The global Virtual Clinical trials market is expected to grow at a CAGR of 16.5% over the forecast timeframe of 2020 to 2027. Clinical trials are critical to determine the safety and effectiveness of a new drug; however they are no small endeavor. The average cost of developing and bringing a novel pharmaceutical agent to market comes in around $2.6 billion and time invested can be upto 12 years. This not only exerts a substantial strain on a pharmaceutical company, but also creates a huge time gap between a drug discovery and its deployment in the market. However, in recent years a new solution named virtual clinical has emerged to counter this problem. Virtual clinical Trials as the name suggests are clinical trials conducted virtually with the help of technology. These trails rely heavily on new technology such as an app on a smart-phone to wearable gadgets. Virtual trials take full advantage of technology and online social engagement by using electronic versions of all trial processes including recruitment, informed consent, patient counseling, and data collection. The clinical trial process plays an essential – but expensive – role in demonstrating the efficacy and safety of a novel pharmaceutical compound. Unfortunately for pharmaceutical developers, analysts estimate that only 1 out of every 10 drugs that starts the clinical trials process is granted FDA approval. In recent years, this trend has been complicated by rising costs of research and development, while at the same time fewer drugs are being approved and going to market. More than ever before, pharmaceutical, medical device, and biotechnology firms are being forced to seek ways of cutting costs. The remote monitoring approach to virtual clinical trials is also ideal for maximizing stakeholder engagement. All groups who have a vested interest in the success of the trial – including investors, physicians, government agencies, patient advocacy groups and even the patients themselves – can play a role in study design, and optimization of the remote monitoring approach as a whole. Thus, reducing cost and increasing operational efficiency. Virtual Clinical Trials can be conducted from a single facility whereas traditional clinical trial models require the use of multiple study sites to facilitate patient recruitment and data collection. The cost of managing a single study site is around $2,500 per month, so any reduction in the number of operational study sites offers considerable capital savings. Recently, an alarming trend (growth of new deadly diseases year on year) had been observed by the world. Deadly diseases such as Covid-19, SARS, MERS-COV, EBOLA, H1N1, etc not only cease the economic activities but also brings mankind to a standstill. During these diseases, Mankind is forced to move away from being a social-creature and isolate them from the rest of the society. These diseases have forced mankind to spend more on healthcare infrastructure and research. Because of social disconnect and necessity to avoid human to human interaction, it becomes extremely difficult to conduct traditional onsite clinical trials. In a survey, clinical researchers have found an increase in the adoption of virtual trails during the corona virus pandemic. A poll of 114 triallists by clinical data specialist ERT found that 82% of them said their organizations are using virtual clinical trial approaches which minimize the need for physical contact between patients and staff, up from 33% prior to COVID-19 Further, Virtual clinical trials can’t eliminate all of the costs and time involved in the trials, but they can certainly put a massive dent in these figures. Conducting trials remotely and with new technology raises questions about their effectiveness, as well as data privacy. Global Virtual Clinical trials Market Key Player Analysis Key players across the global in Virtual Clinical trials market have been profiled through proven and extensive research techniques. Some of the prominent players functioning in global Virtual Clinical trials market are ICON Plc, Oracle, PRA Health Sciences, LEO Innovation Lab, Medable, Science 37, Medidata, Parexel, Clinical Ink, CRF Health and IQVIA. Market Segmentation The global virtual clinical trials market has been segmented on the basis of various perspectives such as study Design, Trial phases, Solutions, Applications and geography. The research report has been scrutinized across North America, Latin America, Middle East, Africa, Asia-Pacific, and Europe with respect to different global market dynamics. Global Virtual Clinical trials Market Segmentation By Study Design Interventional trials Non-interventional trials By Trial Phases Phase 1 Phase 2 Phase 3 By solutions Process management and therapeutics Patient recruitment & Data Collection Analytics Others By Applications Skin & Hair Autoimmune Diseases Oncology Others By Region North America U.S.A Canada Europe Italy Spain UK Sweden Germany France Rest of Europe Asia-Pacific China India Japan Rest of Asia-Pacific Latin America Mexico Brazil Middle East & Africa Saudi Arabia UAE Turkey Rest of Middle East & Africa Key Players ICON Plc Oracle PRA Health Sciences LEO Innovation Lab Medable Science 37 Medidata Parexel Clinical Ink CRF Health IQVIA