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Market Research Report
Product code
1107237
Virtual Clinical Trials Global Market Report 2022 |
Virtual Clinical Trials Global Market Report 2022 |
Published: Pre-Order
The Business Research Company
Content info: 175 Pages
Delivery time: 2-10 business days
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“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.
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.
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.