Press release
Virtual Clinical Trials Market to Record USD 5 Billion by 2027 - Arizton
According to Arizton's latest research report, the virtual clinical trials market is expected to grow at a CAGR of 18% during 2021-2027. The latest trends in the market are adopting the "Bring-Your-Own-Device" strategy, clinical trials powered with better data through newly connected devices, and the adoption of synthetic clinical trials.Virtual clinical trials constitute an innovative approach through remote monitoring and patient-centric approaches. The adoption of virtual clinical trials was high during the COVID-19 pandemic, with an increased application of decentralized clinical trial components. Most clinical trial conductors shifted toward the decentralized or hybrid clinical trial model. Significant changes in rules and regulations by FDA, EMA, and other authorities for clinical trials and supportive initiatives drove significant market growth.
However, several countries are shifting toward value-based treatments. There is increased adoption of telehealth among developed countries, reshaping the virtual clinical trials market demand. Also, technological advancements such as remote patient monitoring, teleradiology, telehealth, and mobile health are paving the way toward adopting virtual clinical trials in the market.
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Oncology is a field that heavily relies on virtual clinical trials. According to the Clinical Trial Europe global survey 2020, the area of focus in decentralized clinical trial activities is associated with the oncology segment. It accounted for most of the market share in decentralized clinical trials in 2020. Due to the high number of clinical trials registered for the oncology therapeutic area, the adoption of the decentralized clinical trial model in cancer indication has been high in recent years. In 2021, the oncology segment accounted for 44.8% of the market share in the global virtual clinical trials market.
Market Segmentation:
Study Type
• Interventional
• Others
Phases
• Late Stage
• Early Stage
Therapeutic Area
• Oncology
• Rare & Genetic Diseases
• CNS
• Immunology
• Other
Company Size
• Small & Mid-Sized
• Large Sized
Company Profiles in Report
• Dassault Systèmes
• Medable
• Science 37
• THREAD
• Castor
• Clinical ink
• Clario
• Delve Health
• eClinicalHealth
• IQVIA
• Labcorp Drug Development
• ObvioHealth
• Signant Health
• Thermo Fisher Scientific
• Advarra
• Curavit Clinical Research
• CMIC Holdings
• Icon Plc
• Jeeva Informatics Solutions
• LEO Innovation Lab
• Oracle
• Paraxel International Corporation
• ProPharma Group
Europe is one of the leading market regions for virtual clinical trials. Virtual clinical trials have better opportunities in Europe since countries like Russia have more significant geographical distribution and healthcare centers are away from patients. Europe has a diverse patient population that attracts a high number of clinical trial operators. In 2021, Europe accounted for 22.45% market share in the global clinical trials market.
High-income countries in North America and Europe are more likely to host decentralized clinical trials than middle-income countries.
The Report Includes Market Size & Share across these geographies:
• North America
o U.S.
o Canada
• Europe
o Germany
o France
o The UK
o Italy
o Spain
• APAC
o Japan
o China
o India
o South Korea
o Australia
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa
o Turkey
o Saudi Arabia
o South Africa
TABLE OF CONTENT
1 RESEARCH METHODOLOGY
2 RESEARCH OBJECTIVES
3 RESEARCH PROCESS
4 SCOPE & COVERAGE
4.1 MARKET DEFINITION
4.1.1 INCLUSIONS
4.1.2 EXCLUSIONS
4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
4.3.1 MARKET SEGMENTATION BY STUDY TYPE
5 REPORT ASSUMPTIONS & CAVEATS
5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION
6 PREMIUM INSIGHTS
6.1 OVERVIEW
7 INTRODUCTION
7.1 OVERVIEW
8 MARKET AT A GLANCE
