growing market for the virtual clinical trials? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Virtual Clinical Trials market global report” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider virtual clinical trials market, and compares it with other markets.

• The market characteristics section of the report defines and explains the market.

• The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.

• Market segmentations break down market into sub markets.

• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.

• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.

• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

• The virtual clinical trials market section of the report gives context. It compares the virtual clinical trials market with other segments of the virtual clinical trials market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, virtual clinical trials indicators comparison.

Scope

Markets Covered:

• 1) By Design: Observational Trials; Interventional Trials; Expanded Access Trials

• 2) By Phases: Phase I; Phase II; Phase III; Phase IV

• 3) By Indication: CNS; Autoimmune/Inflammation; Cardiovascular Disease; Metabolic/Endocrinology; Infectious Disease; Oncology; Genitourinary; Ophthalmology; Others

• Companies Mentioned: ICON, plc; Parexel International; IQVIA; Covance; PRA Health Sciences

• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

• Time series: Five years historic and ten years forecast.

• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Executive Summary

Major players in the virtual clinical trials market are: ICON, plc, Parexel International, IQVIA, Covance, PRA Health Sciences, LEO Innovation Lab, Medidata, Oracle Inc., CRF Health, Clinical Ink, Inc., Medable, Inc., Signant Health, Thread Research, Halo Health Systems, and Croprime.

The global virtual clinical trials market is expected to grow from $8.85 billion in 2021 to $9.61 billion in 2022 at a compound annual growth rate (CAGR) of 8.68%. The virtual clinical trials market is expected to grow to $12.96 billion in 2026 at a compound annual growth rate (CAGR) of 7.75%.

The virtual clinical trials market consists of sales of virtual clinical trials solutions and related services by entities (organizations, sole traders, and partnerships) that refers to remote or decentralized clinical trials or studies that incorporate digital health technologies and enable remote participation outside the traditional brick-and-mortar clinical trial site using tablets, smartphone apps, or wearable sensors. Virtual clinical trials allow significant digital changes in clinical research methodology, resulting in a more patient-centric ecosystem. These solutions consider many technological advantages, including innovative applications, electronic devices, online social engagement platforms, artificial intelligence, robotic process automation, machine learning, and others.

The main design types of virtual clinical trials include observational trials, interventional trials, and expanded access trials. The observational trials refer to virtual clinical trials solutions and services used in the observational trials. Observational studies aim to learn what occurs to people in various contexts. The study team observes the participants but does not influence the therapies they get. The virtual clinical trials are used in Phase I, Phase II, Phase III, and Phase IV, and they are used in clinical trials of drugs are devices used in the treatment of CNS, autoimmune/inflammation, cardiovascular diseases, metabolic/endocrinology, infectious diseases, oncology, genitourinary, ophthalmology, and others.

North America was the largest region in the virtual clinical trials market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual clinical trials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The virtual clinical trials market research report is one of a series of new reports from The Business Research Company that provides virtual clinical trials market statistics, including virtual clinical trials industry global market size, regional shares, competitors with a virtual clinical trials market share, detailed virtual clinical trials market segments, market trends and opportunities, and any further data you may need to thrive in the virtual clinical trials industry. This virtual clinical trials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing investments by the government and pharmaceutical companies in the R&D for the development of new vaccines and drugs are driving the growth of the virtual clinical trials market. The R&D divisions in the medical industry are increasingly utilizing virtual clinical trial solutions and services to increase quality assurance and clinical data management of drugs and their products. For instance, according to the study published in Research!America, a non-profit medical and health research advisory, the medical and health R&D investment in the USA was recorded at $241.5 billion in 2020 an 11.1% increase from 2019. Additionally, in June 2021, an article published by Mckinsey, COVID-19 pandemic, has catalyzed the adoption of decentralized clinical trials by pharma companies while highlighting the critical benefits of virtual trials and improving the patient and physician experience. Therefore, the increasing investments by the government and pharmaceutical companies in new vaccines and drug development are driving the growth of virtual clinical trials.

Technology advancement is a key trend gaining popularity in the virtual clinical trials market. Major companies operating in the virtual clinical trials market are focused on providing technologically-advanced solutions to meet fast-growing industry demands and strengthen their market position. These companies are implementing new generation virtual clinical technologies into their services, such as wearable technologies, mHealth, blockchain, cloud computing, EMR integration, actionable data, threshold monitoring, AI, SFTP, ETL services, and others. For instance, In April 2022, Unlearn.AI, a US-based startup, will launch a new digital twin RCTs technology for clinical trials that enables smaller control groups while maintaining power and generating evidence suitable for supporting regulatory decisions using AI and historical data.

In August 2019, Water Street Health Partners and JLL Partners, USA-based private equity companies acquired Thread for an undisclosed amount. Through this acquisition, the equity partners are focused on increasing the customer base and business operation of Thread across the globe. Thread is a North Carolina-based company involved in offering virtual clinical trial solutions and services.

The countries covered in the virtual clinical trials market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.