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Virtual Clinical Trials Market Share

Report ID: GMI8438
Published Date: Mar 2024
Report Format: PDF

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Virtual Clinical Trials Market Share

The virtual clinical trials industry is characterized by the presence of several key players offering innovative solutions. Companies offer diverse solutions ranging from virtual trial platforms to telemedicine services, aiming to streamline trial processes, enhance patient engagement, and optimize data collection. Advancements in technology such as wearables, remote monitoring, and digital data management further intensify competition.

Key factors influencing competitiveness include regulatory compliance, data security, scalability, and integration capabilities. The strategic partnerships, mergers, and acquisitions are common strategies employed by players to expand their market presence, enhance their product portfolios, and gain a competitive advantage.

Virtual Clinical Trials Market Companies

Prominent players operating in the virtual clinical trials industry include:

Clinical Ink
CROPRIME Ltd
ICON, plc
IQVIA Inc.
Medable, Inc.
Medidata
Oracle Corporation
Parexel International (MA) Corporation
PRA Health Sciences
Signant Health

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global virtual clinical trials industry was valued at USD 8.6 billion in 2023 and is predicted to reach USD 16.1 billion by 2032, attributed to the adoption of remote monitoring technologies, rise in R&D activities, as well as increasing healthcare digitization.

The fully virtual trials segment is expected to register 7% CAGR from 2024 to 2032 owing to the integration of digital health solutions, such as electronic patient-reported outcomes (ePRO), remote informed consent platforms, and virtual trial management systems that facilitate the implementation of the virtual clinical trials.

North America virtual clinical trials industry accounted for USD 3.7 billion in 2023 and is anticipated to observe 6.9% CAGR between 2024 and 2032 attributed to the increasing prevalence of cardiovascular disorders and a growing elderly population.

Clinical Ink, CROPRIME Ltd, ICON, plc, IQVIA Inc., Medable, Inc., Medidata, Oracle Corporation, Parexel International (MA) Corporation, PRA Health Sciences, and Signant Health.