What is Virtual Clinical Trials?
A virtual clinical trial also known as remote or decentralized clinical trials it refers to clinical trial processes that are enabled by digital technology. Because this is a relatively new model of clinical trials in terms of adoption, it is a means of conducting clinical research that is underutilized. Virtual clinical trials, on the other hand, have the potential to induce significant digital changes in clinical research methodology, resulting in a more patient-centric ecosystem. These solutions take into account a wide range of technological advantages, including innovative applications, electronic devices, online social engagement platforms, artificial intelligence, robotic process automation, and machine learning, to name a few. Virtual clinical trials, without a doubt, take advantage of the potential of telehealth/digital technology by incorporating virtual patient monitoring, wearable medical devices, remote SDV, and other features to perform safer and more effective clinical trial research. These virtual trials are patient-centered, low-cost, and simple to run.
|Unit||Value (USD Million)|
|Key Companies Profiled||ICON, plc (Ireland), Parexel International Corporation (United States), IQVIA (United States), Covance (United States), PRA Health Sciences (United States), LEO Innovation Lab (Denmark), Medidata Solutions (United States), Oracle (United States), CRF Health (United States), Clinical Ink Inc. (United States) and Medable, Inc. (United States)|
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Virtual Clinical Trials market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ICON, plc (Ireland), Parexel International Corporation (United States), IQVIA (United States), Covance (United States), PRA Health Sciences (United States), LEO Innovation Lab (Denmark), Medidata Solutions (United States), Oracle (United States), CRF Health (United States), Clinical Ink Inc. (United States) and Medable, Inc. (United States) are some of the key players that are part of study coverage.
The market study is broken down, by Application (Oncology, Cardiovascular Autoimmune/Inflammation, Cardiovascular Disease, Metabolic/Endocrinology and Others) and major geographies with country level break-up.
AdvanceMarketAnalytics has segmented the market of Global Virtual Clinical Trials market by Type, Application and Region.
On the basis of geography, the market of Virtual Clinical Trials has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Design, the sub-segment i.e. Interventional will boost the Virtual Clinical Trials market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
In March 2020 -Medable has developed a new TeleVisit mobile application that can be used by patients worldwide to connect virtually with their clinical trial sites. The application makes it possible for clinical trial research to progress in an environment where many patients are being told to stay home and avoid social interaction.
- Rising research and development to deliver advanced healthcare infrastructure
- The high adoption of VCTs for dermatological testing
- Increasing prevalence of diseases and high demand for clinical trials
- Rapid digitization of the healthcare infrastructure
- Increasing per capita income and government actions that are beneficial
- Demand for virtual and remote testing solutions to capture data safely and efficiently is increasing
- High cost of installations
- Some patients may not be comfortable wearing wearables or utilizing other gadgets all day in the case of continuous monitoring
Key Target AudienceVirtual Clinical Trials Providers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):
1. What all players are profiled in the study?
The standard version of the report profiles players such as ICON, plc (Ireland), Parexel International Corporation (United States), IQVIA (United States), Covance (United States), PRA Health Sciences (United States), LEO Innovation Lab (Denmark), Medidata Solutions (United States), Oracle (United States), CRF Health (United States), Clinical Ink Inc. (United States) and Medable, Inc. (United States) etc.
2. Can we have customized study for Virtual Clinical Trials Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.