Global Virtual Trials Market to Total $10B by 2026
The global market for decentralized/virtual trials is expected to reach $10 billion by 2026, with a compound annual growth rate of 6.5 percent between now and then, according to analysts with KBV Research.
The market, valued at $6.5 billion in 2019, is expected to be driven by advances in technology and partnerships between pharmaceutical, biotechnology and clinical research companies, KBV says in its December 2020 report. The market’s primary drivers will be a “rising demand for the latest medical tools and medicines” and “growing cases of neurological and tropical diseases.” Government regulation of trials, however, will act as a check on growth.
According to KBV, oncology trials are expected to add the highest share of revenue for the market through 2026 due to the growing number of cancer cases worldwide and an increase in the number of oncology clinical trials. On a regional basis, KBV researchers expect growth opportunities in Europe, citing government support for R&D in Germany and the UK.
To read the report, click here: https://bit.ly/34Zjv4h.