According to a new market research report published by sheer analytics and insights, “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, as per the latest market research report titled Global Virtual Clinical Trials Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
The Virtual Clinical Trials, also known as decentralized or remote trials, are 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 the market growth during the forecast period.
However, in this current pandemic of COVID-19, the Virtual Clinical Trials market was affected much. It changes the growth rate graph slightly in the Virtual Clinical Trials market. People are spending more money in the healthcare sector, which propels market growth. Because of the pandemic, the number of clinical trials is increasing, driving the market in this current situation. Apart from that, the rising of the medical device sector across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Virtual Clinical Trials Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
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