Virtual clinical trials, also known as remote or decentralized trials, is a method to conduct clinical research with the use of digital health technologies such as apps and electronic monitoring devices, along with online social engagement platform.
North America Virtual Clinical Trials Market Analysis, 2020 research report depicts a deep-dive market analysis of statistics of North America Virtual Clinical Trials market which consists of regional and country-wise market size, market forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end-users, applications, product type, technologies, competitive benchmarking, etc.
According to MarkNtel Advisors’ research report titled “North America Virtual Clinical Trials Market Analysis, 2020”, the North America Virtual Clinical Trials (VCTs) market is anticipated to grow at a considerable CAGR of during 2020-25F. The booming aging population, growing incorporation of patient-facing technology such as tablets, wearable sensors in the virtual clinical trials, and increasing inclination to conduct safe and effective research at a lower cost remotely is surging virtual clinical trials leverage to incline toward the use of telehealth technologies like remote patient monitoring and wearable mHealth devices. Thus, this is projected to drive the growth of the market in the coming years. Moreover, the COVID-19 pandemic has had an optimistic impact on the growth of the virtual clinical trial market due to the rise in the adoption of VCTs on account of extensive demand for vaccines and also due to lockdown restriction which has surged the rate of patient’s inclination toward video conference calls, online chat, and apps for communicating with healthcare providers.
Oncology Segment Acquired the Majority Market Share
Based on the Application, the Oncology segment acquired the largest market share in the North America virtual clinical trial market in 2019. The growth of the segment is attributed to the burgeoning number of cancer cases, increasing the geriatric population, and surging investment in the R&D activities of oncology drugs. According to Canadian Cancer Statistics, 225,800 new cases of cancer are expected to be diagnosed in Canada in 2020. Moreover, cardiovascular disease is also anticipated grow at the fastest rate on account of the increasing prevalence of heart failure, which would further promote the growth of the Virtual Clinical Trials market in North America in the coming years as stated in the MarkNtel Advisors’ research report “North America Virtual Clinical Trials Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the North America Virtual Clinical Trials market include ICON Plc, Clinical Ink, Inc., Science 37, Inc., Medable, Inc., Medidata Solutions, Signant Health (CRF Health), PRA Health Sciences, Oracle Corporation, Covance, Inc., Parexel International, etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions:
Q. What is the historical year, base year and forecast year considered in the research report on North America Virtual Clinical Trials Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of North America Virtual Clinical Trials Market during 2020-25?
A. The growth of North America Virtual Clinical Trials Market is forecast to be grow at a considerable rate during 2020-25.
Q. Who are the key competitors or players operating in North America Virtual Clinical Trials Market?
A. ICON Plc, Clinical Ink, Inc., Science 37, Inc., Medable, Inc., Medidata Solutions, Signant Health (CRF Health), PRA Health Sciences, Oracle Corporation, Covance, Inc., Parexel International etc., are few of the leading players in the North America Virtual Clinical Trials Market.
Q. Which application segment would emerge as an opportunity area for players in North America Virtual Clinical Trials Market?
A. Oncology segment is expected to attain the highest CAGR during the forecast period and is expected maintain its significant market share.
Q. Which country would emerge as an opportunity area for players in North America Virtual Clinical Trials Market?
A. The US market continue to grow at a highest CAGR, presenting immense opportunities for market players of North America Virtual Clinical Trials Market.