Dublin, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The "Virtual Clinical Trials Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The virtual clinical trials market has witnessed significant growth, reaching $10.49 billion in 2023, with a compound annual growth rate (CAGR) of 8.4%. Despite challenges posed by the Russia-Ukraine war and the lingering impact of COVID-19, the market is set to expand further, reaching an estimated value of $14.82 billion by 2027, exhibiting a CAGR of 9.0% during the forecast period.
Key Players:
The major players in the virtual clinical trials market include:
- ICON, plc
- Parexel International
- IQVIA
- Covance
- PRA Health Sciences
Market Overview: The virtual clinical trials market includes various services, such as pilot studies, feasibility studies, prevention trials, screening trials, treatment trials, multi-arm multi-stage (mams) trials, cohort studies, case control studies, and cross-sectional studies. Technology advancements in the industry have become a key trend, with companies focusing on providing technologically advanced solutions to meet growing demands and strengthen their market position.
Technological Advancements: Major companies operating in the virtual clinical trials market are incorporating new-generation virtual clinical technologies into their services. These technologies include wearable technologies, mHealth, blockchain, cloud computing, EMR integration, actionable data, threshold monitoring, AI, SFTP, ETL services, and more. For instance, in April 2022, Unlearn.AI, a US-based startup, launched a new digital twin RCTs technology for clinical trials, utilizing AI and historical data to enable smaller control groups while maintaining power and generating evidence suitable for supporting regulatory decisions.
Regional Insights: North America led the virtual clinical trials market in 2022, while Asia-Pacific is expected to be the fastest-growing region during the forecast period. The report covers other regions, including Western Europe, Eastern Europe, South America, Middle East, and Africa.
Key Drivers: The increasing investments by governments and pharmaceutical companies in R&D for the development of new vaccines and drugs are driving the growth of the virtual clinical trials market. R&D divisions in the medical industry are increasingly utilizing virtual clinical trial solutions and services to enhance quality assurance and clinical data management. For instance, in 2020, medical and health R&D investment in the USA increased by 11.1% from the previous year. The adoption of decentralized clinical trials by pharma companies during the COVID-19 pandemic has also highlighted the benefits of virtual trials, improving the patient and physician experience.
Key Questions Answered:
- Where is the largest and fastest-growing market for virtual clinical trials?
- How does the market relate to the overall economy, demography, and other similar markets?
- What forces will shape the market going forward?
Reasons to Purchase:
- Gain a global perspective with the most comprehensive report available, covering 50+ geographies.
- Understand the impact of COVID-19 on the market and its response as the situation improves.
- Assess the influence of the Russia-Ukraine war on agriculture, energy, mineral commodity supply, and its implications for the virtual clinical trials market.
- Measure the market's response to high global inflation.
- Create regional and country strategies based on local data and analysis.
- Identify investment opportunities in growth segments.
- Outperform competitors using forecast data and market trends.
- Understand customer preferences based on the latest market shares.
- Benchmark performance against key competitors.
- Utilize reliable high-quality data and analysis for internal and external presentations.
The "Virtual Clinical Trials Global Market Report 2023" provides in-depth insights and a complete perspective of the virtual clinical trials industry, enabling businesses to make informed decisions and capitalize on growth opportunities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $10.49 billion |
| Forecasted Market Value (USD) by 2027 | $14.82 billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/w62b1x
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