Virtual Trials Market Analysis (2023 - 2030)
The market for virtual trials was valued at $8.2 billion in 2021; from 2022 to 2027, it is anticipated to increase at a compound annual growth rate (CAGR) of 6.7%.
Telemedicine is the foundation of virtual trials, which use specialized apps for patient participation and tracking. They significantly lessen the time and budgetary costs. Patients can enroll in virtual trials from their homes and be monitored remotely. Furthermore, rather than relying on a single location for treatments, virtual trials give patients access to a variety of physicians throughout the nation or the world for more specialized care. It might lessen patient dropout and shorten trial timelines, two of the most important difficulties in life sciences research and development. Additionally, the adoption of AI technology helps hasten the process of synthesizing and analyzing ever-growing data. Clinical trial sponsors and life science companies are becoming more and more interested in virtual trials due to these advantages.
Companies were obliged to switch to virtual studies when the Covid-19 outbreak placed many clinical trials on hold to resume research. Startups offering services for decentralized clinical trials now have a chance as a result. Since then, there have been more venture capital funding transactions. In 2018, there were six deals; in 2020, there will be 18 deals. In Q3 2020, VC funding was most prevalent (10 deals). Notably, since 2020, Medable, one of the companies offering decentralized trial platforms with the quickest growth, has raised $524 million through multiple stages. In one of the largest rounds, the business got a massive $304 million Series D fundraising in October 2021. Companies will be able to develop new technologies and expand their customer and geographic reach as VC funding increases. This will lead to a rise in market adoption generally.
A virtual approach enables participants to take part in the assessment from the comfort of their own homes, ensuring that research can continue even in the absence of site visits and addressing a clever method of acquiring health and viability data from participants in clinical examinations. Members have a choice and genuine peace of mind knowing they won't be exposed to unnecessary risks thanks to virtual visits and remote patient observation of in-person site visits. The use of virtual exams allows supporters to recall a larger population for the test, so boosting enrolment, commitment, and maintenance. Additionally, it facilitates continuous information gathering through computerized health advancements. Finally, a virtual network that includes executives, as well as observers, can completely reduce the workload, time commitment, and burden on members, CRCs, and examiners.
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