Global Virtual Clinical Trials Market Analysis

Global Virtual Clinical Trials Market Executive Summary

Virtual Clinical Trials (VCTs), also known as decentralized or remote trials, are a relatively new and underutilized method of doing clinical research that fully exploits technological advances such as electronic monitoring tools, software, and online social engagement platforms.

Decentralized trials, referred to as virtual trials, are crucial in the current COVID-19 crisis situation but have not yet become standard in how actual studies and trials are conducted. The virtual technique enables people to participate in the trial from the comfort of their own homes, guaranteeing that the trials can be carried out and sustained even if a real visit to the trial location is impractical. Additionally, it is a totally original technique for gathering efficient and secure data from clinical study participants.

Sponsors of virtual research can reach a larger population, which improves participation, recruitment, and retention. Additionally, it makes it possible for digital health technology to keep collecting data in real time. In the end, virtual collaboration, monitoring, and management can relieve the strain on participants, CRCs, and researchers.

Market Size and Key Findings

The Global Virtual Clinical Trials Market size is at around US $ xx Bn in 2021 and is projected to reach US $ xx Bn in 2030, exhibiting a CAGR of xx% during the forecast period.

Global Virtual Clinical Trials Market Size (In $Bn)

(2021-2030F)

Market Dynamics

Market Growth Drivers and Restraints Analysis

Both the domestic and international markets have been greatly impacted by the COVID-19 pandemic. It is required to switch some trials that are primarily designed for traditional settings to virtual trial platforms.

Cancer patients are particularly vulnerable during COVID-19. To protect participants' safety and continue the trials, sponsors and investigators are managing oncology clinical trials digitally and remotely. In order to reduce trial disruptions, regulatory agencies and biopharmaceutical companies are concentrating on developing virtual trials, digital technologies, and telemedicine. As an alternative to in-person visits, the Food & Drug Administration has advised remote monitoring and virtual visits through telemedicine. Therefore, businesses are placing a strong emphasis on bringing about change through technological developments in order to quickly satisfy enhancing healthcare digitization.

Competitive Landscape

Key Players

The prominent players operating in this market include ICON, plc; Parexel International Corporation, IQVIA, Covance, PRA Health Sciences, LEO Innovation Lab, Medidata, Oracle, CRF Health, Clinical Ink, Medable, Inc, Clinical Ink, Halo Health Systems, Croprime