Virtual Clinical Trials Market Analysis, Size, Growth, Share,
Trend, Forecast 2023 – 2030
Virtual Clinical Trials Market Growth & Trends
The global virtual clinical trials market size is expected to reach USD 12.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2022 to 2030. The COVID-19 pandemic has significantly impacted the market. The growing need for patient diversity clubbed with enhanced data collection in clinical trials is boosting the market growth.
There has been a rise in the R&D of new drugs and vaccines that has increased the volume and complexity of clinical trials. Virtual clinical trials eliminate challenges posed by traditional clinical trials for example delays in patient recruitment and time-consuming procedures. Also, studies have revealed that around 75.0% of people favored a mobile trial over traditional ones and 80.0% of patients are more likely to participate in a clinical trial that uses mobile technology.
The market is recovering at a significant pace after the pandemic as it offers various benefits to patients as well as sponsors. During the pandemic, traveling was potentially dangerous. It can be expensive, even incurring lost wages or requiring that childcare/eldercare be hired. These drawbacks limit initial interest and provide a simple solution for virtual clinical trials. Virtual clinical trials offer various benefits such as
effective data collection, analysis, and monitoring large amounts of data in real-time.
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Virtual trials make use of monitoring devices, software apps, online social engagement platforms to conduct every step of the clinical trial process including patient recruitment, counseling, measuring clinical endpoints, informed consent, and adverse reactions. Telehealth, home care, and remote patient monitoring has been gaining momentum as a healthcare offering, and the COVID-19 is adding more horsepower to this initiative.
Virtual Clinical Trials Market Report Highlights
The oncology segment held 25.2% of the revenue share in 2021. The increasing adoption of virtual trials especially in oncology clinical research for the diverse populations is responsible for the growth of the segment
The interventional design segment accounted for the largest revenue share of 46.7% in 2021
North America held 49.2% of the revenue share in 2021. Favorable government initiatives and the presence of large numbers of players in the U.S. offerings advanced services are responsible for market growth
In Asia Pacific, the market is expected to witness the fastest CAGR of 6.8% over the forecast period owing to the increasing patient pool and cost-efficient services
Virtual Clinical Trials Market Segmentation
GrandViewResearchhassegmentedtheglobalvirtualclinicaltrialsmarketbasedon studydesign,indication,phaseandregion:
Virtual Clinical Trials Study Design Outlook (Revenue, USD Million, 2017 - 2030)
Interventional
Observational
ExpandedAccess
Virtual Clinical Trials Indication Outlook (Revenue, USD Million, 2017 - 2030)
CNS
Autoimmune/Inflammation
CardiovascularDisease
Metabolic/Endocrinology
InfectiousDisease
Oncology
Genitourinary
Ophthalmology
Others
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Virtual Clinical Trials Phase Outlook (Revenue, USD Million, 2017 - 2030)
PhaseI
PhaseII
PhaseIII
PhaseIV
Virtual Clinical Trials Regional Outlook (Revenue, USD Million, 2017 - 2030)
NorthAmerica
o U.S.
o Canada
Europe
o U.K.
o Germany
o France
o Italy
o Spain
AsiaPacific
o India
o Japan
o China
o Australia
o SouthKorea
LatinAmerica
o Brazil
o Mexico
o Argentina
o Colombia
MiddleEast&Africa
o SouthAfrica
o SaudiArabia
o UAE
List of Key Players of Virtual Clinical Trials Market
ICON,plc
ParexelInternationalCorporation
IQVIA
Covance
PRAHealthSciences
LEOInnovationLab
Medidata
Oracle
CRFHealth
ClinicalInk
Medable,Inc.
SignantHealth
ClinicalInk
HaloHealthSystems
Croprime
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Why Purchase this Report?
A strong research methodology was followed to collect data for the report. The data collected in this way are subjected to several quality checks to provide the best quality.
The report provides a holistic view of the Virtual Clinical Trials Market.
The latest product launches, along with technological changes and developments, are included in the report.
The data analysis in the report will help you Virtual Clinical Trials Market dynamics projected from 2022 - 2030
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About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.