Virtual Clinical Trials market Virtual Clinical Trials Market by Design (Interventional Trials, Observational Trials, Expanded Access Trials), Indication (Cardiovascular Disease, Oncology, Metabolic Disorders, Infectious Disease, Others), Phases (Phase I, Phase II, Phase III, Phase IV): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026881 | Pages: 100 | Industry: Biotechnology | Date: Oct 2022 | Type: Global
The market crossed the US$ 8.9 billion mark in 2022 and is expected to hit US$ 15.59 billion by 2030, recording a CAGR of 7.24% during the forecast period.

Increasing collaborations and partnerships are expected to propel the market\'s growth over the forecast period.

Increasing collaborations and partnerships are expected to propel the market\'s growth over the forecast period. For instance, In Jul-2020, IQVIA entered a partnership agreement with AstraZeneca PLC. This partnership aimed to develop vaccines and therapies against COVID-19, which come under U.S. government projects. IQVIA aimed to enroll the U.S. study participants who received AZD1222 onto its virtual clinical trial platform. Also, in Nov-2020: Parexel collaborated with the Clinical Trial Centre (CTC). This collaboration will increase the research capacity for delivering early Phase clinical trials. It will also support the rising demand and continuation of early phase clinical studying during the pandemic.

Within the report, the market is segmented into design, indication, phases, and geography. Based on the design, the global virtual clinical trials market is segmented into observational, interventional, and expanded access trials. Based on indication, the market is categorized into autoimmune diseases, cardiovascular diseases, metabolic disorders, infectious diseases, oncology, genitourinary, ophthalmology, and others. Based on phases, the market is categorized into Phases I, II, III, and IV. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

The increasing healthcare facilities will empower the growth of the market.

Increasing expenditure on healthcare and healthcare facilities is expected to propel the market growth over the forecast period. Private and public expenditure on healthcare has increased significantly recently, with the increase in population and prevalence of various diseases. Furthermore, a swiftly changing lifestyle drives the demand for advanced healthcare solutions. The increased healthcare expenditure has led to the high adoption of wireless technologies, implantable medical devices, and a high preference for alternative healthcare institutions. Thus, the surge in healthcare expenditure is expected to propel the global needle counters market growth over the forecast period.

The oncology segment is expected to propel the growth of the market.

The oncology segment influenced the growth of the market. The segment is anticipated to contribute to the maximum revenue share during the forecast period. The rising cases of cancer globally and the increasing number of oncology clinical trials. Cancer patients were the most vulnerable during the COVID-19 pandemic. Investigators and sponsors managing oncology clinical trials incorporated virtual and remote practices to keep patients safe. Besides, cancer researchers face considerable challenges in patient recruitment. Till June 2019, approximately 14,000 oncology trials were actively recruited with a participation rate of 3% to 8% of possible candidates, with a limited number in geriatric and minority populations.

Recent strategic developments in the virtual clinical trials market

The virtual clinical trials market has undergone several significant developments, and a few of these have been mentioned below:

- On 20 March 2019, Patient-centric technology solutions provider CRF Bracket released the latest version of its eConsent solution, TrialConsent, to support remote consenting in virtual clinical trials.

- On 3 June 2020, Covance launched a new trial connection site for COVID-19, intending to link people interested in pandemic tests with sponsors. It

- On 8 February 2022, Cognizant announced a partnership with mendable to deliver strategy, deployment and support services for decentralized clinical trials.

Several players drive the virtual clinical trials market by implementing strategic investments, new launches, mergers & acquisitions, and partnerships. Covance Inc; CRF Health, LEO Pharma Inc., Clinical Ink, Inc; Paraxel International; Oracle Corporation, Cognizant Technology Solutions Corporation, ICON plc, Medidata Solutions, Inc; Science 37, Inc; are among the prominent players operating in the market.

The target audience for the report:

- Related associations, organizations, forums, and alliances

- Government bodies, such as regulating authorities and policymakers

- End users

- Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented based on:

- Design:

- Interventional Trials

- Observational Trials

- Expanded Access Trials

- Indication:

- Cardiovascular Disease

- Oncology

- Metabolic Disorders

- Infectious Disease

- Others

- Phases:

- Phase I

- Phase II

- Phase III

- Phase IV

- Region

- North America

- Europe

- Asia Pacific (APAC)

- South & Central America

- Middle East & Africa

- Companies profiled

- Covance Inc

- CRF Health

- LEO Pharma Inc.

- Clinical Ink, Inc

- Paraxel International

- Oracle Corporation

- Cognizant Technology Solutions Corporation

- ICON plc

- Medidata Solutions, Inc.

- Science 37, Inc.

The List of Companies
- Covance Inc
- CRF Health
- LEO Pharma Inc.
- Clinical Ink, Inc
- Paraxel International
- Oracle Corporation
- Cognizant Technology Solutions Corporation
- ICON plc
- Medidata Solutions, Inc.
- Science 37, Inc.
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