Press release
Virtual Clinical Trials Global Market Report 2024 - By Growth, Size, Share, Trends, Outlook By 2033
Virtual Clinical Trials
The Business Research Company offers in-depth market insights through Virtual Clinical Trials Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The virtual clinical trials market size has grown strongly in recent years. It will grow from $10.81 billion in 2023 to $11.83 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increased costs of clinical trials, growing need for patient-centric trials, increased demand for remote monitoring, growing adoption of digital technologies in clinical trials, increased need for efficient and cost-effective clinical trial.
The virtual clinical trials market size is expected to see rapid growth in the next few years. It will grow to $17.43 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to growing adoption of decentralized clinical trials, increasing use of wearables and other remote monitoring devices, expansion of telehealth services, regulatory support for virtual trial methodologies, cost and time efficiency in trial conduct. Major trends in the forecast period include increasing use of artificial intelligence and machine learning in clinical trials, increased use of electronic informed consent (econsent), growth in virtual trial platforms and technologies, collaboration between pharmaceutical companies and technology providers, focus on real-world evidence and decentralized data collection.
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Market Segmentation:
The virtual clinical trials market covered in this report is segmented -
1) By Design: Observational Trials, Interventional Trials, Expanded Access Trials
2) By Phases: Phase I, Phase II, Phase III, Phase IV
3) By Indication: CNS, Autoimmune/Inflammation, Cardiovascular Disease, Metabolic/Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology, Other Indications
Major Driver - Growing Investments By The Government And Pharmaceutical Companies Drives The Virtual Clinical Trials Market
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, in June 2021, according to 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.
Competitive Landscape:
Major companies operating in the virtual clinical trials market report are ICON plc, Parexel International Pvt. Ltd., IQVIA Holdings Inc., Covance Research Products Inc., Pharmaceutical Research Associates Inc., Medidata Solution Inc., Oracle Corporation, Clario Tech Ltd., Medable Inc., Science 37 Holdings Inc., THREAD Research, Clinical Ink Inc., Veeva Systems Inc., Clinerion Ltd., CRF Health Group Limited, Royal Castor Products Limited, Crio Inc., Deep Lens Inc., Florence Healthcare Inc., goBalto Inc., Medrio Inc., Mint Medical Ltd., Mytrus Inc., OpenClinica LLC, PatientWing, RealTime-CTMS LLC, Reify Health, Sanguine Biosciences Inc., TriNetX Inc., VirTrial LLC
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Top Trend - Introduction Of Digital Twin In 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Virtual Clinical Trials Market Characteristics
3. Virtual Clinical Trials Market Trends And Strategies
4. Virtual Clinical Trials Market - Macro Economic Scenario
5. Virtual Clinical Trials Market Size And Growth
…..
27. Virtual Clinical Trials Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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