Global Virtual Clinical Trials Market Size, Share, Growth Analysis, By Indication(Oncology, Cardiovascular), By Study Design(Interventional, Observational) - Industry Forecast 2024-2031

Report ID: SQMIG35D2037 | Region: Global | Published Date: March, 2024
Pages: 219 | Tables: 63 | Figures: 75

Global Virtual Clinical Trials Market Insights

Global Virtual Clinical Trials Market size was valued at USD 8.24 billion in 2022 and is poised to grow from USD 8.71 billion in 2023 to USD 13.63 billion by 2031, growing at a CAGR of 5.75% during the forecast period (2024- 2031).

The increasing digitization of healthcare infrastructure worldwide is one of the primary reasons driving market growth. Increased use of VCT for dermatology testing is driving market expansion. Remote trials are commonly used to evaluate skin problems that do not require complex examinations. As the coronavirus disease (COVID-19) continues to spread worldwide, there has been a significant increase in demand for virtual and remote testing solutions for safe and effective data collection. Furthermore, technical innovations such as the launch of virtual patient interaction platforms and the utilization of wearable technologies are contributing as growth drivers. Through telemedicine platforms, these technologies assist in connecting patients with treating clinicians. Also, the absence of guidelines and the need to add information arising from the massive flow of information may hamper the market growth.

US Virtual Clinical Trials Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Virtual Clinical Trials Market Report Snapshots

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Global virtual clinical trials market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global market. 'IQVIA Holdings Inc.', 'Covance Inc. (a subsidiary of LabCorp)', 'PRA Health Sciences Inc.', 'Medidata Solutions Inc. (a subsidiary of Dassault Systèmes)', 'Parexel International Corporation (a subsidiary of Pamplona Capital Management)', 'Oracle Corporation', 'Clinipace Worldwide', 'Medable Inc.', 'THREAD Research Inc.', 'Science 37 Inc.', 'Veeva Systems Inc.', 'Florence Healthcare', 'Clinerion Ltd.', 'Evidation Health Inc.', 'Transparency Life Sciences', 'Reify Health Inc.', 'Illingworth Research Group Ltd.', 'Circuit Clinical Inc.', 'Antidote Technologies Inc.', 'Aktana Inc.'

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A virtual clinical trial is an alternative method to traditional clinical trial. New connected devices empower clinical trial activities with better clinical data collection, analysis, and interpretation. Clinical trial monitoring devices, clinical trial software, eCOA, ePRO, and eConsent are some of the digital tools that increase clinical trial activities. The bring-your-own-devices strategy is a key trend widely accepted among CROs and sponsors. This new strategy allows test participants to deliver the required data with their own Internet-enabled solutions. Technological progress and confidence in improved research results can lead to new solutions. A recent retrospective approach using a synthetic clinical trial approach provides significant clinical development. This is a new approach in the virtual clinical trials market and is expected to grow significantly. Also, the involvement of artificial intelligence (AI) in clinical trials significantly changes the trial process as AI can speed up target validation, clinical trial design, and patient identification to participate in virtual clinical trials.

On the basis of region, global virtual clinical trials market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the global virtual clinical trials market. This is due to increasing R&D in the region, increased adoption of new technologies in clinical research, and government support. Also, market players are using digital technology to meet the needs of consumers. For example, Parexel conducted more than 100 decentralized tests with hybrid and virtual techniques. Covance also operates about 1,900 LabCorp Patient Service Centres across the United States, bringing testing to patients.

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Global Virtual Clinical Trials Market Size, Share, Growth Analysis, By Indication(Oncology, Cardiovascular), By Study Design(Interventional, Observational) - Industry Forecast 2024-2031

Global Virtual Clinical Trials Market Insights

Global Virtual Clinical Trials Market Report Snapshots

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