Virtual Clinical Trials Market to be Worth US$ 16.4 Bn by 2032: Notes 2022 TMR Market Study

• Demand for virtual clinical trials is anticipated to be stimulated by reduced rate of enrolment for physical trials and requirement for diversified population range for oncology clinical research
• Prospects of virtual clinical trials to become the standard for trials and real-world research demonstrated during COVID-19 to strengthen demand

WILMINGTOM, Del., Nov. 18, 2022 /PRNewswire/ -- In 2021, the global virtual clinical trials market was valued at US$ 7.6 Bn. The revenue analysis of virtual clinical trials market projects the global market to rise at 7.4% CAGR during the forecast period, from 2022 to 2032.

Nearly 30% of all clinical trial sites reviewed are expected to have a significant influence on both enrolling patients for fresh trial investigations and maintaining patient engagement in trials, based on a report released in April 2020. Virtual trials, also called decentralized trials, were crucial in the COVID-19 disaster and are anticipated to become the standard for how trials and real-world research are conducted going ahead. With the prevailing challenges and opportunities for virtual clinical trials, outbreak of Covid-19 is anticipated to continue its support for growth of the global virtual clinical trials market.

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When site visits are not feasible, a virtual approach enables trial participants to take part from the convenience of their own residences, assuring that research can still be done. As a result, it stands for an innovative method of gathering information on safety and effectiveness from participants in clinical studies. Due to remote supervision of in-person site visits and virtual visits, participants get the freedom of choice as well as satisfaction that they won't be exposed to unwanted risk. It is projected that the advantages and comfort provided by these trails will expand the global market.

Key Findings of Market Report

• Sponsors are able to enrol a wider group in virtual research, which is expected to facilitate recruitment, participation, and retention. In addition, it facilitates constant collection of real-time data utilizing various digital health technologies. The time commitment, efforts, and strain on investigators, CRCs, and participants can eventually be reduced via virtual connection, management, and monitoring. These benefits are anticipated to fuel expansion of the global market for virtual clinical trials.
• In 2021, oncology was the leading category with a share of 25.2% of the global virtual clinical trials market. The category is anticipated to hold the highest share of the global market during the forecast period. This is due to an increase in both the number of cancer incidence globally and oncology clinical trials.
• Based on study design, interventional design category accounted for 46.7% of the global virtual clinical trials market in 2021. This industry is being driven by rapid rise in the number of tests being done to develop novel medications for a variety of illnesses, and also digitalization of laboratories.

Global Virtual Clinical Trials Market: Growth Drivers

• Observational studies and chronic disorders including respiratory, immunological, cardiovascular disease, endocrinological, dermatological, and gastrointestinal disease are more suited for virtual trials since they require less intervention. Increase in chronic illnesses is anticipated to support global market growth. Besides, virtual clinical trials perspectives in dermatology are expected to garner attention with rise in dermatological issues.
• Asia Pacific is estimated to exhibit the highest CAGR of 6.8% in the global market over the course of the forecast timeframe. The region is also expected to acquire considerable virtual clinical trials market share during the forecast period. The expansion of the regional market can be ascribed to both the region's greater use of digital technologies and growing accessibility of a vast patient base that makes it simple to find qualified candidates.

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Global Virtual Clinical Trials Market: Key Competitors

• PRA Health Sciences
• Parexel International Corporation
• Medable, Inc.
• Oracle Corporation
• ICON, plc
• CRF Health

Global Virtual Clinical Trials Market: Segmentation

Study Design

• Interventional
• Observational
• Expanded Access

Indication

• Oncology
• Cardiovascular
• Others

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