Virtual Clinical Trials (VCTs) are also known as remote or decentralized trails, are a comparatively new but still underused technique of carrying out clinical research taking complete benefit of technologies like apps, online social interaction platforms, and electronic monitoring tools. The market is significantly driven by growth in R&D activities, the growing digitization in healthcare, and the adoption of telehealth.
MARKET SCOPE
The "Global Virtual clinical trials Market Analysis to 2028" is a specialized and in-depth study of the food and beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the Virtual clinical trials market with detailed market segmentation by design, indication, phases, and geography. The report provides key statistics on the market status of the leading Virtual clinical trials market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on design, the global Virtual clinical trials market is segmented into Observational Trials, Interventional Trials, Expanded Access Trials.
- Based on Indication, the market is categorised into CNS, Autoimmune Diseases, Cardiovascular Disease, Metabolic Disorders, Infectious Disease, Oncology, Genitourinary, Ophthalmology, others.
- Based on Phases, the market is categorised into Phase I, Phase II, Phase III, Phase IV.
MARKET DYNAMICS
Drivers:
- Increasing healthcare digitization, as well as adoption of telehealth.
- Rapid advances in clinical trials technologies
Restraints:
- Limited awareness about virtual clinical trials.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Virtual clinical trials market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Virtual clinical trials market in these regions.
IMPACT OF COVID-19 ON VIRTUAL CLINICAL TRIALS MARKET
The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt and will significantly and has positive impact on the Virtual clinical trials market in 2020. The current pandemic of COVID-19 is making the clinical trial industry change the way of conducting ongoing or upcoming research studies. The pandemic, for the first time in history, has resulted in the global disruption of traditional onsite research studies. Hence, the regulatory bodies such as the U.S. FDA, the European Medicines Agency (EMA), the National Institutes of Health (NIH), and China's National Medical Products Administration (NMPA), and several other regulating authorities have issued guidelines related to the conduct of research studies during the outbreak of coronavirus, and are in complete support of incorporating virtual services.
MARKET PLAYERS
The report covers key developments in the Virtual clinical trials market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Virtual clinical trials market are anticipated to lucrative growth opportunities in the future with the rising demand for Virtual clinical trials in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Virtual clinical trials market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Covance Inc
- CRF Health
- LEO Innovation Lab
- Clinical Ink, Inc.
- Paraxel International
- Medable, Inc
- Oracle Corporation
- Science 37
- ICON plc
- Medidata Solutions, Inc.