Virtual Clinical Trials Market Size Rise at 12.6% CAGR, to Reach USD 13.78 Billion by 2027: Polaris Market Research

According to the latest research report, the demand of global Virtual Clinical Trials Market size & share was valued at approximately USD 5.37476 Billion in 2019 and is expected to reach a value of around USD 13.78 Billion by 2027, at a compound annual growth rate (CAGR) of about 12.6% during the forecast period 2020 to 2027.

According to the latest research report, the demand of global Virtual Clinical Trials Market size & share was valued at approximately USD 5.37476 Billion in 2019 and is expected to reach a value of around USD 13.78 Billion by 2027, at a compound annual growth rate (CAGR) of about 12.6% during the forecast period 2020 to 2027.

Most clinical trials are carried out at major research institutions and clinics located in urban areas. This research can generate issues of accessibility for many probable patients who reside more than two hours from the trial site or who have responsibilities that make it difficult to engage. In terms of patient diversity, significant issues are created. However, virtual clinical trials can exclude these impediments and smoothen the process. There is a developing recollection by stakeholders from across the clinical trials endeavor that transformational change like conventional clinical trials are carried out, and the challenges have to be addressed and encounter the patient’s needs.

The adaption of digital health is an emerging trend in the clinical trial landscape like mobile apps, mobile devices, online social engagement platforms, and remote monitoring devices. Such virtual clinical trials can capitalize digital health technologies for gathering information are every step and enhance trial contender retention and recruitment sanctioning informed consent-based online. It also calculates real-time clinical endpoints and constant tracking of events that are adverse.

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Key highlights of the report

Enable effective decision making and market intelligence
Trend analysis and growth opportunities
Segment and regional revenue forecasts for assessment of the market
Market share analysis and competition strategy
Product innovation listing to lead the market
Sustenance of fast-evolving market and impact of covid-19

 

Important Questions Being Answered by The Market Report

What is the market growth and size?
What has been the influence of covid-19 on the global virtual clinical trial market?
What is the significant regional market?
What is the separation of market dependent on study design?
What is the segmentation of the market based on indication?
What are the several stages in the value chain of the industry?
What are the significant driving factors and challenges in the industry?

 

Top Market Players Are:

LEO Innovation Lab
Covance Inc.
CRF Health
Oracle Corporation
Medable Inc.
Paraxel International
Clinical Ink Inc.
PRA Health Sciences
Science 37
ICON plc

 

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Virtual clinical trial market: Growth leading factors

The speedy digitization of infrastructure of healthcare globally constitutes one of the significant factors propelling the growth of the market. Further, the universal adoption of VCTs for dermatological testing is also pushing the market growth. Remote trials are considerably used to estimate skin disorders that do not need complex examinations.

Various technological progressions like the launch of a platform for virtual patient interaction and usage of wearable devices are presenting themselves as factors that are growth-inducing. These technologies help connect patients with treating doctors through telemedicine and acquire an e-content for trials, therefore contributing to the growth of the market. The market growth is also pushed further by thorough research and development in biotechnology and pharmacology. The growing acquisition of a cloud-based, web-hosted open source licensing model is expected to further the market.

A majority of companies declared disturbances of the ongoing and planned clinical trials due to the lockdown and social distancing measures of covid-19. Disorders were caused by hampered initiation and total withdrawal of problems that are designed and the termination of ongoing trials. Since June 2020, the number of disrupted tests has been falling slowly, with prevalent disturbances due to slow admittance.

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Global Virtual Clinical Trials Market: Report Scope

Report Attribute

Details

Market Size 2019 Value

USD 5.37476 Billion

Market Outlook for 2027

USD 13.78 Billion

Expected CAGR Growth

12.6% from 2020 – 2027

Base year

2020

Forecast period

2020 – 2027

Segments covered

By Design, By Indication, By Phases, By Region

Key Companies

LEO Innovation Lab, Covance Inc., CRF Health, Oracle Corporation, Medable, Inc., Paraxel International, Clinical Ink, Inc., PRA Health Sciences, Science 37, and ICON plc

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Customization Options

Customized purchase options are available to meet your research needs.

 

Virtual clinical trial market: key segmentation

Insight by design, indication, phases, and region

 

By design, the intervention design segment ruled the roost as the speedy growth in the number of inquiries to advance novel implications for several diseases and the digitalization of laboratories. The onslaught of the pandemic has increased the demand for testing and trials for contemporary drugs and vaccines to face the challenges as the conventional method of trials may infect the people. By indication, the oncology segment is responsible for the largest revenue share owing to rising cases of oncology clinical trials. By phases, the number of clinical trials grows with greater chances of developing the demand for virtual clinical trials.

By region, North America dominates the market as the most significant revenue holder as many companies are present that produce pharmaceuticals and growing companies and governments that concentrate on investment in the advancement of new medicines. Also increasing research and development in this region, increasing assumption of new technologies in government support and clinical research. Due to the increase in cancer and other complex diseases, the virtual clinical trials market will likely boost remarkably. In the Asia Pacific, the market will expand due to the increasing obtainability of a vast number of patients sanctioning recruitment of candidates that are easy to the growing reach of technologies in the region.

Browse the full “Virtual Clinical Trials Market Share, Size, Trends, Industry Analysis Report, By Design (Observational Trials, Interventional Trials, Expanded Access Trials); By Indication (CNS, Autoimmune/Inflammation, Cardiovascular Disease, Metabolic/Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology); By Phases (Phase I, Phase II, Phase III, Phase IV); By Regions; Segment Forecast, 2020 – 2027” Report at https://www.polarismarketresearch.com/industry-analysis/virtual-clinical-trials-market

The market primarily depends on the design, indication, phases, and region

Virtual clinical trials market: By design

Observational Trials
Interventional Trials
Expanded Access Trials

 

Virtual clinical trials market: By indication

CNS
Autoimmune/Inflammation
Cardiovascular Disease
Metabolic/Endocrinology
Infectious Disease
Oncology
Genitourinary
Ophthalmology

 

Virtual clinical trials market: By phases

Phase I
Phase II
Phase III
Phase IV

 

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