Virtual Clinical Trials Market Size, Share & Trends Analysis Report By Study Design (Interventional, Observational, Expanded Access), By Indication (Oncology, Cardiovascular Disease), By Phase, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the virtual clinical trials market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for virtual clinical trials market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of virtual clinical trials market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Virtual Clinical Trials Market Categorization:

The virtual clinical trials market was categorized into four segments, namely study design (Interventional, Observational, Expanded Access), indication (CNS, Autoimmune/Inflammation, Cardiovascular Disease, Metabolic/Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology), phase (Phase I, Phase II, Phase III, Phase IV), region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Segment Market Methodology:

The virtual clinical trials market was segmented into study design, indication, phase, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The virtual clinical trials market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Virtual clinical trials market companies & financials:

The virtual clinical trials market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• ICON Plc - ICON Plc is a global CRO that provides clinical, consulting, and commercialization services. It specializes in strategic development management and analysis of programs that support clinical development ranging from the selection of a compound to phase I to phase IV clinical studies. The company also provides functional outsourcing & laboratory services. Its laboratory services include a range of high-value testing services including vaccines, biomarkers, good manufacturing practices, and bioanalytical & central laboratory services. The company offers full-service & functional service partnerships to customers. ICON provides development & commercialization services to medical device, biotechnology, pharmaceutical, and public health & government organizations. The company focuses on various therapeutics in areas, such as cardiology, central nervous system, cell & gene therapies, genomics, infectious diseases, ophthalmology, endocrine & metabolic disorders, transplant immunology, internal medicine & immunology, rare & orphan diseases, and women’s health. The company provides services from a global network of offices in 40 countries.

• IQVIA - IQVIA formerly known as Quintiles IMS Holdings, Inc., provides healthcare IT services. The company offers contract research services to medical devices, biotechnology, and pharmaceutical companies. The service portfolio includes data analysis, regulatory assistance, patient recruitment, and laboratory testing. The company also offers technology, data, expertise, and analytics to various government agencies, healthcare payers, and medical researchers. The company operates in the Americas, Asia Pacific, Africa, and Europe. In 2018, the Quintiles and IMS Health merger led to the creation of IQVIA Holdings, Inc.

• PAREXEL International Corporation - PAREXEL International Corporation offers services, such as medical communications, clinical research, consulting, advanced technology products & services, and commercialization services. These services are utilized by biotechnology, pharmaceutical, and medical device companies globally. The company operates in three segments: PAREXEL Consulting Services, PAREXEL Informatics, and Clinical Research Services (CRS). The services offered by the CRS segment include clinical trial management, biostatistics, observational studies, clinical logistics, and patient disease registries. The company became a subsidiary of Pamplona Capital Management in 2017.

• Covance - Covance is the world’s most comprehensive drug development company. It was initially named Environmental Sciences Corporation and it was changed to Covance in the year 1996. In 1972, Covance acquired the toxicology testing laboratory of Hazleton. Covance Research Products, Inc. offers preclinical, nonclinical, clinical, and commercialization services to biotechnological & pharmaceutical companies to manage drug development efficiently through its product, Solutions Made Real. The company breeds “Mini-Mongrel” dogs, a new breed it has trademarked. In February 2015, Laboratory Corporation of America Holdings (LabCorp) acquired Covance, Inc.

• PRA Health Sciences - PRA Health Sciences is a global CRO that outsources different clinical services to pharmaceutical and biotechnology companies. The company conducts clinical trials for therapeutic areas including infectious diseases, oncology, central nervous system, and inflammatory diseases. The service portfolio includes clinical trial management, regulatory assistance, drug development consulting, data management, and statistical analysis services. The company also provides functional outsourcing services from phase I to Ppase IV, covering both traditional and embedded services. The company operates in Asia, Australia, MEA, the Americas, and Europe. As of 2018, the company was present in over 80 countries across the globe.

• LEO Innovation Lab - LEO Innovation Lab was established by LEO Pharma as a small organization and is dedicated to developing non-pharmaceutical solutions to improve the lives of people with psoriasis. The company operates independently as LEO Pharma and partners with startups worldwide to foster idea generation, collaboration, and solutionbuilding. The company develops digital platforms, apps, and other initiatives to support people suffering from psoriasis across all aspects of their lives, including mental health, family issues, health & beauty, and diet & nutrition.

• Medidata - Medidata is leading the digital transformation of life sciences, creating hope for millions of patients. It helps generate evidence & insights to help academic researchers, diagnostics, medical device, biotech, & pharmaceutical companies and speed up value, minimize risk, & optimize outcomes. Over one million registered users and 1,400 customers & partners access the globe’s most-used platform for clinical development, real-world data, and commercial use. It is a Dassault Systèmes company and has offices around the world.

• Signant Health - Signant Health was formed as a result of the merger of GRF Health and Bracket in 2018 and has emerged as a new leader in clinical trials. The company’s goal is to improve the lives of patients, study teams, and sites across the world by offering simple, intuitive technology that aids in simplifying clinical trials for everyone. The company has offices around the world with flexible remote locations for all employees to support clients anywhere.

• Clinical Ink - Clinical Ink is an international clinical technology firm that provides data certainty from source to submission. The company is a pioneer in eSource. Its Lumenis eSource platform & configurable eCOA and ePRO modules are a suite of solutions for capturing & integrating electronic data from sites, physicians, and clinicians that naturally improve the clinical trial workflow by reducing manual labor. The company helps around various therapeutic areas including oncology, gastrointestinal, infectious diseases, virology, dermatology, and central nervous system. Its customer base includes CROs, academic institutions, and medical device & pharmaceutical companies.

• Medable - Medable provides an end-to-end cloud platform with a flexible suite of tools that enable CROs, providers, patients, and sponsors to work together for a clinical trial. Its solutions enable more efficient clinical research, more effective healthcare delivery, and more accurate precision & predictive medicine. The company specializes in virtual trials, telemedicine, clinical trials, connected devices, machine learning, AI, Health Tech platform, and mHealth. The Medable platform is HIPAA compliant and is licensed by over 15 top U.S. medical research centers & Fortune 100 biotechnology companies that collectively serve more than 15 million patients & conduct over 6,000 clinical trials.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Virtual Clinical Trials Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Virtual Clinical Trials Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.