Virtual clinical trials are boosting the escalating awareness amongst individuals for the advantages of virtual clinical trials and the increasing demand for high-quality healthcare services. With the rise in R&D activities coupled with rising adoption of telehealth and growing investment for better healthcare services, the market is augmenting its growth over the upcoming year. Virtual clinical trials (VCTs), also called remote or decentralized trials. It is an underutilized method of conducting clinical research that takes full advantage of electronic monitoring devices, applications, and online social engagement platforms. These trials play a vital role in the present COVID-19 crisis and are set to become a norm in the way trials are run. This virtual clinic trial method enables people to take part from their homes, ensuring that research can be continued in the trial when site visits aren’t possible. The Global Virtual Clinical Trials Market is estimated to see healthy growth, pegged at a CAGR of around 5.9% throughout the forecast period 2021-2027.
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Hospitals & clinics have undergone substantial changes over the last decades. The prime reason for the changes in the growing concern for patient safety involves several medical errors and medical malpractice cases around the world. One of the ways to improve hospital & clinical competence is through the use of virtual simulation training. By using virtual simulation training, it has been proven to many benefits that help to enhance medical practitioners’ competencies, and in return, improve patient safety and minimize healthcare costs.
Modern innovation in mobile healthcare technology offers the potential to improve clinical communications, enhance learning, and improve patient care. The adoption of mobile apps by clinicians provides the potential to improve clinical communication and access to information systems and clinical tools at the point of care. Moreover, artificial intelligence (AI) technology is mainly used to create virtual reality medical simulators to provide healthcare professionals and students training. Thus, surging investment in healthcare AI is expected to bring unique approaches to collecting safe and effective data from clinical study participants. As a result, the adoption of medical simulation would increase in hospitals & clinics due to surging medical error cases, thereby aiding the demand for virtual clinical trials. Also, the virtual visits and remote patient monitoring of in-person site visits give participants peace of mind for not exposing them to unnecessary risks. The studies bring a more significant population, thus improving engagement, recruitment, and retention. Additionally, it enables continuous real-time data collection through digital health technologies by virtual connectivity, monitoring. Furthermore, virtually management can significantly decrease the hassle, time commitment, and burden on participants, CRCs, and investigators.
Segmentation Overview of the Global Virtual clinical trials Market
The virtual clinical trials market is segmented into design and indication. These major market segments are further bifurcated into various sub-segments to study the market in detail.
By Design Outlook (Interventional, Observational, and Expanded Access)
By Indication Outlook (Oncology, Cardiovascular, and Others)
Key Players Insights
ICON, plc, Parexel International Corporation, IQVIA, Covance, PRA Health Sciences, LEO Innovation Lab, Medidata, Oracle, CRF Health, Clinical Ink, Inc., Medable, Inc. and others, are some key market players included in the research study of the global Virtual clinical trials market.
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