Virtual Clinical Trials Market Size Worth $13.78 Billion by 2027 | CAGR: 12.6%: Polaris Market Research

NEW YORK, Nov. 10, 2020 /PRNewswire/ -- The global virtual clinical trials market size is expected to reach USD 13.78 billion by 2027  according to a new study conducted by Polaris Market Research the market is anticipated to register a CAGR: 12.6%  from 2020 to 2027. Growing adoption of telehealth, the necessity for patient diversity, and growing healthcare digitization increased the demand for the virtual clinical trials market. In addition to this, they enable the elimination of challenges associated with the traditional trials such as high trial cost, time-consuming procedures, and delay in patient recruitment, further boosting the growth of the market. Furthermore, the current COVID-19 outbreak across the world enabling regulatory agencies and biopharma companies to focus on the creation of digital technologies and virtual trials as they are seen as the potential solutions for limiting the spread of the virus, augmenting demand for the global market.

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Highest Market Share: Based on design, the interventional trial segment is anticipated to gain the highest market share on account of a rapid increase in the number of experiments to develop new medications for different diseases coupled with the digitalization of laboratories.

Popular Market Segment: In terms of implication, the oncology segment is projected to gain tremendous popularity owing to rising cases of cancer globally. VCT reduces the cancer patient's risk of exposure to COVID-19 by eliminating the need for in-person trial visits.

Leading Geographical Region: Based on region, North America holds the dominance in the regional virtual clinical trials market. The dominance is attributed to increasing investments from the public as well as the private sector and the contribution of leading players for enhanced virtual trial solutions.

Competitive Dominance: Leading players are involved in strategic collaboration, new product launches, and regional expansions to dominate the market. Synairgen, a leading pharmaceutical company has launched two trials of its IFN-beta drug for the patients facing an outbreak of Covid-19.

COVID-19 Pandemic Impact: The COVID-19 pandemic has made a huge impact on the domestic as well as global market. A large number of trials that are primarily created for traditional setting are being forced to switch to virtual trials platform.

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Major Points Covered in the Report

• The Virtual Clinical Trials market report includes comprehensive coverage of the industry along with a competitive scenario for the same.
• The market study sheds light on different factors that have been favoring the commercialization portfolio of the market and unveils driving factors expected to influence industry trends.
• The Virtual Clinical Trials market report points out numerous challenges that this industry is likely to encounter and key suggestions for strategy forming to overcome them.
• The report covers details regarding the distribution and sales area, in addition to vital information such as company profile, market share, product specifications, buyers, etc.

Target Audience:

• Supply-side: Pharmaceutical Companies, Biotechnology Companies
• Demand Side: Hospital, Clinic, Patients
• Regulatory Side: National Institutes of Health (NIH), World Health Organization (WHO)
• Associations and Industry Bodies: Food and Drug Administration (FDA)

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Polaris Market Research has segmented the Virtual Clinical Trials Market report on the basis of design, by indication, by phase, and region

Virtual Clinical Trials Design Outlook (Revenue – USD Million, 2016 – 2027)

• Observational Trials
• Interventional Trials
• Expanded Access Trials

Virtual Clinical Trials Indication Outlook (Revenue – USD Million, 2016 – 2027)

• CNS
• Autoimmune/Inflammation
• Cardiovascular Disease
• Metabolic/Endocrinology
• Infectious Disease
• Oncology
• Genitourinary
• Ophthalmology

Virtual Clinical Trials Phases Outlook (Revenue – USD Million, 2016 – 2027)

• Phase I
• Phase II
• Phase III
• Phase IV

Virtual Clinical Trials Regional Outlook (Revenue – USD Million, 2016 – 2027)

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• MEA (Saudi Arabia, UAE, Israel, South Africa)

List of Key Players of Virtual Clinical Trials Market

• LEO Innovation Lab
• Covance Inc.
• CRF Health
• Oracle Corporation
• Medable, Inc.
• Paraxel International
• PRA Health Sciences
• Science 37, Inc.
• Clinical Ink, Inc.

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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SOURCE Polaris Market Research