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The virtual clinical trials market has experienced substantial growth, driven by factors such as increased costs of traditional trials, the need for patient-centric approaches, and the adoption of digital technologies. This blog explores the market’s growth trajectory, key trends, and the impact of virtual trials on the clinical research landscape.

Current Market Scenario

• The market is set to grow from $10.81 billion in 2023 to $11.83 billion in 2024, with a CAGR of 9.4%.
• Growth in the historic period was driven by factors like increased demand for remote monitoring and cost-effective trial conduct.
• Virtual trials offer a more patient-friendly approach to clinical research, aligning with the trend towards patient-centric healthcare.

Future Growth Outlook

• Expected to reach $17.43 billion by 2028, with a CAGR of 10.2%.
• Factors such as the adoption of decentralized trials and advancements in remote monitoring devices are driving market growth.
• Regulatory support for virtual trial methodologies and the focus on real-world evidence are further fueling market expansion.

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Rising Number Of Clinical Trials

• The increasing number of clinical trials is driving the growth of the virtual trials market.
• Clinical trials are essential for evaluating new treatments and interventions, with the number of registered studies on the rise.
• Virtual trials offer a more efficient and cost-effective approach to conducting clinical research, driving their adoption in the industry.

Key Players

• ICON plc
• Parexel International Pvt. Ltd.
• IQVIA Holdings Inc.
• Covance Research Products Inc.
• Pharmaceutical Research Associates Inc.

Introduction Of Digital Twin In Clinical Trials

• Technology advancement is a key trend in the virtual trials market.
• Companies are focusing on providing technologically advanced solutions to meet industry demands.
• Unlearn.AI’s digital twin RCTs technology uses AI and historical data to support regulatory decisions in clinical trials, showcasing the innovation in the field.

Strategic Acquisitions

• Amwell’s acquisition of SilverCloud Health and Conversa Health for $320 million in August 2021.
• The acquisition aimed to strengthen Amwell’s offerings in telehealth and improve the cohesion between physical and virtual care.

Market Segmentation

1. Design:
   • Observational Trials
   • Interventional Trials
   • Expanded Access Trials
2. Phases:
   • Phase I
   • Phase II
   • Phase III
   • Phase IV
3. Indication:
   • CNS
   • Autoimmune/Inflammation
   • Cardiovascular Disease
   • Metabolic/Endocrinology
   • Infectious Disease
   • Oncology
   • Genitourinary
   • Ophthalmology
   • Other Indications

Regional Insights

• North America was the largest region in the virtual clinical trials market in 2023.
• Asia-Pacific is expected to be the fastest-growing region, driven by increasing adoption of virtual trials and advancements in telehealth services.

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The Virtual Clinical Trials Global Market Report 2024  provides an overview of the virtual clinical trials market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The virtual clinical trials market forecast analyzes virtual clinical trials market size, virtual clinical trials market share, leading competitor and their market positions.

The Table Of Content For The Virtual Clinical Trials Market Include:
1. Virtual Clinical Trials Market Executive Summary
2. Virtual Clinical Trials Market Segments
3. Virtual Clinical Trials Market Size And Virtual Clinical Trials Market Growth Rate
4. Key Virtual Clinical Trials Market Trends
5. Major Virtual Clinical Trials Market Drivers
……
25. Key Mergers And Acquisitions In The Virtual Clinical Trials Market
26. Top Virtual Clinical Trials Companies
27. Virtual Clinical Trials Market Opportunities And Strategies
28. Virtual Clinical Trials Market, Conclusions And Recommendations
29. Appendix

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