The lack of patient centricity in traditional clinical trials is known to inhibit trial sponsors to retain enough patients, which is critical to successfully complete safety and efficacy evaluations of novel therapeutic interventions on predetermined completion dates. In addition, the lack of participant compliance in clinical trials often leads to massive delays which are known to impose enormous financial burden on sponsors. Virtual clinical trials have demonstrated the potential to disrupt the conventional ways of conducting trials, allowing sponsors to establish a more patient centric approach to drug development. Virtual clinical trial technologies augment clinical research by implementation of advanced technological solutions, including (but not limited to) software applications, e-monitoring devices and social engagement platforms. With digital solutions witnessing increased adoption in the drug development process, we are led to believe that the virtual clinical trials market is likely to grow significantly in the coming years.
Players Engaged in Offering Virtual Clinical Trial Services
Close to 55 companies claim to offer virtual clinical trial services to consumers across the globe
Geographical Location of Virtual Clinical Trial Service Providers
Majority of the virtual clinical trial service providers are based in North America, primarily in the US.
Close to USD 600 million has been raised by Virtual Clinical Trial Service Providers between 2014 and 2020
The last six years have witnessed ample increase in the number of funding initiatives to support the growth of players engaged in this domain.
The Virtual Clinical Trial Service Providers Market is anticipated to grow at a CAGR of 15%, during 2020-2050
Owing to the potential applications of innovative technology platforms in clinical research, the virtual clinical trial service providers market is likely to grow to USD 12 billion by 2050.