CHICAGO, Nov. 21, 2022 /PRNewswire/ -- According to Arizton's latest research report, the virtual clinical trials market is expected to grow at a CAGR of 18% during 2021-2027. The latest trends in the market are adopting the 'Bring-Your-Own-Device' strategy, clinical trials powered with better data through newly connected devices, and the adoption of synthetic clinical trials.
Virtual Clinical Trials Market
Virtual clinical trials constitute an innovative approach through remote monitoring and patient-centric approaches. The adoption of virtual clinical trials was high during the COVID-19 pandemic, with an increased application of decentralized clinical trial components. Most clinical trial conductors shifted toward the decentralized or hybrid clinical trial model. Significant changes in rules and regulations by FDA, EMA, and other authorities for clinical trials and supportive initiatives drove significant market growth. However, several countries are shifting toward value-based treatments. There is increased adoption of telehealth among developed countries, reshaping the virtual clinical trials market demand. Also, technological advancements such as remote patient monitoring, teleradiology, telehealth, and mobile health are paving the way toward adopting virtual clinical trials in the market.
Virtual Clinical Trials Market Report Scope
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Oncology is a field that heavily relies on virtual clinical trials. According to the Clinical Trial Europe global survey 2020, the area of focus in decentralized clinical trial activities is associated with the oncology segment. It accounted for most of the market share in decentralized clinical trials in 2020. Due to the high number of clinical trials registered for the oncology therapeutic area, the adoption of the decentralized clinical trial model in cancer indication has been high in recent years. In 2021, the oncology segment accounted for 44.8% of the market share in the global virtual clinical trials market. Major market players have a strong market image and a better geographical presence. The virtual clinical trials market comprises many international, national, regional, and local players. Various big pharma and biotech companies are continuously increasing their expenditure on research and development activities, clinical trials, and the development of advanced solutions triggered by high competency in the biopharmaceutical industry. Increasing competition in the pharma industry directly impacts virtual clinical trial market competitiveness. Changing market dynamics of clinical trials and shifting toward patient-centric clinical trials are driving vendors toward virtual clinical trials. The governments are also developing a better regulatory framework, allowing faster market adoption of virtual clinical trials.
Company Profiles in Report
Curavit Clinical Research
Paraxel International Corporation
Europe is one of the leading market regions for virtual clinical trials. Virtual clinical trials have better opportunities in Europe since countries like Russia have more significant geographical distribution and healthcare centers are away from patients. Europe has a diverse patient population that attracts a high number of clinical trial operators. In 2021, Europe accounted for 22.45% market share in the global clinical trials market.
High-income countries in North America and Europe are more likely to host decentralized clinical trials than middle-income countries.
The Report Includes Market Size & Share across these geographies:
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Request for Free Sample Report. 4.1.3 MARKET ESTIMATION CAVEATS
