The global virtual clinical trials market size is projected to reach USD 13.92 billion in 2023 and is expected to grow at Robust compounded annual growth rate (CAGR) of around 10% during forecast period 2022-2028.

MARKET DEFINITION
An innovative technique of gathering safety and efficacy data from clinical study participants uses a virtual approach that enables individuals to take part in the trial from the convenience of their own homes, ensuring that research may continue even when site visits are not feasible. With the help of virtual and remote monitoring of in-person site visits, participants have the choice and peace of mind that they won't be exposed to unnecessary danger.
Sponsors' recruitment, engagement, and retention efforts are enhanced by the ability to involve a bigger audience in virtual research. Additionally, it enables continuous real-time data collecting using digital health technology. Participants, CRCs, and investigators will eventually require less effort, time commitment, and management through virtual connection, monitoring, and management.

MARKET DYNAMICS
According to the continuum clinical report released in April 2020, 30% of the clinical trial sites evaluated are expected to have a significant influence on both enrolling new trial participants and keeping those who are currently enrolled compliant with their study schedules. Additionally, 81% of the clinical trial study sites in Europe and 56% of the sites in the United States reported that patients are less likely to continue taking part in research. Additionally, as of March 30, about 30 pharmaceutical or biotech businesses claimed that the situation had caused a trial to be interrupted.

REPORT SCOPE
The report titled “Global Virtual Clinical Trials Market – Size, Share, Growth, Opportunities, and Competitive Analysis, 2022 – 2028” offers strategic visions into the global Virtual Clinical Trials market along with the market size (Value in “US$ Mn”) for the historical period 2017 to 2021 and estimates for the forecast period 2022 to 2028. The RI report is an in-depth study of the global Virtual Clinical Trials market with a strong focus on key market trends, vital player strategies, and market forecasts. The study also covers key market dynamics, including drivers, restraints, opportunities, challenges, and existing and upcoming pathways that help CXOs make critical business decisions effectively. The global Virtual Clinical Trials Market is predicted to grow at a significant CAGR over the forecast period from 2022 to 2028.

GEOGRAPHICAL OVERVIEW 
The research report includes a detailed overview of the industry comprising quantitative and qualitative information. It gives a broad overview of the worldwide market forecasts for major segments. It also includes market size and forecast projections for five key regions: North America, Europe, Asia-Pacific (APAC), South America, and the Middle East & Africa (MEA), for the years 2017 to 2028. The market is further divided by categories and countries within each province. The research scrutinizes and forecasts over 20 nations worldwide, as well as the present trend and possibilities in these regions.
 
MARKET SEGMENTATION 
The Global Virtual Clinical Trials Market is segmented based on Clinical Trial, Therapeutic Application, End-user, and region. Based on Clinical Trial, the market has been segmented into Phase-I, Phase-II, Phase-III, and Phase-IV, whereas based on Therapeutic Application, the market comprises Oncology, Cardiovascular Diseases, Neurological Diseases or Conditions, Metabolic Diseases, Infectious Diseases and Others. Based on End-user, the market has been segmented into Pharmaceutical Companies, Academia and Others.

COMPETITION LANDSCAPE 
The RI research report discusses noteworthy developments in the industry as well as organic and inorganic growth strategies being adopted by the Virtual Clinical Trials market players. The report covers industry activities, including new product launches, mergers & acquisitions, business partnerships, and various expansion initiatives being undertaken by the active players in the market. These developments pave the path for various market participants to strengthen their positioning as well as expand their consumer base. The positive market outlook for the global Virtual Clinical Trials market is anticipated to present lucrative growth opportunities to the market players. The report also offers detailed profiles of major players in the global Virtual Clinical Trials market, emphasizing the strategic initiatives, financial information, SWOT analysis, and key development in the Virtual Clinical Trials industry in the past three years.

Key players in the Global Virtual Clinical Trials Market have adopted various organic as well as inorganic growth strategies to strengthen their market positioning. Prominent players in the market include:
ICON, plc
Parexel International Corporation
IQVIA
Covance
PRA Health Sciences
LEO Innovation Lab
Medidata
Oracle
CRF Health
Clinical Ink
Medable, Inc.
Signant Health
Clinical Ink
Halo Health Systems

COVID-19 IMPACT ANALYSIS ON GLOBAL VIRTUAL CLINICAL TRIALS MARKET

The COVID-19 pandemic is still a very personal, individual experience that is also a once-in-a-lifetime worldwide phenomenon with far-reaching consequences. The epidemic has wreaked havoc on people's lives in all nations and communities and also had a negative impact on global economic development in 2020, unlike anything seen in almost a century. The pandemic severely impacted key economies such as India, Brazil, the U.S., France, Russia, the UK, Italy, Turkey, and Argentina. According to estimates, the virus slowed global economic growth by -3.4 percent to -7.6 percent in 2020, with a rebound of 4.2 percent to 5.6 percent expected in 2021. In 2020, global commerce was expected to decline by 5.3 percent, but it is expected to rise by 8.0 percent in 2021.

