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Key Market Insights
§ Currently, many companies claim to have advanced technology platforms,which enable them to decentralize the clinical research process, thereby,optimizing associated costs and the total time spent on conducting trials
§ The virtual clinical trials landscape is presently dominated by thepresence of small-sized companies; majority of the players are headquartered inNorth America
§ Considering the costand time-related benefits of using modern technology solutions in clinicalresearch, several investors have opted to fund the initiatives of companiesengaged in the development of such solutions
§ Case Study: Pharmaceutical players have alreadyconducted a number of virtual clinical studies, mostly upon encounteringconstraints with the conventional approach and developing the means to overcomethem
§ The annual number of virtual trials, across different therapeutic areas,is on the rise; leveraging telehealth platforms and remote monitoring systems,both small and established companies are using this format
§ The rising interestof stakeholders in decentralized clinical trials is evident in the growingpartnership activity; companies inked deals based on a variety of collaborationmodels and applications, worldwide
§ Owing to the tremendous rise in cost and complexity of conventionalclinical research, the market opportunity for virtual clinical trials is poisedto grow at a CAGR of 14% till 2050
§ The projected opportunity within the virtual clinical trials market isexpected to be well distributed within different phases of development and endusers, across the globe
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Contact Details
Gaurav Chaudhary
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