The Global Virtual Clinical Trials Market was valued at $8.3 Billion in 2020. Growing at a high CAGR of more than 5.59% between 2021 and 2031, it is estimated to reach $15.4 Billion by 2031. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. The Virtual Clinical Trials, also known as decentralized or remote trials, are a comparatively recent and still underutilized to conduct clinical testing that takes full benefit of technology such as electronic surveillance systems, apps, and online social interaction networks.
The growing need to develop innovative therapeutics for chronic diseases such as respiratory disorder, cancer, cardiovascular disease, diabetes, and others creates immense healthcare pressure. The global pandemic of COVID-19 and the increasing demand for developing a proper treatment drive the market growth during the forecast period. Increasing awareness among the people for treatment therapy also propelling market growth during the forecast period. Now, moving forward, the robust demand for the global Virtual Clinical Trials market in the healthcare department is further estimated to create new necessities and augment the market of growth over the forecast period of 2021-2031.
Global Virtual Clinical Trials Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Virtual Clinical Trials market is segmented as study design outlook and indication outlook. Based on Study design Outlook, the global Virtual Clinical Trials market has been bifurcated as Interventional, Observational, and Expanded Access. Based on Indication Outlook, the global Virtual Clinical Trials market has been divided into Oncology, Cardiovascular, and Others.
By Region, North America is Holding the Major Market Share
The Virtual Clinical Trials Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, Europe, and Africa region. In addition to this, North America has a significant share among those regions. The regional market comprises developing nations, whose development rate is faster than most of the developing countries in the world. The growing demand for a virtual clinical trial to invent the treatment for the current pandemic and increasing investment in the healthcare industry are the factors in the development of the market. Increasing disposal incomes, availability of advanced technology, expansion of the private healthcare sector to rural areas, and other potential factors drive the market over the forecast period. Apart from that, the Asia Pacific and Europe are expected to increase the growth rate in the upcoming forecast period of 2021 to 2031.
Major Players in the Global Virtual Clinical Trials Market
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Clinical Ink, IQVIA, PAREXEL International Corporation, Pharmaceutical Product Development, LLC, Charles River Laboratory, ICON Plc, Wuxi AppTec Inc, PRA Health Sciences, SGS SA, Syneos Health, Chiltern International Ltd, Eli Lilly and Company, Novo Nordisk A/S, Pfizer, and Clinipace. among others.
The Global Virtual Clinical Trials Market Has Been Segmented into:
Global Virtual Clinical Trials Market: By Study design Outlook
Global Virtual Clinical Trials Market: By Indication Outlook
Global Virtual Clinical Trials Market: By Region