In contrast to the global economic downturn in the first half of 2020, the economy began to showcase symptoms of a two-track recovery post the second quarter of 2020, with a fledgling rebound in developed nations, however, slower growth in emerging economies. The outbreak of the Covid-19 pandemic has not only resulted in halted production activity but has also disrupted the global supply chain. The research goes on to evaluate the current and future implications of the COVID-19 pandemic both on the target as well as broader market, thereby, providing accurate and trustworthy forecasts.

KEY QUESTIONS ANSWERED

• What is the current size of the global Virtual Clinical Trials market?


• What will be the growth rate of the market over the forecast period?


• Who are the key manufacturers/vendors in the Virtual Clinical Trials market space?


• What are the major market opportunities and market risks faced by the market?


• What is the impact of COVID-19 on the market?


• What are the revenue, sales, and price analysis of the top manufacturers in this market?


• What are the key outcomes of Porter's five forces model?


• Who are the distributors, traders, and vendors in the industry?
  
  REASONS FOR BUYING THIS REPORT:


• The report offers comprehensive data on the Virtual Clinical Trials market elaborating on the current state and future growth prospects both globally and regionally


• It offers a six-year market forecast trend evaluating the impact of drivers and restraints and supporting factors for growth


• The report offers deep-dive insights into each market segment and critical factors responsible for its growth


• The report presents precise picture of the dynamic competitive landscape which helps our client advance their market position


• The comprehensive analysis of the market along with the inclusion of analyst recommendations ensures that our clients make informed business decisions


• Cross-segment country-level analysis included in the report which provides granular analysis of more than 20+ countries covered in the report scope


• The study includes detailed profiles of major manufacturers to help our readers gain holistic overview of the market competitors and consequently align their business strategies

Global Virtual Clinical Trials Market - Latest Trends and Forecast to 2022-2029

Chapter 1 Virtual Clinical Trials Market Overview

1.1 Product Overview and Scope of Virtual Clinical Trials

1.2 Virtual Clinical Trials Market Segmentation by Type

1.2.1 Global Production Market Share of Virtual Clinical Trials by Type in 2020

1.2.1 Type 1

1.2.2 Type 2

1.2.3 Type 3

1.3 Virtual Clinical Trials Market Segmentation by Application

1.3.1 Virtual Clinical Trials Consumption Market Share by Application in 2020

1.3.2 Application 1

1.3.3 Application 2

1.3.4 Application 3

1.4 Virtual Clinical Trials Market Segmentation by Regions

1.4.1 North America

1.4.2 China

1.4.3 Europe

1.4.4 Southeast Asia

1.4.5 Japan

1.4.6 India

1.5 Global Market Size (Value) of Virtual Clinical Trials (2014-2029)

Chapter 2 Global Economic Impact on Virtual Clinical Trials Industry

2.1 Global Macroeconomic Environment Analysis

2.1.1 Global Macroeconomic Analysis

2.1.2 Global Macroeconomic Environment Development Trend

2.2 Global Macroeconomic Environment Analysis by Regions

Chapter 3 Global Virtual Clinical Trials Market Competition by Manufacturers

3.1 Global Virtual Clinical Trials Production and Share by Manufacturers (2020 and 2022)

3.2 Global Virtual Clinical Trials Revenue and Share by Manufacturers (2020 and 2022)

3.3 Global Virtual Clinical Trials Average Price by Manufacturers (2020 and 2022)

3.4 Manufacturers Virtual Clinical Trials Manufacturing Base Distribution, Production Area and Product Type

3.5 Virtual Clinical Trials Market Competitive Situation and Trends

3.5.1 Virtual Clinical Trials Market Concentration Rate

3.5.2 Virtual Clinical Trials Market Share of Top 3 and Top 5 Manufacturers

3.5.3 Mergers & Acquisitions, Expansion

Chapter 4 Global Virtual Clinical Trials Production, Revenue (Value) by Region (2014-2022)

