Virtual Clinical Trials Market Size is valued at USD 14.8 billion in 2023 and is predicted to reach USD 26.3 billion by the year 2031 at a 7.6% CAGR during the forecast period for 2024-2031.
Virtual clinical trials are those trials that are executed through telemedicine and local mobile healthcare providers, using procedures and technologies that differ from the conventional clinical trial model. Decentralized clinical trials are typically conducted remotely rather than at a site facility, with patients staying at home during most of the trial period. The users interact with websites through connected devices, phone applications, and software. In addition to offering technology-enabled face-to-face connections with investigators, these solutions feed sites and sponsors' critical trial data. Such trials have been shown to improve patients' experience with clinical trials. Technology advancement, especially in the fields of telemedicine, remote monitoring, wearable devices, and electronic data capture, has paved the way for more sophisticated virtual clinical trial methodologies.
However, the impact of COVID-19 on the virtual clinical trials market has also led to demand. The coronavirus outbreak has increased the demand for testing and virtual trials to cope with the situation around the world because the traditional method of clinical trials includes a huge risk of infection. Thus, the demand for interventional study designs has been propelling.
The Virtual Clinical Trials Market is segmented on the basis of mode of clinical trial, study type, type of therapeutic area, clinical trial phase, company size, end-user. The mode of clinical trial segment includes hybrid clinical trial and fully virtual clinical trial. By study type, the market is segmented into Interventional, observational, and Others. Type of therapeutic area segment includes cardiovascular disorders, infectious diseases, metabolic disorders, neurological disorders, oncological disorders, respiratory disorders and other disorders. The Clinical trial phase segment covers Phase I, Phase II, Phase III and Phase IV. Company size segment includes small, mid-sized and large. End users segment includes pharmaceutical and biotechnology companies, academic and research institutes, medical device industries.
The oncology segment of the virtual clinical trials market is rapidly expanding due to the high prevalence of cancer and the urgent need for innovative treatments. Additionally, virtual trials facilitate real-time data collection and improve the efficiency of tracking patient treatment responses. The increased focus on patient-centric approaches and the necessity for continual monitoring in oncology further drive the adoption of virtual clinical trials in this segment.
The interventional segment of the virtual clinical trials market is a pivotal area of growth, focusing on studies where participants receive specific interventions according to a protocol. This segment benefits significantly from virtual trial methods, offering streamlined processes for drug administration, monitoring, and data collection through digital platforms. Virtual interventional trials enhance patient recruitment and retention and enable remote participation. They also facilitate real-time data capture and analysis, improving trial efficiency and reducing costs. The COVID-19 pandemic has further catalyzed the adoption of virtual methods in interventional trials, highlighting their effectiveness and feasibility.
The North American Virtual Clinical Trials Market is expected to be seen as the largest market share due to the adoption of a decentralized clinical trials model by the big pharmaceutical companies based in the US. Additionally, a good percentage of virtual service providers are based in the US. It is worth noting that in terms of market growth, Asia Pacific is also estimated to grow at a significant rate in the global Virtual Clinical Trials Market due to the Increasing rate of cardiovascular diseases and the growing senior population in the region.
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 14.8 Bn |
|
Revenue Forecast In 2031 |
USD 26.3 Bn |
|
Growth Rate CAGR |
CAGR of 7.6% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product, Pet Type, And Distribution Channel |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
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. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Virtual Clinical Trials Market Snapshot
Chapter 4. Global Virtual Clinical Trials Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Mode of Clinical Trial Estimates & Trend Analysis
5.1. by Mode of Clinical Trial & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Mode of Clinical Trial:
5.2.1. Hybrid Clinical Trials
5.2.2. Fully Virtual Clinical Trials
Chapter 6. Market Segmentation 2: by Study Type Estimates & Trend Analysis
6.1. by Study Type & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Study Type:
6.2.1. Interventional
6.2.2. Observational
6.2.3. Expanded Access
Chapter 7. Market Segmentation 3: by Type of Therapeutic Area Estimates & Trend Analysis
7.1. by Type of Therapeutic Area & Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Type of Therapeutic Area:
7.2.1. Cardiovascular Disorders
7.2.2. Infectious Diseases
7.2.3. Metabolic Disorders
7.2.4. Neurological Disorders
7.2.5. Oncological Disorders
7.2.6. Respiratory Disorders
7.2.7. Other Disorders
