DUBLIN--(BUSINESS WIRE)--The "Virtual Clinical Trials Market Share, Size, Trends, Industry Analysis Report, By Design; By Indication; By Phases; By Regions; Segment Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global virtual clinical trials market size is expected to reach USD 13.78 billion by 2027
Virtual Clinical Trials (VCT) are a new method of directing clinical trials which is inclusive of web platforms (informed consent, recruitment, adverse reactions, counseling and measurement of endpoints) and taking advantage of technology such as monitoring devices, apps and others. VCT also allows participant to be home-based at all clinical trial stage. VCT are operationally feasible and have lower drop-out rates, higher recruitment rates, better compliance and are faster than traditional method.
The growth of virtual clinical trials is mainly owing to the advantages offered by these trials in place of traditional clinical trials. The cost of development of a new drug estimates more than a 2 billion dollars and approximately two-third of the total cost is consumed in clinical testing phase.
Moreover, delay in clinical trials is majorly caused by patient recruitment resulting in loss of revenue of millions of dollars per day for the pharmaceutical companies. Furthermore, participant drop out is another major challenges faced in the clinical testing. To overcome these challenges major healthcare and pharmaceutical companies and organizations are constantly aiming on adopting new technology by investing in virtual clinical trial solutions, which is expected to escalate the overall market on a global level.
The prominent factors favoring the global market growth include scarcity of time in traditional clinical trials, rising R&D for the development of new drugs and vaccines, adoption of telemedicine and increasing demand for patient diversity. Additionally, COVID-19 pandemic has led to upsurge virtual clinical trials given the trials need to be conducted digitally.
Thereby, companies all around the globe are aiming on developing virtual trial technologies to meet the growing demand for solutions to fight Covid-19. For instance, in June 2020, TRHC (Tabula Rasa HealthCare), developer of healthcare software solutions, announced its partnership with Regence BlueShield, a health plan provider, for conducting virtual trials for different drug candidates, and to examine the ADEs (adverse drug events) in each.
Market participants such as LEO Innovation Lab, Covance Inc., CRF Health, Oracle Corporation, Oracle Corporation, Medable, Inc., Parexel International, Clinical Ink, Inc., PRA Health Sciences, Science 37 and ICON plc. are some of the key players operating in the global market.
Players in the market are strategizing on developing new virtual clinical trial technology to cope up with the augmenting healthcare industry and thereby, establish their market place.
For instance, in May 2020, AiCure LLC, an advanced data analytics and artificial intelligence company, partnered with Science 37, a clinical research company, to leverage a decentralized research model for enabling home based clinical trial for assessing an experimental drug for major depression disorder (MDD).
Key Topics Covered:
2. Executive Summary
3. Research Methodology
4. Virtual Clinical Trials Market Insights
4.1. Virtual Clinical Trials - Industry snapshot
4.2. Virtual Clinical Trials Market Dynamics
4.2.1. Drivers and Opportunities
184.108.40.206. Need for digitization in clinical trials
220.127.116.11. Fear among clinical investigators for COVID-19
4.2.2. Restraints and Challenges
18.104.22.168. High upfront costs
4.3. Porter's Five Forces Analysis
4.4. PESTLE Analysis
4.5. Virtual Clinical Trials Market Industry trends
5. Virtual Clinical Trials Market Assessment by Design
5.1. Key Findings
5.3. Observational Trials
5.4. Interventional Trials
5.5. Expanded Access Trials
6. Global Virtual Clinical Trials Market, by Indication
6.1. Key Findings
6.5. Cardiovascular Disease
6.7. Infectious Disease
7. Global Virtual Clinical Trials Market, by Phases
7.1. Key Findings
7.3. Phase I
7.4. Phase II
7.5. Phase III
7.6. Phase IV
8. Virtual Clinical Trials Market Assessment by Geography
8.1. Key findings
8.2.1. Virtual Clinical Trials Market Assessment, By Geography, 2016- 2027 (USD Million)
9. Competitive Landscape
9.1. Expansion and Acquisition Analysis
9.1.1. Expansion Analysis
9.1.2. Acquisition Analysis
10. Company Profiles
10.1. Company Overview
10.2. Financial Performance
10.3. Product Benchmarking
10.4. Recent Developments
- LEO Innovation Lab
- Covance Inc.
- CRF Health
- Oracle Corporation
- Medable Inc.
- Paraxel International
- Clinical Ink Inc.
- PRA Health Sciences
- Science 37
- ICON plc
For more information about this report visit https://www.researchandmarkets.com/r/ykymg1