This report presents a strategic analysis of the Europe Virtual Clinical Trials Market and a forecast for its development in the medium and long term. It provides a broad overview of the market dynamics, trends and insights, growth drivers and restraints, segmentation, competitive landscape, healthcare policies and regulatory framework, reimbursement scenario, challenges and future outlook. This is one of the most comprehensive reports about the Europe Virtual Clinical Trials Market, offering unmatched value, accuracy and expert insights.
European Union's fastest-growing economy in 2021 was Ireland, with the country's GDP growing by 13.5 percent that year. With a GDP of almost 3.3 trillion Euros, Germany is by far Europe's largest economy, followed by the United Kingdom at 2.28 trillion Euros and France at 2.27 trillion Euros.
Despite the fact that unemployment in the EU is currently low, the inflation rate hit a new high of 7.8% in March 2022. Going into 2022, Europe's growth rate is anticipated to be 2.7 percent, with Portugal having the fastest growth rate of 5.8 percent and Estonia having the slowest growth rate of one percent.
Clinical trials are a method of doing clinical research that is guided by a detailed protocol that has been carefully created to address a specific patient care question. Clinical trials can be broken down into five phases, each of which serves a particular function. Every trial follows a protocol that specifies the kinds of people who are allowed to take part in the study. In addition to stating the duration of the study, the studies also detail the precise plan of operations, tests, drugs, and doses inside the experiment. The rising expenses of drug development in recent years have forced pharma and biotech companies to explore modernizations and more efficient ways of operating.
Virtual Clinical Trials (VCTs), also known as decentralized or remote trials, are a relatively new and underutilized method of doing clinical research that fully exploits technological advances such as electronic monitoring tools, software, and online social engagement platforms.
Decentralized trials, referred to as virtual trials, are crucial in the current COVID-19 crisis situation but have not yet become standard in how actual studies and trials are conducted. The virtual technique enables people to participate in the trial from the comfort of their own homes, guaranteeing that the trials can be carried out and sustained even if a real visit to the trial location is impractical. Additionally, it is a totally original technique for gathering efficient and secure data from clinical study participants.
Sponsors of virtual research can reach a larger population, which improves participation, recruitment, and retention. Additionally, it makes it possible for digital health technology to keep collecting data in real-time. In the end, virtual collaboration, monitoring, and management can relieve the strain on participants, CRCs, and researchers.
The Global Virtual Clinical Market size is at around US $ 6.9 Bn in 2021 and is projected to reach US $ 11.6 Bn in 2030, exhibiting a CAGR of 4.96% during the forecast period.
Market Growth Drivers and Restraints Analysis
Both the domestic and international markets have been greatly impacted by the COVID-19 pandemic. It is required to switch some trials that are primarily designed for traditional settings to virtual trial platforms.
Cancer patients are particularly vulnerable during COVID-19. To protect participants' safety and continue the trials, sponsors and investigators are managing oncology clinical trials digitally and remotely. In order to reduce trial disruptions, regulatory agencies and biopharmaceutical companies are concentrating on developing virtual trials, digital technologies, and telemedicine. As an alternative to in-person visits, the Food & Drug Administration has advised remote monitoring and virtual visits through telemedicine. Therefore, businesses are placing a strong emphasis on bringing about change through technological developments in order to quickly satisfy enhancing healthcare digitization.
The prominent players operating in this market include ICON, plc; Parexel International Corporation, IQVIA, Covance, PRA Health Sciences, LEO Innovation Lab, Medidata, Oracle, CRF Health, Clinical Ink, Medable, Inc, Clinical Ink, Halo Health Systems, Croprime
1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Clinical Trials Regulation in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
220.127.116.11 Product Applications and Services
18.104.22.168 Recent Developments
22.214.171.124 Partnerships Ecosystem
126.96.36.199 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
6. Methodology and Scope
The Virtual Clinical Trials Market is segmented as mentioned below:
By Design (Revenue, USD Billion):
By Indication (Revenue, USD Billion):
By End User (Revenue, USD Billion):
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