9 MARKET OPPORTUNITIES & TRENDS
9.1 ADOPTION OF "THE BRING-YOUR-OWN-DEVICE" STRATEGY
9.2 CLINICAL TRIALS POWERED WITH BETTER DATA THROUGH NEW CONNECTED DEVICES
9.3 ADOPTION OF SYNTHETIC CLINICAL TRIALS
10 MARKET GROWTH ENABLERS
10.1 SPIKE IN VIRTUAL CLINICAL TRIAL ADOPTION DUE TO COVID-19
10.2 DECENTRALIZATION OF CLINICAL TRIALS
10.3 REGULATORY CHANGES IN FAVOR OF VIRTUAL CLINICAL TRIALS
11 MARKET GROWTH RESTRAINTS
11.1 CHALLENGES ASSOCIATED WITH VIRTUAL CLINICAL TRIALS
11.2 COMPLEXITY IN DECENTRALIZED CLINICAL TRIALS
11.3 INCREASING ALTERNATIVES FOR VIRTUAL CLINICAL TRIALS
12 MARKET LANDSCAPE
12.1 MARKET OVERVIEW
12.2 MARKET SIZE & FORECAST
12.2.1 INSIGHTS BY STUDY TYPE
12.2.2 INSIGHTS BY PHASES
12.2.3 INSIGHTS BY THERAPEUTIC AREA
12.2.4 INSIGHTS BY GEOGRAPHY
12.3 FIVE FORCES ANALYSIS
12.3.1 THREAT OF NEW ENTRANTS
12.3.2 BARGAINING POWER OF SUPPLIERS
12.3.3 BARGAINING POWER OF BUYERS
12.3.4 THREAT OF SUBSTITUTES
12.3.5 COMPETITIVE RIVALRY
13 STUDY DESIGN
13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 INTERVENTIONAL
13.4 OTHERS
14 PHASES
14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 LATE-STAGE
14.4 EARLY STAGE
15 THERAPEUTIC AREA
15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 MARKET OVERVIEW
15.3 ONCOLOGY
15.4 RARE & GENETIC DISEASES
15.5 CENTRAL NERVOUS SYSTEM
15.6 IMMUNOLOGY
15.7 OTHERS
16 COMPANY SIZE
16.1 MARKET SNAPSHOT & GROWTH ENGINE
16.2 MARKET OVERVIEW
16.3 SMALL- & MID-SIZED
16.4 LARGE-SIZED
17 GEOGRAPHY
17.1 MARKET SNAPSHOT & GROWTH ENGINE
17.2 GEOGRAPHIC OVERVIEW
18 NORTH AMERICA
18.1 MARKET OVERVIEW
18.2 MARKET SIZE & FORECAST
18.3 KEY COUNTRIES
18.3.1 US: MARKET SIZE & FORECAST
18.3.2 CANADA: MARKET SIZE & FORECAST
19 EUROPE
19.1 MARKET OVERVIEW
19.2 MARKET SIZE & FORECAST
19.3 KEY COUNTRIES
19.3.1 THE UK: MARKET SIZE & FORECAST
19.3.2 FRANCE: MARKET SIZE & FORECAST
19.3.3 GERMANY: MARKET SIZE & FORECAST
19.3.4 SPAIN: MARKET SIZE & FORECAST
19.3.5 ITALY: MARKET SIZE & FORECAST
20 APAC
20.1 MARKET OVERVIEW
20.2 MARKET SIZE & FORECAST
20.3 KEY COUNTRIES
20.3.1 AUSTRALIA: MARKET SIZE & FORECAST
20.3.2 CHINA: MARKET SIZE & FORECAST
20.3.3 SOUTH KOREA: MARKET SIZE & FORECAST
20.3.4 JAPAN: MARKET SIZE & FORECAST
20.3.5 INDIA: MARKET SIZE & FORECAST
21 LATIN AMERICA
21.1 MARKET OVERVIEW
21.2 MARKET SIZE & FORECAST
21.3 KEY COUNTRIES
21.3.1 BRAZIL: MARKET SIZE & FORECAST
21.3.2 MEXICO: MARKET SIZE & FORECAST
21.3.3 ARGENTINA: MARKET SIZE & FORECAST
22 MIDDLE EAST & AFRICA
22.1 MARKET OVERVIEW
22.2 MARKET SIZE & FORECAST
22.3 KEY COUNTRIES
22.3.1 TURKEY: MARKET SIZE & FORECAST
22.3.2 SOUTH AFRICA: MARKET SIZE & FORECAST
22.3.3 SAUDI ARABIA: MARKET SIZE & FORECAST
23 COMPETITIVE LANDSCAPE
23.1 COMPETITION OVERVIEW
23.2 MARKET SHARE ANALYSIS
23.2.1 DASSAULT SYSTÈMES
23.2.2 MEDABLE
23.2.3 SCIENCE 37
23.2.4 THREAD
24 KEY COMPANY PROFILES
24.1 DASSAULT SYSTÈMES
24.1.1 BUSINESS OVERVIEW
24.1.2 PRODUCT OFFERINGS
24.1.3 KEY STRATEGIES
24.1.4 KEY STRENGTHS
24.1.5 KEY OPPORTUNITIES
24.2 MEDABLE
24.3 SCIENCE 37
24.4 THREAD
25.1 CASTOR
25.2 CLINICAL INK
25.3 CLARIO
25.4 DELVE HEALTH
25.5 ECLINICALHEALTH (CLINPAL)
25.6 IQVIA
25.7 LABCORP DRUG DEVELOPMENT
25.8 OBVIOHEALTH
25.9 SIGNANT HEALTH
25.10 THERMO FISHER SCIENTIFIC
26 OTHER PROMINENT VENDORS
26.1 ADVARRA
26.1.1 BUSINESS OVERVIEW
26.1.2 PRODUCTS OFFERING
26.2 CURAVIT CLINICAL RESEARCH
26.3 CMIC HOLDINGS
26.4 ICON PLC
26.5 JEEVA INFORMATICS SOLUTIONS
26.6 LEO INNOVATION LAB
26.7 ORACLE
26.8 PARAXEL INTERNATIONAL CORPORATION
26.9 PROPHARMA GROUP
27 REPORT SUMMARY
27.1 KEY TAKEAWAYS
27.2 STRATEGIC RECOMMENDATIONS
28 QUANTITATIVE SUMMARY
28.1 MARKET BY GEOGRAPHY
28.2 MARKET BY STUDY TYPE
28.3 MARKET BY PHASES
28.4 MARKET BY COMPANY SIZE
28.5 MARKET BY THERAPEUTIC AREA
29 APPENDIX
29.1 ABBREVIATIONS
Know more about the market: https://www.arizton.com/market-reports/virtual-clinical-trials-market
About Us:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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