Chapter 8. Market Segmentation 4: by Clinical Trial Phase Estimates & Trend Analysis
8.1. by Clinical Trial Phase & Market Share, 2019 & 2031
8.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Clinical Trial Phase:
8.2.1. Phase I
8.2.2. Phase II
8.2.3. Phase III
8.2.4. Phase IV
Chapter 9. Market Segmentation 5: by Company Size Estimates & Trend Analysis
9.1. by Company Size Share, 2019 & 2031
9.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Company Size:
9.2.1. Small
9.2.2. Mid-sized
9.2.3. Large
Chapter 10. Market Segmentation 6: by End Users Estimates & Trend Analysis
10.1. by End Users & Market Share, 2019 & 2031
10.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End Users:
10.2.1. Pharmaceutical and Biotechnology Companies
10.2.2. Academic and Research Institutes
10.2.3. Medical Device Industries
10.2.4. Other
Chapter 11. Virtual Clinical Trials Market Segmentation 7: Regional Estimates & Trend Analysis
11.1. North America
11.1.1. North America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Mode of Clinical Trial, 2023-2031
11.1.2. North America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Study Type, 2023-2031
11.1.3. North America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Type of Therapeutic Area, 2023-2031
11.1.4. North America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Clinical Trial Phase, 2023-2031
11.1.5. North America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Company Size, 2023-2031
11.1.6. North America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by End Users, 2023-2031
11.1.7. North America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
11.2. Europe
11.2.1. Europe Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Mode of Clinical Trial, 2023-2031
11.2.2. Europe Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Study Type, 2023-2031
11.2.3. Europe Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Type of Therapeutic Area, 2023-2031
11.2.4. Europe Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Clinical Trial Phase, 2023-2031
11.2.5. Europe Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Company Size, 2023-2031
11.2.6. Europe Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by End Users, 2023-2031
11.2.7. Europe Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
11.3. Asia Pacific
11.3.1. Asia Pacific Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Mode of Clinical Trial, 2023-2031
11.3.2. Asia Pacific Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Study Type, 2023-2031
11.3.3. Asia Pacific Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Type of Therapeutic Area, 2023-2031
11.3.4. Asia Pacific Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Clinical Trial Phase, 2023-2031
11.3.5. Asia-Pacific Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Company Size, 2023-2031
11.3.6. Asia-Pacific Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by End Users, 2023-2031
11.3.7. Asia Pacific Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
11.4. Latin America
11.4.1. Latin America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Mode of Clinical Trial, 2023-2031
11.4.2. Latin America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Study Type, 2023-2031
11.4.3. Latin America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Type of Therapeutic Area, 2023-2031
11.4.4. Latin America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Clinical Trial Phase, 2023-2031
11.4.5. Latin America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Company Size, 2023-2031
11.4.6. Latin America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by End Users, 2023-2031
11.4.7. Latin America Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
11.5. Middle East & Africa
11.5.1. Middle East & Africa Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Mode of Clinical Trial, 2023-2031
11.5.2. Middle East & Africa Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Study Type, 2023-2031
11.5.3. Middle East & Africa Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Type of Therapeutic Area, 2023-2031
11.5.4. Middle East & Africa Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Clinical Trial Phase, 2023-2031
11.5.5. Middle East & Africa Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by Company Size, 2023-2031
11.5.6. Middle East & Africa Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by End Users, 2023-2031
11.5.7. Middle East & Africa Virtual Clinical Trials Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
Chapter 12. Competitive Landscape
12.1. Major Mergers and Acquisitions/Strategic Alliances
12.2. Company Profiles
12.2.1. Fortrea
12.2.2. IQVIA
12.2.3. KORE Wireless
12.2.4. Labcorp
12.2.5. Medpace
12.2.6. Parexel
12.2.7. PPD
12.2.8. Syneos Health
12.2.9. Signant Health
12.2.10. Veeva
12.2.11. Cambridge Cognition
12.2.12. Medidata Solutions
12.2.13. PanAmerican Clinical Research
12.2.14. Science 37
12.2.15. Other Prominent Players
12.2.15.1. CareShare
12.2.15.2. Clariness
12.2.15.3. Cliniv
12.2.15.4. Clinscience
12.2.15.5. CMIC
12.2.15.6. DynamiQ Health
12.2.15.7. Emovis
12.2.15.8. Ergomed
12.2.15.9. Flatworld Solutions
12.2.15.10. Gsap
12.2.15.11. Hexaware Technologies
12.2.15.12. Huma
12.2.15.13. ICON
12.2.15.14. Kayentis
12.2.15.15. Tata Consultancy Services
12.2.15.16. Viedoc
12.2.15.17. WeGuide
12.2.15.18. Wren Healthcare
By Mode of Clinical Trial
By Study Type
By Type of Therapeutic Area
By Clinical Trial Phase
By Company Size
By End Users
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
