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| Virtual Clinical Trials Market |
The global Virtual Clinical Trials Market is estimated to be valued at US$ 2,260.61 Mn in 2022 and is expected to exhibit a CAGR of 17.65% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Virtual clinical trials are a form of clinical trials that leverage digital
technologies to conduct various aspects of a clinical trial remotely, without
the need for physical visits to a study site. These trials offer several
advantages such as increased patient convenience, cost-effectiveness, and
faster recruitment and data collection. With the widespread adoption of remote monitoring
tools such as wearables and mobile apps, virtual clinical trials have gained
significant popularity in recent years. These trials enable patients to
participate in studies from the comfort of their own homes, eliminating the
need for travel and reducing the burden on healthcare facilities. Moreover,
virtual clinical trials facilitate real-time data collection through wearable
devices, enabling researchers to gain immediate insights and make informed
decisions.
Market Key Trends:
The key trend driving the growth of the virtual clinical trials market is the
increasing adoption of remote monitoring tools. Remote monitoring tools such as
wearables, mobile apps, and sensors play a crucial role in virtual clinical
trials by enabling real-time data collection and patient monitoring. These
tools aid in the collection of accurate and objective data, which is vital for
conducting successful clinical trials. Furthermore, these tools allow for
continuous monitoring of patients' health parameters, such as heart rate, blood
pressure, and activity levels, providing researchers with valuable insights
into the performance of the investigational product and potential adverse
events. The integration of these remote monitoring tools with electronic data
capture systems further streamlines the data collection process and enhances
the efficiency of virtual clinical trials. Therefore, the increasing adoption
of remote monitoring tools is expected to drive the growth of the virtual
clinical trials market in the coming years.
PEST Analysis:
Political: The political factor for the virtual clinical trials market refers
to government regulations and policies that may impact the industry. As virtual
clinical trials involve conducting research and collecting data remotely, political
factors such as data privacy laws and regulatory frameworks regarding virtual
trials need to be considered.
Economic: The economic factor relates to the financial conditions and market
trends that affect the virtual clinical trials market. With a projected CAGR of
17.65% between 2023 and 2030, the market is expected to witness substantial
growth. This can be attributed to the increasing demand for remote and
decentralized clinical trials, which offer cost savings and improved patient
recruitment.
Social: The social factor includes societal values, lifestyle trends, and
cultural aspects that influence the virtual clinical trials market. The rise of
patient-centric approaches and the growing acceptance of digital technologies
among patients and healthcare professionals are driving the demand for virtual
clinical trials.
Technological: The technological factor focuses on advancements in technology
that impact the virtual clinical trials market. With the increasing
availability of connected devices, wearable technology, and telehealth
solutions, conducting virtual clinical trials has become more feasible. This
technology-driven approach enhances patient engagement, real-time data
collection, and remote monitoring, leading to improved trial efficiency.
Key Takeaways:
Market size: The global Virtual
Clinical Trials Market Share is
expected to witness high growth, exhibiting a CAGR of 17.65% over the forecast period. This growth can be
attributed to increasing demand for remote and decentralized trials, which offer
cost savings and improved patient recruitment.
Regional analysis: North America is expected to be the fastest-growing and
dominating region in the virtual clinical trials market. This can be attributed
to factors such as advanced healthcare infrastructure, favorable government
initiatives, and a high adoption rate of digital health technologies.
Key players: The key players operating in the virtual clinical trials market
include Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science
37, Medable, Dassault Systèmes, and eClinicalHealth. These companies offer
various technological solutions and services for virtual clinical trials,
leveraging the growing demand in the market.
Read More,
https://www.newsstatix.com/virtual-clinical-trials-market-trends-size-and-share-analysis/
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