Virtual Clinical Trials Market Promising Growth Opportunities and Forecast 2019-2029

Global Virtual Clinical Trials Market: Overview

Virtual clinical trials have emerged as a resilient addition to the portfolio of services offered by medical and healthcare research organizations. Although substantially different from traditional clinical trials, virtual clinical trials (VCT) are playing an important role in fortifying the domain of medical research, vaccine development, and drug analysis. The primary focus of the healthcare and medical industries is on improving medical outcomes, whether they correspond to disease management, vaccine development, or drug dosage. The relevance of clinical trials in each of the aforementioned domains is a noteworthy dynamic of the healthcare industry. Therefore, it is safe to predict that the global virtual clinical trials market would grow at a stellar pace in the years to follow. The nascence of virtual clinical trials has not deterred research entities and institutes from resorting to their usage, creating a boatload of expansion nodes for the market.

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This review by TMR Research (TMR) on the global virtual clinical trials market is a deft explanation of the leading factors responsible for market growth and expansion. The relevance of studying behavioural health outcomes to develop effective drugs and treatment lines is aiding the growth of the market.

Global Virtual Clinical Trials Market: Notable Developments

The COVID-19 pandemic has put forth a mountainous challenge for research entities and organizations. The race for the development of an effective vaccine has created new opportunities for growth for the vendors operating in the global virtual clinical trials market. Moreover, the relevance of virtual clinical trials for assessing the results from drugs and medications administered in COVID patients has also aided the growth of the market players.
Medable, the software provider for decentralized trial platforms, has recently bagged investments worth $91 million for the purpose of building its virtual trail platform. This is a strategic advantage to the entity that has been involved in launching its new platforms and apps for improved clinical trials. The pandemic situation has fuelled the growth of Medable as the domain of biotechnology plans to invest in robust technologies.

Key Players

Medidata
PRA Health Sciences
Medpace
LEO Innovation Lab

Global Virtual Clinical Trials Market: Growth Drivers

Relevance of Data Acquired from Online Surveys
Several clinical trials are underway at a particular point in time, and research organizations are required to define the scope, budget, and resource-heaviness of each of these trials. Therefore, several research entities use virtual clinical trials for projects and research lines that can be accomplished via surveys across electronic and virtual modes. The use of apps and monitoring devices under virtual clinical trials has created fresh avenues for managing research lines across leading institutes.

Relevance of Biomedical Research
Biomedical interventions made across a sample of people are difficult to analyse in short periods of time. Therefore, research entities are using virtual modes of surveys in clinical trials for suitable research lines. The next decade could be a defining phase for entities looking to dip their feet into the global virtual clinical trials market. Furthermore, the relevance of social engagement platforms has also brought virtual clinical trials under the spotlight of attention in recent times. The healthcare and medical industries have become more liberal to the use of data acquired from online surveys. This has also created unprecedented demand for virtual clinical trials in recent years.

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