Virtual Clinical Trials Market to Record USD 5 Billion by 2027 - Arizton
21 Nov 2022
Clinical Study
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.
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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
Find additional highlights on the growth strategies adopted by vendors and their product offerings, Download Free Sample Report.
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.
Market Segmentation:
Others
Phases
Late Stage
Early Stage
Therapeutic Area
Oncology
Rare & Genetic Diseases
CNS
Immunology
Other
Company Size
Small & Mid-Sized
Large Sized
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
Science 37
Castor
Clinical ink
Clario
eClinicalHealth
Labcorp Drug Development
ObvioHealth
Thermo Fisher Scientific
Advarra
Curavit Clinical Research
Icon Plc
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:
North America
U.S.
Canada
Europe
Germany
France
The UK
Italy
Spain
Japan
China
India
South Korea
Australia
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
Turkey
Saudi Arabia
South Africa
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.
Table of Content
1 RESEARCH METHODOLOGY
3 RESEARCH PROCESS
4.1 MARKET DEFINITION
4.1.1 INCLUSIONS
4.1.2 EXCLUSIONS
4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
4.3.1 MARKET SEGMENTATION BY STUDY TYPE
5 REPORT ASSUMPTIONS & CAVEATS
5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION
6.1 OVERVIEW
7 INTRODUCTION
7.1 OVERVIEW
8 MARKET AT A GLANCE
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
9.3 ADOPTION OF SYNTHETIC CLINICAL TRIALS
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
11.2 COMPLEXITY IN DECENTRALIZED CLINICAL TRIALS
11.3 INCREASING ALTERNATIVES FOR VIRTUAL CLINICAL TRIALS
12 MARKET LANDSCAPE
12.1 MARKET OVERVIEW
12.2 MARKET SIZE & FORECAST
12.2.1 INSIGHTS BY STUDY TYPE
12.2.2 INSIGHTS BY PHASES
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 STUDY DESIGN
13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 INTERVENTIONAL
13.4 OTHERS
14 PHASES
14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 LATE-STAGE
14.4 EARLY STAGE
15 THERAPEUTIC AREA
15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 MARKET OVERVIEW
15.3 ONCOLOGY
15.4 RARE & GENETIC DISEASES
15.5 CENTRAL NERVOUS SYSTEM
15.6 IMMUNOLOGY
15.7 OTHERS
16 COMPANY SIZE
16.1 MARKET SNAPSHOT & GROWTH ENGINE
16.2 MARKET OVERVIEW
16.3 SMALL- & MID-SIZED
16.4 LARGE-SIZED
17 GEOGRAPHY
17.1 MARKET SNAPSHOT & GROWTH ENGINE
17.2 GEOGRAPHIC OVERVIEW
18.1 MARKET OVERVIEW
18.2 MARKET SIZE & FORECAST
18.3 KEY COUNTRIES
18.3.1 US: MARKET SIZE & FORECAST
18.3.2 CANADA: MARKET SIZE & FORECAST
19 EUROPE
19.1 MARKET OVERVIEW
19.2 MARKET SIZE & FORECAST
19.3 KEY COUNTRIES
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 APAC
20.1 MARKET OVERVIEW
20.2 MARKET SIZE & FORECAST
20.3 KEY COUNTRIES
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 LATIN AMERICA
21.1 MARKET OVERVIEW
21.2 MARKET SIZE & FORECAST
21.3 KEY COUNTRIES
21.3.1 BRAZIL: MARKET SIZE & FORECAST
21.3.2 MEXICO: MARKET SIZE & FORECAST
21.3.3 ARGENTINA: MARKET SIZE & FORECAST
22 MIDDLE EAST & AFRICA
22.1 MARKET OVERVIEW
22.2 MARKET SIZE & FORECAST
22.3 KEY COUNTRIES
22.3.1 TURKEY: MARKET SIZE & FORECAST
22.3.2 SOUTH AFRICA: MARKET SIZE & FORECAST
22.3.3 SAUDI ARABIA: MARKET SIZE & FORECAST
23 COMPETITIVE LANDSCAPE
23.1 COMPETITION OVERVIEW
23.2 MARKET SHARE ANALYSIS
23.2.1 DASSAULT SYSTÈMES
23.2.2 MEDABLE
23.2.3 SCIENCE 37
23.2.4 THREAD
24 KEY COMPANY PROFILES
24.1 DASSAULT SYSTÈMES
24.1.1 BUSINESS OVERVIEW
24.1.2 PRODUCT OFFERINGS
24.1.3 KEY STRATEGIES
24.1.4 KEY STRENGTHS
24.1.5 KEY OPPORTUNITIES
24.2 MEDABLE
24.3 SCIENCE 37
24.4 THREAD
25.1 ACCENTURE
25.2 CASTOR
25.3 CLINICAL INK
25.4 CLARIO
25.5 DELVE HEALTH
25.6 ECLINICALHEALTH (CLINPAL)
25.7 IQVIA
25.9 OBVIOHEALTH
25.10 SIGNANT HEALTH
25.11 THERMO FISHER SCIENTIFIC
26 OTHER PROMINENT VENDORS
26.1 ADVARRA
26.1.1 BUSINESS OVERVIEW
26.1.2 PRODUCTS OFFERING
26.2 CURAVIT CLINICAL RESEARCH
26.3 CMIC HOLDINGS
26.4 ICON PLC
26.5 JEEVA INFORMATICS SOLUTIONS
26.6 LEO INNOVATION LAB
26.7 ORACLE
26.8 PARAXEL INTERNATIONAL CORPORATION
26.9 PROPHARMA GROUP
27 REPORT SUMMARY
27.1 KEY TAKEAWAYS
27.2 STRATEGIC RECOMMENDATIONS
28 QUANTITATIVE SUMMARY
28.1 MARKET BY GEOGRAPHY
28.2 MARKET BY STUDY TYPE
28.3 MARKET BY PHASES
28.4 MARKET BY COMPANY SIZE
28.5 MARKET BY THERAPEUTIC AREA
29 APPENDIX
29.1 ABBREVIATIONS
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Regulatory Affairs Outsourcing Market - Global Outlook and Forecast 2022-2027: Global Outlook and Forecast 2022-2027: The global regulatory affairs outsourcing market is expected to reach around $17 billion by 2027, growing at a CAGR of 12.7%. Changing regulatory landscape, increasing use of digital platforms/solutions in regulatory affairs, and the impact of strict government regulations are some major factors driving the growth of the regulatory affairs outsourcing market.
Pharma R&D Outsourcing Market - Global Outlook & Forecast 2022-2027: The global pharma R&D outsourcing market is to record USD 121 billion by 2027, growing with a CAGR of over 9% during 2022-2027. Vendors in the pharma R&D outsourcing market compete based on the wide range of services offered, quality, and scale-up development of pharmaceuticals. The market is so competitive that vendors aim to implement different strategies to maintain their competitive advantage over other vendors.
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.
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Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
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