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Virtual Clinical Trials Market is going to witness a major growth at 9.2% from 2021 to 2031 - Global Industry Size, Share, Growth, Market Analysis and Forecast
Published : May 2021

According to a new market research report published by sheer analytics and insights, “The Global Virtual Clinical Trials Market was valued at $8.3 Billion in 2020. Growing at a high CAGR of more than 9.2% between 2021 and 2031”, it is estimated to reach $21.9 Billion by 2031, as per the latest market research report titled Global Virtual Clinical Trials Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.

The Virtual Clinical Trials, also known as decentralized or remote trials, are comparatively recent and still underutilized to conduct clinical testing that takes full benefit of technology such as electronic surveillance systems, apps, and online social interaction networks. The growing need to develop innovative therapeutics for chronic diseases such as respiratory disorder, cancer, cardiovascular disease, diabetes, and others creates immense healthcare pressure. Even though the concept is old, this has not been in force due to the sluggish behavior of the clinics and healthcare organizations. US FDA and UK’s MHRA has released guidelines for these types of trials.

The biggest challenge this industry faces is recruiting patients who can give data about their health for the specific timeline. The other aspect which is being addressed by governments all over the world dealt with data privacy. Also, with increasing new vaccines and other medications, virtual clinical trials have seen a significant surge in the past two years. In 2020 market has seen a significant surge, and the virtual trials market had seen a spike of 28% from the previous year.

Click full report at https://www.sheeranalyticsandinsights.com/market-report-research/virtual-clinical-trials-market-21

According to experts in this field, it has been notified that increased awareness of virtual trials during a pandemic will impact the market positively in the forecast period. Many sponsors, such as corporate entities, collaborate with healthcare centres to focus on this technology where minimal or no human intervention is involved. Patients who visit healthcare centres or senior citizens are the main population that need to focus on the present stage.

North America is expected to be the largest market of virtual clinical trials, with a share of nearly 38.5% in 2021. This growth is due to FDA initiatives towards regulating such types of clinical trials for healthcare facilities towards data privacy concerns of the patients. This growth is also attributed to the increasing initiatives of corporate entities such as PHESI to acquire virtual clinical trials data. Companies dealing with these technologies are integrating in terms of the partnership, acquiring real-time patients for virtual trials or doing corporate actions such as mergers or acquisitions.

In August 2021, Certara Inc, an IT company that developed software used for clinical trials, announced the purchase of Pinnacle 21, a software company that enables fast virtual trial results with its software, at the value of $310 million.

In January 2021, Sensyne Health plc, a UK based Clinical AI company, and Phesi Inc. (“Phesi”), a US-based big data health tech company, had done joint commercial clinical development collaboration for capturing more patients for undisclosed diseases. In August 2021, with this collaboration, the company has announced that company had generated combined data of around 60 million patients all over the world and have datasets of more than 4000 diseases, including rare diseases.

The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Certara Inc, Sensyne Health PLC, Phesi Inc, Clinical Ink, IQVIA, PAREXEL International Corporation, Pharmaceutical Product Development, LLC, Charles River Laboratory, ICON Plc, Wuxi AppTec Inc, PRA Health Sciences, SGS SA, Syneos Health, Chiltern International Ltd, Eli Lilly and Company, Novo Nordisk A/S, Pfizer, and Clinipace. among others.

Request a Sample Copy of Report: https://www.sheeranalyticsandinsights.com/request-sample/virtual-clinical-trials-market-21

The Global Virtual Clinical Trials Market Has Been Segmented into:

Global Virtual Clinical Trials Market: By Study design Outlook

  • Interventional
  • Observational
  • Expanded Access

Global Virtual Clinical Trials Market: By Indication Outlook

  • Oncology
  • Cardiovascular
  • Others

Global Virtual Clinical Trials Market: By Region

  • North America
    • USA
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • India
    • China
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America, Middle East & Africa
    • Brazil
    • South Africa
    • UAE
    • Rest of LAMEA

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