Press release
Global Virtual Clinical Trials Market is growing at above 10% CAGR - Leading Players operating in the VCTs market are ICON, Parexel, IQVIA, Covance, Thermo Fisher, Huma, Medidata, Oracle, CRF Health, Medable, Signant Health, Clinical Ink
Virtual Trials enable Easy Patient Enrolment and Remote Monitoring
Virtual trials are based on telemedicine and use dedicated applications for patient engagement and tracking. Thus, they reduce the financial and time burdens. In addition, use of AI technologies can help synthesize and analyse ever-expanding data and speed up the process. Such benefits are increasingly drawing interest of life science companies/clinical trials sponsors into virtual clinical trials market.
"Artificial Intelligence (AI) is likely to play an important role in virtual clinical trials. Conversational AI for natural language processing (NLP) and image-based AI will increasingly become part of virtual trials. Conversational AI will help maintain the patient-clinician engagement while imaging AI will play a major role in trials that require radiology." -CTO, Top Clinical Trial Solutions Company, USA
VC fundings have increased significantly Post Co-vid 19 Pandemic
The number of venture capital funding deals have increased post covid-19 pandemic. There were six deals in 2018 which increased to 18 in 2020. Most VC fundings occurred in Q3 2020 (10 deals). Notably, Medable - one of the fastest growing decentralized trials platform providers - raised $524 million from various rounds since 2020. One of the biggest rounds occurred in October 2021, where the company received a huge $304 million Series D funding. Growing VC fundings will enable companies to make technological advancements and increase customer/geographic reach. This will then increase the overall adoption and growth of cirtual clinical trials market.
Geographic Adoption: Virtual Clinical Trials Market
Comprehensive regional assessment of the global virtual clinical trials market suggests that United States is the largest virtual clinical trials market. Whereas, European life science/medical device companies have not moved as rapidly to adopt virtual trials as USA. However, there have been recent developments taking place in European Unions, those are expected to propel the adoption steadily.
For instance, in September 2019, the Trials@Home project was launched by the public-private partnership viz. Innovative Medicines Initiative (IMI) - to augment the use of digital tools in conduct of clinical trials. This large-scale collaborative project involves 31 members from the European Federation of Pharmaceutical Industries and Associations (EFPIA), academia, small- and mid-sized life science companies and patient organizations
Competitive Landscape Analysis: Virtual Clinical Trials Market
The established and emerging players operating in the global virtual clinical trials market are ICON, Parexel, IQVIA, Covance, Thermo Fisher, LEO Innovation Lab, Huma, Medidata, Oracle, CRF Health, Medable, Signant Health, and Clinical Ink.
Get Detailed Insights on Virtual Clinical Trials Market with TOC & Sample Deliverables @ https://meditechinsights.com/global-virtual-clinical-trials-market/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
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