DUBLIN, Sept. 5, 2022 /PRNewswire/ — The “Virtual Clinical Trials Market Size, Share & Trends Analysis Report by Study Design (Interventional, Observational, Expanded Access), by Indication (Oncology, Cardiovascular), by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The global virtual clinical trials market size is expected to reach USD 12.9 billion by 2030. 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.
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
Market Dynamics
Market Drivers
- The Growing Role Technology in the Healthcare
- Benefits of Virtual Trials
- Government Support
Market Restraints
- Data Security
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Virtual/Decentralized Clinical Trials Market Variables, Trends & Scope
Chapter 4. Virtual/Decentralized Clinical Trials Market: Segment Analysis, By Study Design, 2017-2030 (USD Million)
Chapter 5. Virtual/Decentralized Clinical Trials Market: Segment Analysis, By Indication, 2017-2030 (USD Million)
Chapter 6. Virtual/Decentralized Clinical Trials Market: Regional Market Analysis, by Study Design, 2017-2030 (USD Million)
Chapter 7. Virtual/Decentralized Clinical Trials Market- Competitive Analysis
Companies Mentioned
- ICON, plc
- PAREXEL International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink
- Medable Inc.
For more information about this report visit https://www.researchandmarkets.com/r/u05bc0
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