Westford, USA, July 26, 2023 (GLOBE NEWSWIRE) -- The global Virtual Clinical Trials market size is expected to reach USD 12.85 billion by 2030 and exhibit a CAGR of 5.75% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing adoption of telemedicine and digital health technologies, facilitating remote patient monitoring and data collection, the need for faster and more cost-effective clinical trial processes, driving the adoption of virtual trial methodologies, the COVID-19 pandemic accelerating the shift towards decentralized and remote clinical trial models, advancements in wearable devices and sensors, enabling real-time data collection and patient engagement, is fueling the market's growth.
According to SkyQuest's latest global research of the Virtual Clinical Trials market, increasing use of decentralized trial models, leveraging remote patient monitoring and telemedicine platforms, growing adoption of wearable devices and digital health technologies for real-time data collection and patient engagement, the integration of electronic health records (EHR) and electronic data capture (EDC) systems to streamline data management, the use of artificial intelligence (AI) and machine learning in data analysis and patient recruitment, the emergence of virtual trial platforms and technologies that offer end-to-end solutions for study design, participant recruitment, and data collection, are the trends that aid in the market's growth.
Browse in-depth TOC on "Virtual Clinical Trials Market"
- Pages - 210
- Tables - 63
- Figures -75
Virtual clinic trials are clinical trials that are conducted remotely, using technology such as video conferencing, online surveys, and electronic data capture (EDC). This allows participants to take part in clinical trials from the comfort of their own homes, which can make it easier for them to participate and can also help to reduce the cost of clinical trials
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Prominent Players in Virtual Clinical Trials Market
- Akili Interactive
- AppliedVR
- Bastyr University
- Biogen
- Bristol Myers Squibb
- Clinicient
- Cognizant
- CureMD
- DigiPath
- Evidation Health
- Fairview Health Services
- Fulgent Genetics
- Hinge Health
- Intermountain Healthcare
- J&J
- Kite Pharma
- Medtronic
- Regeneron Pharmaceuticals
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 8.24 Billion |
| 2030 Value Projection | 12.85 Billion |
| CAGR | 5.75% |
| Segments Covered | Indication
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
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Virtual Trial Technology Solutions Demand to Grow Substantially in the Forecast Period
Virtual trial technology solutions dominated the global online market as they have gained widespread popularity among individuals seeking body contouring treatments. These procedures use techniques such as cryolipolysis, ultrasound, and radiofrequency to target and reduce localized pockets of fat without surgery. Non-surgical fat reduction procedures offer benefits such as minimal downtime, non-invasiveness, and targeted fat reduction, which appeal to a broad range of patients.
Pharmaceutical & Biotechnology Companies are the Leading Application Segment
In terms of application, pharmaceutical & biotechnology companies are the leading segment as they are increasingly adopting virtual trial methodologies to accelerate drug development and improve the efficiency of clinical research. Virtual trials offer benefits such as faster recruitment, remote patient monitoring, and reduced operational costs.
North America is the leading Market Due to Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region has a well-developed healthcare infrastructure and a high level of technology adoption, making it conducive to implementing virtual clinical trial services. Additionally, North America has a supportive regulatory environment that encourages.
A recent report thoroughly analyzes the major players operating within the Virtual Clinical Trials market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Virtual Clinical Trials.
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Key Developments in the Virtual Clinical Trials Market
- In January 2023, Akili Interactive acquired AppliedVR. This acquisition will help Akili to expand its virtual clinic trial capabilities and meet the growing demand for virtual reality (VR)-based clinical trials.
- In February 2023, Fairview Health Services acquired DigiPath. This acquisition will help Fairview to expand its virtual clinic trial capabilities and meet the growing demand for digital pathology in clinical trials.
Key Questions Answered in Virtual Clinical Trials Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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