Virtual Clinical Trials Market Size, Share & Trends Analysis Report By business Mode of Clinical Trial (Hybrid Clinical Trial and Fully Virtual Clinical Trial), Study Type (Interventional, Observational, Expanded Access), Type Of Therapeutic Area, Clinical Trial Phase, Company Size, End-User, Region And Segment Forecasts, 2023-2031

Report Id: 2509 Pages: 180 Last Updated: 04 June 2024 Format: PDF / PPT / Excel / Power BI
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Segmentation of Virtual Clinical Trials Market-

By Mode of Clinical Trial

  • Hybrid Clinical Trial
  • Fully Virtual Clinical Trial

Virtual Clinical Trials Market seg

By Study Type

  • Interventional
  • Observational
  • Expanded Access

By Type of Therapeutic Area

  • Cardiovascular Disorders
  • Infectious Diseases
  • Metabolic Disorders
  • Neurological Disorders
  • Oncological Disorders
  • Respiratory Disorders
  • Other Disorders

By Clinical Trial Phase

  • Phase I
  • Phase II
  • Phase III
  • Phase IV

By Company Size

  • Small
  • Mid-sized
  • Large

By End Users

  • Pharmaceutical and Biotechnology Companies
  • Academic and Research Institutes
  • Medical Device Industries
  • Other End Users

By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

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

Research Design and Approach

This study employed a multi-step, mixed-method research approach that integrates:

  • Secondary research
  • Primary research
  • Data triangulation
  • Hybrid top-down and bottom-up modelling
  • Forecasting and scenario analysis

This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.

Secondary Research

Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.

Sources Consulted

Secondary data for the market study was gathered from multiple credible sources, including:

  • Government databases, regulatory bodies, and public institutions
  • International organizations (WHO, OECD, IMF, World Bank, etc.)
  • Commercial and paid databases
  • Industry associations, trade publications, and technical journals
  • Company annual reports, investor presentations, press releases, and SEC filings
  • Academic research papers, patents, and scientific literature
  • Previous market research publications and syndicated reports

These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.

Secondary Research

Primary Research

Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.

Stakeholders Interviewed

Primary interviews for this study involved:

  • Manufacturers and suppliers in the market value chain
  • Distributors, channel partners, and integrators
  • End-users / customers (e.g., hospitals, labs, enterprises, consumers, etc., depending on the market)
  • Industry experts, technology specialists, consultants, and regulatory professionals
  • Senior executives (CEOs, CTOs, VPs, Directors) and product managers

Interview Process

Interviews were conducted via:

  • Structured and semi-structured questionnaires
  • Telephonic and video interactions
  • Email correspondences
  • Expert consultation sessions

Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.

Data Processing, Normalization, and Validation

All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.

The data validation process included:

  • Standardization of units (currency conversions, volume units, inflation adjustments)
  • Cross-verification of data points across multiple secondary sources
  • Normalization of inconsistent datasets
  • Identification and resolution of data gaps
  • Outlier detection and removal through algorithmic and manual checks
  • Plausibility and coherence checks across segments and geographies

This ensured that the dataset used for modelling was clean, robust, and reliable.

Market Size Estimation and Data Triangulation

Bottom-Up Approach

The bottom-up approach involved aggregating segment-level data, such as:

  • Company revenues
  • Product-level sales
  • Installed base/usage volumes
  • Adoption and penetration rates
  • Pricing analysis

This method was primarily used when detailed micro-level market data were available.

Bottom Up Approach

Top-Down Approach

The top-down approach used macro-level indicators:

  • Parent market benchmarks
  • Global/regional industry trends
  • Economic indicators (GDP, demographics, spending patterns)
  • Penetration and usage ratios

This approach was used for segments where granular data were limited or inconsistent.

Hybrid Triangulation Approach

To ensure accuracy, a triangulated hybrid model was used. This included:

  • Reconciling top-down and bottom-up estimates
  • Cross-checking revenues, volumes, and pricing assumptions
  • Incorporating expert insights to validate segment splits and adoption rates

This multi-angle validation yielded the final market size.

Forecasting Framework and Scenario Modelling

Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.

Forecasting Methods

  • Time-series modelling
  • S-curve and diffusion models (for emerging technologies)
  • Driver-based forecasting (GDP, disposable income, adoption rates, regulatory changes)
  • Price elasticity models
  • Market maturity and lifecycle-based projections

Scenario Analysis

Given inherent uncertainties, three scenarios were constructed:

  • Base-Case Scenario: Expected trajectory under current conditions
  • Optimistic Scenario: High adoption, favourable regulation, strong economic tailwinds
  • Conservative Scenario: Slow adoption, regulatory delays, economic constraints

Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.

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2031
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Frequently Asked Questions

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

Virtual Clinical Trials Market is predicted to develop at a 7.6% CAGR during the forecast period for 2024-2031.

Parexel International Corporation; IQVIA; Covance; PRA Health Sciences; LEO Innovation Lab; Medidata; Oracle; CRF Health; Clinical Ink; Medable, Inc;

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