The report “Virtual Clinical Trials Market Share, Size, Trends, Industry Analysis Report, By Design (Observational Trials, Interventional Trials, Expanded Access Trials), By Indication (CNS, Autoimmune/Inflammation, Cardiovascular Disease, Metabolic/Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology), By Phases (Phase I, Phase II, Phase III, Phase IV), By Regions; Segment Forecast, 2020 –2027” gives a detailed insight into current market dynamics and provides analysis on future market growth. The global virtual clinical trials market size is expected to reach USD 13.78 billion by 2027 according to a new study by Polaris Market Research
Virtual Clinical Trials (VCT) are a new method of
directing clinical trials which is inclusive of web platforms (informed
consent, recruitment, adverse reactions, counseling and measurement of
endpoints) and taking advantage of technology such as monitoring devices, apps
and others. VCT also allows participant to be home-based at all clinical trial
stage. VCT are operationally feasible and have lower drop-out rates, higher
recruitment rates, better compliance and are faster than traditional method.
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The
prominent factors favoring the global market growth include scarcity of time in
traditional clinical trials, rising R&D for the development of new drugs
and vaccines, adoption of telemedicine and increasing demand for patient
diversity. Additionally, COVID-19 pandemic has led to upsurge virtual clinical
trials given the trials need to be conducted digitally. Thereby, companies all
around the globe are aiming on developing virtual trial technologies to meet
the growing demand for solutions to fight Covid-19. For instance, in June 2020,
TRHC (Tabula Rasa HealthCare), developer of healthcare software solutions,
announced its partnership with Regence BlueShield, a health plan provider, for
conducting virtual trials for different drug candidates, and to examine the
ADEs (adverse drug events) in each.
Market
participants such as LEO Innovation Lab, Covance Inc., CRF Health, Oracle
Corporation, Oracle Corporation, Medable, Inc., Parexel International, Clinical
Ink, Inc., PRA Health Sciences, Science 37 and ICON plc. are some of the
key players operating in the global market.
Do you have questions or special
requirements? Ask our industry experts @ https://www.polarismarketresearch.com/industry-analysis/virtual-clinical-trials-market/speak-to-analyst
Players
in the market are strategizing on developing new virtual clinical trial
technology to cope up with the augmenting healthcare industry and thereby,
establish their market place. For instance, in May 2020, AiCure LLC, an
advanced data analytics and artificial intelligence company, partnered with
Science 37, a clinical research company, to leverage a decentralized research
model for enabling home based clinical trial for assessing an experimental drug
for major depression disorder (MDD).
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