SAN FRANCISCO, April 13, 2021 /PRNewswire/ — The global virtual clinical trials market size is expected to reach USD 11.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2021 to 2028. The need for patient diversity clubbed with enhanced data collection in clinical trials is boosting virtual/decentralized clinical trials (DCTs) market growth.
Key suggestions from the report:
- The oncology segment held 25.0% of the market share in 2020. The increasing adoption of virtual trials especially in oncology research for the diverse population is responsible for the growth of the segment
- The interventional design segment accounted for the largest revenue share of 46.6% in 2020
- North America held 49.4% of the market share in 2020, in terms of revenue. 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
Read 120 page research report with ToC on “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, 2021 – 2028” at: https://www.grandviewresearch.com/industry-analysis/virtual-clinical-trials-market
There has been a rise in the R&D of new drugs and vaccines that has increased the volume and complexity of the trials. Virtual clinical studies eliminate challenges posed by traditional research studies, 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 research study that uses mobile technology.
The current pandemic of COVID-19 is making the clinical trial industry change the way of conducting ongoing or upcoming research studies. The pandemic, for the first time in history, has resulted in the global disruption of traditional onsite research studies. Hence, the regulatory bodies such as the U.S. FDA, the European Medicines Agency (EMA), the National Institutes of Health (NIH), and China’s National Medical Products Administration (NMPA), and several other regulating authorities have issued guidelines related to the conduct of research studies during the outbreak of coronavirus, and are in complete support of incorporating virtual services.
Virtual research studies make use of monitoring devices, software apps, and 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 have been gaining momentum as a healthcare offering, and the COVID-19 is adding more horsepower to this initiative.
Grand View Research has segmented the global virtual clinical trials market on the basis of study design, indication, and region:
- Virtual Clinical Trials Study Design Outlook (Revenue, USD Million, 2016 – 2028)
- Interventional
- Observational
- Expanded Access
- Virtual Clinical Trials Indication Outlook (Revenue, USD Million, 2016 – 2028)
- Oncology
- Cardiovascular
- Others
- Virtual Clinical Trials Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- India
- Japan
- China
- Australia
- South Korea
- Central & South America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Virtual/Decentralized Clinical Trials (DCTs) Market
- ICON, plc
- Parexel International Corporation
- IQVIA
- Covance
- PRA Health Sciences
- LEO Innovation Lab
- Medidata
- Oracle
- CRF Health
- Clinical Ink, Inc.
- Medable, Inc.
Find more research reports on Medical Devices Industry, by Grand View Research:
- Clinical Trials Market – The global clinical trials market size was estimated at 44.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
- U.S. Telehealth Market – The U.S. telehealth market size was valued at USD 572.0 million in 2014. Key drivers of the market include rising demand for centralization of healthcare administration and enhanced quality and safety of the applications. Furthermore, enhancing demand for mobile technologies and the internet by people along with rising adoption in home care by patients or reduction in hospital visits are expected to propel the growth over the forecast period.
- Oncology Clinical Trials Market – The global oncology clinical trials market size was valued at 10.8 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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