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Virtual Clinical Trials Market Size, Share, Growth, Trends And Forecast 2023-2032
Virtual Clinical Trials Market Report
The Business Research Company's Virtual Clinical Trials Global Market Report 2023 identifies the increasing investments by the government and pharmaceutical companies in new vaccines and drug development as the major driver for the virtual clinical trials market's growth in the forecast period. 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.
The global virtual clinical trials market size will grow from $9.68 billion in 2022 to $10.49 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global virtual clinical trials industry is expected to grow to $14.82 billion in 2027 at a CAGR of 9.0%.
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Major competitors in the virtual clinical trials market are Parexel International, IQVIA, Covance, PRA Health Sciences, LEO Innovation Lab.
A key trend in the virtual clinical trials market includes technology advancement. 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.
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The virtual clinical trials market is segmented -
•By Design: Observational Trials, Interventional Trials, Expanded Access Trials
•By Phases: Phase I, Phase II, Phase III, Phase IV
•By Indication: CNS, Autoimmune/Inflammation, Cardiovascular Disease, Metabolic/Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology, Other Indications
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the virtual clinical trials market.
The Business Research Company's "Global Virtual Clinical Trials Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Virtual Clinical Trials Market Include:
1. Executive Summary
2. Virtual Clinical Trials Market Characteristics
3. Virtual Clinical Trials Market Trends And Strategies
4. Virtual Clinical Trials - Macro Economic Scenario
5. Virtual Clinical Trials Market Size And Growth
……
26. Africa Virtual Clinical Trials Market
27. Virtual Clinical Trials Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Virtual Clinical Trials Market
29. Virtual Clinical Trials Market Future Outlook and Potential Analysis
30. Appendix
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