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.
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.
Related Press Release @ Virtual Clinical
Trials Market Report
Virtual
Clinical Trials Market Report Highlights
- 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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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