South Korea Virtual Clinical Trials Market Size & Outlook
- HC Outsourcing
- Clinical Trials
- Virtual Clinical Trials Market Outlook
- Clinical Trials
Global Market
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South Korea virtual clinical trials market highlights
- The South Korea virtual clinical trials market generated a revenue of USD 229.3 million in 2023 and is expected to reach USD 377.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 7.4% from 2024 to 2030.
- In terms of segment, interventional was the largest revenue generating study design in 2023.
- Expanded Access is the most lucrative study design segment registering the fastest growth during the forecast period.
Virtual clinical trials market data book summary
| Market revenue in 2023 | USD 229.3 million |
| Market revenue in 2030 | USD 377.3 million |
| Growth rate | 7.4% (CAGR from 2024 to 2030) |
| Largest segment | Interventional |
| Fastest growing segment | Expanded Access |
| Historical data | 2017 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Interventional, Observational, Expanded Access |
| Key market players worldwide | Icon PLC, PAREXEL, IQVIA Holdings Inc, Labcorp Holdings Inc, LEO Pharma, Medidata, Oracle Corp, Signant Health |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.6% of the global virtual clinical trials market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China virtual clinical trials market is projected to lead the regional market in terms of revenue in 2030.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 377.3 million by 2030.
South Korea is one of the significant markets for virtual clinical trials in Asia Pacific region along with Japan, China, and India. Healthcare digitalization is a major factor contributing to the market growth over the forecast period.
It is one of the key growth areas of South Korea. Various telecom and data communication companies are developing telemedicine solutions as an important part of healthcare offering. For instance, TELUS Health partnered with Babylon to develop an app for patient triage and virtual consultations with clinicians, so that patients from Canada can also consult with doctors in case of emergency and nonemergency conditions.
Furthermore, rising incidence of cardiovascular disease is one of the important drivers for market growth in this country. According to CDC, the overall prevalence of cardiovascular diseases was 35.7% in 2018. Hence, virtual clinical trials market is expected to exhibit lucrative growth over the forecast period.
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Virtual Clinical Trials Market Scope
Virtual Clinical Trials Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Oracle Corp | View profile | 164,000 | 2300 Oracle Way, Austin, TX, United States, 78741 | www.oracle.com |
| Labcorp Holdings Inc | View profile | 67,000 | 358 South Main Street, Burlington, NC, United States, 27215 | www.labcorp.com |
| Icon PLC | View profile | 41,150 | South County Business Park, Leopardstown, Dublin, Ireland, D18 X5R3 | www.iconplc.com |
| LEO Pharma | View profile | 1001-5000 | Parsippany, New Jersey, United States, North America | www.leo-pharma.us/ |
| IQVIA Holdings Inc | View profile | 87,000 | 2400 Ellis Road, Durham, NC, United States, 27703 | www.iqvia.com |
| PAREXEL | View profile | 10001+ | Waltham, Massachusetts, United States, North America | www.parexel.com |
| Medidata | View profile | 1001-5000 | New York, New York, United States, North America | www.medidata.com |
| Signant Health | View profile | 1001-5000 | Blue Bell, Pennsylvania, United States, North America | www.signanthealth.com/ |
South Korea Virtual Clinical Trials Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Virtual Clinical Trials Market Outlook will help companies and investors design strategic landscapes.
Interventional was the largest segment with a revenue share of 50.37% in 2023.
Horizon Databook has segmented the South Korea virtual clinical trials market based on interventional, observational, expanded access covering the revenue growth of each sub-segment from 2017 to 2030.
South Korea is one of the significant markets for virtual clinical trials in Asia Pacific region along with Japan, China, and India. Healthcare digitalization is a major factor contributing to the market growth over the forecast period.
It is one of the key growth areas of South Korea. Various telecom and data communication companies are developing telemedicine solutions as an important part of healthcare offering. For instance, TELUS Health partnered with Babylon to develop an app for patient triage and virtual consultations with clinicians, so that patients from Canada can also consult with doctors in case of emergency and nonemergency conditions.
Furthermore, rising incidence of cardiovascular disease is one of the important drivers for market growth in this country. According to CDC, the overall prevalence of cardiovascular diseases was 35.7% in 2018. Hence, virtual clinical trials market is expected to exhibit lucrative growth over the forecast period.
- South Korea Virtual Clinical Trials Market Study Design Outlook (Revenue, USD Million , 2018-2030)
- Interventional
- Observational
- Expanded Access
- South Korea Virtual Clinical Trials Market Indication Outlook (Revenue, USD Million , 2018-2030)
- Oncology
- Cardiovascular
- Others
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea Virtual Clinical Trials Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into South Korea Virtual Clinical Trials Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
South Korea Virtual Clinical Trials Market, 2018-2030 (US$M)
South Korea virtual clinical trials market statistics, by study design, 2017-2030 (US$M)