4.3.1 MARKET SEGMENTATION BY STUDY TYPE
5 REPORT ASSUMPTIONS & CAVEATS
9 MARKET OPPORTUNITIES & TRENDS
9.1 ADOPTION OF "THE BRING-YOUR-OWN-DEVICE" STRATEGY
9.2 CLINICAL TRIALS POWERED WITH BETTER DATA THROUGH NEW CONNECTED DEVICES 10 MARKET GROWTH ENABLERS
10.1 SPIKE IN VIRTUAL CLINICAL TRIAL ADOPTION DUE TO COVID-19 10.2 DECENTRALIZATION OF CLINICAL TRIALS
10.3 REGULATORY CHANGES IN FAVOR OF VIRTUAL CLINICAL TRIALS
11 MARKET GROWTH RESTRAINTS
11.1 CHALLENGES ASSOCIATED WITH VIRTUAL CLINICAL TRIALS
11.3 INCREASING ALTERNATIVES FOR VIRTUAL CLINICAL TRIALS
12.2 MARKET SIZE & FORECAST
12.2.1 INSIGHTS BY STUDY TYPE 12.2.3 INSIGHTS BY THERAPEUTIC AREA
12.2.4 INSIGHTS BY GEOGRAPHY
12.3 FIVE FORCES ANALYSIS
12.3.1 THREAT OF NEW ENTRANTS
12.3.2 BARGAINING POWER OF SUPPLIERS
12.3.3 BARGAINING POWER OF BUYERS
12.3.4 THREAT OF SUBSTITUTES
12.3.5 COMPETITIVE RIVALRY
13.1 MARKET SNAPSHOT & GROWTH ENGINE
14.1 MARKET SNAPSHOT & GROWTH ENGINE
15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.5 CENTRAL NERVOUS SYSTEM
16.1 MARKET SNAPSHOT & GROWTH ENGINE
17.1 MARKET SNAPSHOT & GROWTH ENGINE
18.2 MARKET SIZE & FORECAST
18.3.1 US: MARKET SIZE & FORECAST
18.3.2 CANADA: MARKET SIZE & FORECAST
19.2 MARKET SIZE & FORECAST
19.3.1 THE UK: MARKET SIZE & FORECAST
19.3.2 FRANCE: MARKET SIZE & FORECAST
19.3.3 GERMANY: MARKET SIZE & FORECAST
19.3.4 SPAIN: MARKET SIZE & FORECAST
19.3.5 ITALY: MARKET SIZE & FORECAST
20.2 MARKET SIZE & FORECAST
20.3.1 AUSTRALIA: MARKET SIZE & FORECAST
20.3.2 CHINA: MARKET SIZE & FORECAST
20.3.3 SOUTH KOREA: MARKET SIZE & FORECAST
20.3.4 JAPAN: MARKET SIZE & FORECAST
20.3.5 INDIA: MARKET SIZE & FORECAST
21.2 MARKET SIZE & FORECAST
21.3.1 BRAZIL: MARKET SIZE & FORECAST
21.3.2 MEXICO: MARKET SIZE & FORECAST
21.3.3 ARGENTINA: MARKET SIZE & FORECAST
22.3.1 TURKEY: MARKET SIZE & FORECAST
22.3.2 SOUTH AFRICA: MARKET SIZE & FORECAST
22.3.3 SAUDI ARABIA: MARKET SIZE & FORECAST
23.1 COMPETITION OVERVIEW
25.6 ECLINICALHEALTH (CLINPAL)
25.11 THERMO FISHER SCIENTIFIC 26 OTHER PROMINENT VENDORS
26.8 PARAXEL INTERNATIONAL CORPORATION
27.2 STRATEGIC RECOMMENDATIONS
28.2 MARKET BY STUDY TYPE
28.4 MARKET BY COMPANY SIZE
28.5 MARKET BY THERAPEUTIC AREA
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Clinical Trials Outsourcing Market - Global Outlook & Forecast 2022-2027: The global clinical trials outsourcing market is expected to grow at a CAGR of 6.71% from 2022-2027. North America dominates the global clinical trials outsourcing market, with a 34.33% higher market share. The primary factors driving the region's growth can be attributed to the many vendors available for clinical trials and the massive flow of investments in the clinical trials. The U.S. and Canada are the two major countries performing high clinical trials in North America. The number of clinical trial outsourcing is high due to the presence of big pharma and biotech companies in the region, increased expenditure on drug development activities, and a favorable environment for drug discovery and expertise.
Clinical Trials Software Market - Global Outlook and Forecast 2022-2027: The clinical trials software market is expected to grow at a CAGR of 15.35% from 2022 to 2027, and revenue is projected to reach $ 2.1 billion by 2027. Cloud computing in clinical trials, entry of start-ups & small biopharma in drug discovery, and increasing expenditure and R&D by big biopharma companies are some factors driving the market growth. Moreover, increasing collaboration, rising adoption of cloud-based platforms, and new solution availabilities influence the high competition in the global clinical trial software market. Browse for More Arizton " Healthcare Lifesciences"
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