DUBLIN--(BUSINESS WIRE)--The "Virtual Clinical Trials Market - Growth, Trends, Covid-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The virtual clinical trials market studied was anticipated to grow with a CAGR of 5.9 % during the forecast period.
Key Market Trends
The Oncology Segment is Expected to Occupy a Significant Share of the Market Over the Forecasts Period
The oncology segment is expected to dominate the market over the forecasts period due to increasing government initiatives for cancer awareness, rising in the prevalence of cancer, increasing R&D activities on the development of cancer drugs, therefore, increases the number of oncological trials. According to Globocan 2020 fact sheet, an estimated 19,292,789 cancer cases were diagnosed with 9,958130 death due to cancer.
The worldwide cancer burden is rising, worldwide. Virtual clinical trials minimize the cancer patient's risk (risk of Immunosuppression, travel burden, therapeutic diversity, and regulatory complexity) and by decreasing time spent on face-to-face trial visits. To keep patients safe, oncology clinical trial investigators and sponsors have quickly incorporated virtual and remote trials. In October 2019, Georgetown University Medical Center used cloud-based virtual interconnected computing techniques for deducting the time in accessing cancer patients' profiles. which indicates that the number of cases virtually assessed augmented from 46 to 622 as compared to the conventional assessments from 3 to 14 cases from 2014-2017.
According to National Clinical Trials, in April 2020 there are around 8306 clinical trials on oncology across the various phases of development. As the number of clinical trials increased there are higher chances of increasing the demand for virtual clinical trials. Thus above-mentioned factors are expected to drive the segment over the forecasts period
North America is Currently Dominating the Virtual Clinical Trials Market and is Expected to Continue in the Forecasts Period
Geographically, North America accounts for one of the largest revenue holders in the global virtual clinical trials market due to the presence of major companies that manufacture pharmaceuticals coupled with rising government and companies that focus on investment in the development of new medicines. In November 2019, Janssen pharmaceutical subsidiary of Johnson & Johnson in collaboration with the PRA Health Sciences, launched a digital clinical trial set-up CHIEF-HF a completely decentralized, indication-seeking, mobile clinical study. The company aims to utilize wearable devices and smart technology to efficiently gather and analyze evidence for assessing the effectiveness of Canagliflozin in the populace with heart failure with the presence or absence of type 2 diabetes.
Moreover, the region is expected to continue its dominance over the forecasts period. This can be attributed to increasing R&D in this region, increasing the adoption of new technologies in clinical research, and government support. Furthermore, market players are also using digital technologies to meet client needs. For instance, In year 2020, Parexel performed more than 100 decentralized trials including hybrid and virtual/decentralized approaches. However, due to an increase in cancer cases and other chronic diseases, the virtual clinical trials market is likely to boost significantly throughout the forecast period.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Digitization in Healthcare Sector
4.2.2 Technological Advancements in Virtual Clinical Trials
4.2.3 Prevalence of Chronic Disease
4.3 Market Restraints
4.3.1 Challenges Associated with the Virtual Clinical Trials
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Study Design
5.2 By Indication Type
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Clinical Ink Inc.
6.1.2 Laboratory Corporation of America Holdings (Covance, Inc.)
6.1.3 ICON Plc.
6.1.4 IQVIA Inc.
6.1.5 LEO Innovation Lab.
6.1.6 Medable Inc.
6.1.7 Dassault Systemes SE (Medidata Solutions, Inc.)
6.1.8 Medpace Holdings Inc.
6.1.9 Oracle Corporation
6.1.10 Parexel International Corporation
6.1.11 Signant Health
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/xmrp3e
