Virtual Clinical Trials Market Overview
The global virtual clinical trials market size is estimated to grow from USD 14.28 billion in 2023 to USD 39 billion by 2035, representing a CAGR of 8.79% during the forecast period 2023-2035.
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The development of a new molecular entity, for pharmacological use, is complex as well as cost intensive process. It requires close to 10 years and over USD 2.5 billion capital investment for a prescription therapeutic to traverse from bench to market. It is worth noting that a significant proportion of the overall R&D budget is dedicated to clinical research for evaluating the safety and efficacy of novel therapeutic interventions in human subjects.
