The global virtual clinical trials market is poised for significant expansion over the next decade, according to a new comprehensive report by Custom Market Insights. The study, spanning over 220 pages, projects the market size to reach a staggering USD 15.8 billion by 2034. This represents a robust compound annual growth rate (CAGR) of 5.8% between 2025 and 2034, a period anticipated to see increasing adoption of virtual methodologies in pharmaceutical research and development.

The report indicates a substantial market valuation of approximately USD 8.8 billion in 2024, with a modest increase expected to USD 8.9 billion in 2025, serving as a foundation for the more pronounced growth in subsequent years. This surge reflects the growing acceptance and implementation of decentralized and remote clinical trial approaches.

Virtual clinical trials, also known as decentralized clinical trials, leverage technology to conduct research outside of traditional brick-and-mortar clinical settings. This can involve using wearable sensors to collect patient data, telemedicine appointments for consultations, and electronic patient-reported outcomes (ePROs) to gather information directly from participants. The benefits of this approach include increased patient participation, particularly from geographically diverse or underserved populations, improved data quality, and reduced costs for both patients and sponsors.

The Custom Market Insights report identifies key players driving innovation and shaping the competitive landscape of the virtual clinical trials market. These leading companies, including ICON plc, Parexel International Corporation, IQVIA, Covance, PRA Health Sciences, LEO Innovation Lab, Medidata, Oracle, CRF Health, Clinical Ink, Medable Inc., Signant Health, Halo Health Systems, and Croprime, are actively implementing diverse strategies to enhance their market presence, improve their service offerings, and expand their reach. The report delves into their sales figures, revenue streams, and strategic initiatives, providing valuable insights into the dynamics of the industry. The analysis also encompasses a SWOT analysis, offering a comprehensive understanding of the strengths, weaknesses, opportunities, and threats facing stakeholders in the virtual clinical trials arena. The report provides detailed segmentation, growth rate analysis, market value assessments, and trend forecasts to provide a complete overview of the global virtual clinical trials market.