4.1 Global Virtual Clinical Trials Production by Region (2014-2022)

4.2 Global Virtual Clinical Trials Production Market Share by Region (2014-2022)

4.3 Global Virtual Clinical Trials Revenue (Value) and Market Share by Region (2014-2022)

4.4 Global Virtual Clinical Trials Production, Revenue, Price and Gross Margin (2014-2022)

4.5 North America Virtual Clinical Trials Production, Revenue, Price and Gross Margin (2014-2022)

4.6 Europe Virtual Clinical Trials Production, Revenue, Price and Gross Margin (2014-2022)

4.7 China Virtual Clinical Trials Production, Revenue, Price and Gross Margin (2014-2022)

4.8 Japan Virtual Clinical Trials Production, Revenue, Price and Gross Margin (2014-2022)

4.9 Southeast Asia Virtual Clinical Trials Production, Revenue, Price and Gross Margin (2014-2022)

4.10 India Virtual Clinical Trials Production, Revenue, Price and Gross Margin (2014-2022)

Chapter 5 Global Virtual Clinical Trials Supply (Production), Consumption, Export, Import by Regions (2014-2022)

5.1 Global Virtual Clinical Trials Consumption by Regions (2014-2022)

5.2 North America Virtual Clinical Trials Production, Consumption, Export, Import by Regions (2014-2022)

5.3 Europe Virtual Clinical Trials Production, Consumption, Export, Import by Regions (2014-2022)

5.4 China Virtual Clinical Trials Production, Consumption, Export, Import by Regions (2014-2022)

5.5 Japan Virtual Clinical Trials Production, Consumption, Export, Import by Regions (2014-2022)

5.6 Southeast Asia Virtual Clinical Trials Production, Consumption, Export, Import by Regions (2014-2022)

5.7 India Virtual Clinical Trials Production, Consumption, Export, Import by Regions (2014-2022)

Chapter 6 Global Virtual Clinical Trials Production, Revenue (Value), Price Trend by Type

6.1 Global Virtual Clinical Trials Production and Market Share by Type (2014-2022)

6.2 Global Virtual Clinical Trials Revenue and Market Share by Type (2014-2022)

6.3 Global Virtual Clinical Trials Price by Type (2014-2022)

6.4 Global Virtual Clinical Trials Production Growth by Type (2014-2022)

Chapter 7 Global Virtual Clinical Trials Market Analysis by Application

7.1 Global Virtual Clinical Trials Consumption and Market Share by Application (2014-2022)

7.2 Global Virtual Clinical Trials Consumption Growth Rate by Application (2014-2022)

7.3 Market Drivers and Opportunities 7.3.1 Potential Applications

7.3.2 Emerging Markets/Countries

Chapter 8 Virtual Clinical Trials Manufacturing Cost Analysis

8.1 Virtual Clinical Trials Key Raw Materials Analysis

8.1.1 Key Raw Materials

8.1.2 Price Trend of Key Raw Materials

8.1.3 Key Suppliers of Raw Materials

8.1.4 Market Concentration Rate of Raw Materials

8.2 Proportion of Manufacturing Cost Structure

8.2.1 Raw Materials

8.2.2 Labor Cost

8.2.3 Manufacturing Expenses

8.3 Manufacturing Process Analysis of Virtual Clinical Trials

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

9.1 Virtual Clinical Trials Industrial Chain Analysis

9.2 Upstream Raw Materials Sourcing

9.3 Raw Materials Sources of Virtual Clinical Trials Major Manufacturers in 2020

9.4 Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders

10.1 Marketing Channel

10.1.1 Direct Marketing

10.1.2 Indirect Marketing

10.1.3 Marketing Channel Development Trend

10.2 Market Positioning

10.2.1 Pricing Strategy

10.2.2 Brand Strategy

10.2.3 Target Client

10.3 Distributors/Traders List

Chapter 11 Market Effect Factors Analysis

11.1 Technology Progress/Risk

11.1.1 Substitutes Threat

11.1.2 Technology Progress in Related Industry

11.2 Consumer Needs/Customer Preference Change

11.3 Economic/Political Environmental Change

Chapter 12 Global Virtual Clinical Trials Market Forecast (2022-2029)

12.1 Global Virtual Clinical Trials Production, Revenue Forecast (2022-2029)

12.2 Global Virtual Clinical Trials Production, Consumption Forecast by Regions (2022-2029)

12.3 Global Virtual Clinical Trials Production Forecast by Type (2022-2029)

12.4 Global Virtual Clinical Trials Consumption Forecast by Application (2022-2029)

12.5 Virtual Clinical Trials Price Forecast (2022-2029)

Chapter 13 Appendix