Latest Innovative Report on Virtual Clinical Trials Market by Top Key Players - ICON plc, LEO Innovation Lab, Science 37, PRA Health Sciences, Clinical Ink, Parexel, Medable
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MalaysiaAustraliaJapanPhilippinesBrazilChinaVietnamRepublic-ofIndonesiaCanadaMexicoGermanyThe Worldwide Virtual Clinical Trials Industry is Expected to Reach $10 Billion by 2026
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The Global Virtual Clinical Trials Market size is expected to reach $10 billion by 2026, rising at a market growth of 6.5% CAGR during the forecast period. Virtual Clinical Trials (VCTs) are also known as remote or decentralized trails, are a comparatively new but still underused technique of carrying out clinical research taking complete benefit of technologies like apps, online social interaction platforms, and electronic monitoring tools. The market is significantly driven by growth in R&D activities, the growing digitization in healthcare, and the adoption of telehealth. Moreover, advances in technology, collaborations between clinical research companies, biotechnology companies, and pharmaceutical and support initiatives from governments are expected to boost the market.
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The global virtual clinical trials market size is expected to reach USD 13.78 billion by 2027
Virtual Clinical Trials (VCT) are a new method of directing clinical trials which is inclusive of web platforms (informed consent, recruitment, adverse reactions, counseling and measurement of endpoints) and taking advantage of technology such as monitoring devices, apps and others. VCT also allows participant to be home-based at all clinical trial stage. VCT are operationally feasible and have lower drop-out rates, higher recruitment rates, better compliance and are faster than traditional method.
The growth of virtual clinical trials is mainly owing to the advantages offered by these trials in place of traditional clinical trials. The cost of development of a new drug estimates more than a 2 billion dollars and approximately two-third of the total cost is consumed in clinical testing phase.
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