February 02, 2021
According to the research report titled ‘North America Virtual Clinical Trials Market Analysis, 2020’, available with Market Study Report LLC, North America virtual clinical trials market is predicted to record a strong CAGR during 2020-2025.
Increasing integration of patient-facing technologies like wearable sensors and tablets at virtual clinics, mounting elderly population are the key factors propelling North America virtual clinical trials market growth. Further, shifting preference towards conducting safe & effective research remotely at low cost, leading to usage of telehealth technologies such as wearable mHealth and remote patient monitoring devices, is augmenting the industry outlook.
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For those unversed, virtual clinical trial, also referred to as decentralized or remote trials, is a method to conduct clinical research through digital health technologies like electronic monitoring devices, apps, as well as online social engagement platform.
The outbreak of COVID-19 pandemic has positively impacted North America virtual clinical trials industry, owing to soaring demand for vaccines, in tandem with lockdown imposed by government which influenced patient’s preference towards online chat, video conference calls, and apps for communicating with healthcare providers.
The latest research report on North America virtual clinical trials market encompasses all important aspects of this business sphere, such as the driving forces and growth opportunities that will impact the revenue flow over the assessment period. Moreover, it recommends practices that can be adopted by firms and other stakeholders to effectively handle the existing and upcoming challenges in the industry.
Speaking of type, the market is split into observational trials, expanded access trials, and interventional trials.
With respect to application scope, the market is divided into oncology, cardiovascular disease, and others. The oncology segment held a major portion of North America virtual clinical trials market share in 2019 and is projected to grow further, creditable to surging cancer cases, booming elderly population, and rising investment in research & development activities of oncology drugs. As per Canadian Cancer Statistics, 225,800 new cancer cases were expected to be detected in Canada in 2020.
Considering the geographical ambit, Mexico, Canada, and the US are the regions considered for North America virtual clinical trials market analysis.
The competitive landscape of North America virtual clinical trials industry sphere is defined by Parexel International, Covance Inc., Oracle Corporation, PRA Health Sciences, Signant Health (previously CRF Bracket), Medidata Solutions, Medable Inc., Science 37 Inc., Clinical Ink Inc., and ICON plc.