Published: February 2024
According to a recently published report by Roots Analysis, virtual mode of clinical are mitigating location related challenges, which can be the key driver for the rising demand for virtual clinical trials
The global virtual clinical trials market is anticipated to grow at a CAGR of 8.79% from 2023-2035, reaching USD 39 billion by 2035
Recent scientific advances and the introduction of sophisticated clinical research platforms have enabled medical researchers and healthcare practitioners to cater to the evolving challenges within the pharmaceutical industry and deliver improved quality of care to patients. However, clinical trials are prone to significant delays, primarily due to various constraints, such as insufficient patient recruitment, inefficient study protocols and low patient retention. Over time, with the need of advanced technological solutions to overcome such delays, the healthcare industry has shifted to using virtual clinical trials. These are assessments, where patient’s requirement for hospital-based trial sites are reduced or eliminated, allowing some or all of the trial-related activities to be conducted at their homes or other convenient locations other than the traditional clinical sites including, a local health care facility or laboratory.
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Several technological factors are propelling the growth of the virtual clinical trials market growth. These factors include growing use of digital health tools and telemedicine, which enable remote monitoring and real-time data collection. This patient-centric approach, coupled with a globalized trial framework, has elevated the inclusivity and diversity in participant recruitment. Further, the shutdown of the clinical activities during the COVID-19 has accelerated the acceptance of decentralized models, emphasizing their adaptability and resilience.
One of the primary restraints associated with this industry includes regulatory uncertainties. There is a variation in the regulatorily norms across regions for the acceptance and conductance of virtual mode of clinical trials. In addition, data security and the potential for digital guidance among patients raise significant issues. These complexities collectively contribute to the ongoing challenges in widespread implementation of decentralized clinical trials.
Over the years, various pharmaceutical companies have marked their presence in the field of virtual clinical trials market. This can be attributed to advanced technologies, such as telemedicine and wearable devices. This has helped in fostering real-time data collection and remote monitoring, enhancing the overall efficiency and accessibility of trials. Further, the patient-centric nature of virtual clinical trials has offered flexibility with the location and reduced burden on participants.
The virtual clinical trials market (2nd edition) report also includes detailed profiles of key players (listed below) that offer liquid biopsy products:
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