This exponential increase in number of clinical trials monitored digitally is expected to increase the growth of global virtual clinical trials market during the forecast period. The global virtual clinical trials market is currently dominated by several market players. The key players are involved in geographic expansion, acquisition, and strategic collaborations to maintain their global footprint in the global virtual clinical trials market. For instance, in June 2020, Tabula Rasa HealthCare (US), a New Jersey-based company collaborated with Washington-based health plan provider Regence (US) to virtually trial several different COVID-19 drug candidates and assess the risk of adverse drug events.
According to MRFR analysis, the global virtual clinical trials market is expected to register a CAGR of ~5.89% during the forecast period of 2021 to 2027 and is expected to reach ~USD 11,239.0 million by 2027. Virtual clinical trials are method of conducting clinical research using apps, electronically monitoring devices and online social engagement platforms. In 2020, 76% of more than 200 clinical trial sponsors said they conducted most or all of their patient monitoring remotely, up from only 18% of respondents the previous year, according to the 2021 State of the Industry Report from Florence Healthcare (US), a provider of digital research workflows and remote site access.
Regence will provide de-identified medical information from about 500,000 of its members to Tabula Rasa HealthCare. Thus, an increasing number of healthcare companies collaborating with technology companies to leverage data-driven clinical studies for development of effective medication by clinical trials remotely is increasing global virtual clinical trials market size.
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The global virtual clinical trials market has been segmented based on study type, phase, and indication.
By Study Type
- Phase 1
- Phase 2
- Phase 3
- Phase 4
Some of the key players in the global virtual clinical trials market are
- Oracle Corporation (US)
- IQVIA Holdings, Inc. (US)
- Dassault Systemes SE (France)
- Medpace Holdings, Inc. (US)
- Icon plc (Ireland)
- Laboratory Corporation of America Holdings (US)
- Parexel International Corporation (US)
- Medable, Inc. (US)
- Clinical Ink, Inc. (US)
- Wuxi AppTech (China)
- Medable, Inc. (US)
The market has been divided, by region, into the North America, Europe, Asia-Pacific, and Rest of the World.
North America is anticipated to hold the largest market share owing to availability of major players operating in the region. Medable, Inc. (US), Oracle Corporation (US), IQVIA Holdings, Inc. (US), Syneos Health (US), PPD, Inc. (US) and Medpace Holdings, Inc. (US) are some of the notable companies operating in the region. Moreover, collaborative approach by companies operating in the region were observed due to rising demand and continuation of early phase clinical studying during the pandemic. For instance, during October 2020, FHI Clinical Inc. (US), a contract research organization adopted Oracle’s (US) Oracle Health Sciences Clinical One, a cloud platform for effective study management throughout the entire drug development lifecycle.
European virtual clinical trials market has been categorized into Germany, France, the UK, Italy, Spain, and the rest of Europe. Europe is anticipated to hold the significant market share owing to investment activities related to clinical trials in the region and support from government for RD. For example, Parexel International Corporation (US) in November 2020 announced a strategic partnership between its Early Phase Clinical Unit (Germany) and Clinical Trial Center (CTC) North, a full-service CRO located at the University Medical Center Hamburg-Eppendorf (Germany). Parexel intends to roll-out and implement eSource system ClinBase at CTC North to drive efficiency.
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The growth of virtual clinical trials market in Asia-Pacific is anticipated to witness rapid growth during the forecast period owing to increasing number of memorandum signed by governmental agencies to promote research activities. For example, India and the UK announced a new memorandum of understanding in November 2020 between the Central Drugs Standard Control Organisation (India) and the UK Medicines and Healthcare Products Regulatory Agency.
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