Livestock Monitoring Market Trends, Application, Growth Factors, Development and Forecast to 2027

The global livestock monitoring market expected to reach USD 10.93 billion by 2027. according to a new study by Polaris Market Research. The report “Livestock Monitoring Market Share, Size, Trends, Industry Analysis Report, By Animal Type (Cattle, Poultry, Swine, Equine); By Component (Hardware, Software, Services); By Application (Milk Harvesting, Breeding Management, Feeding Management, Animal Health Monitoring & Comfort, Heat Stress, Behavior Monitoring), By Regions; Segment Forecast, 2020 – 2027”

 

The global livestock monitoring market is driven by the growing need to increase farm productivity, innovations in cattle feed rich in protein, reducing supply chain hiccups, and technological advancements in real-time cattle monitoring. Technology providers attempt to reduce the time-consuming task of cattle monitoring with automated systems at reasonable subscription-based charges. Corporatization of cattle farms across the developed economies also favoring the adoption of such services.

 

The global livestock monitoring market is fragmented based on animal type, component, application, and region. In terms of animal type, the market is segmented into cattle, poultry, swine, equine, and others. The component segment is further divided into hardware, software, and services. The application segment is further divided into milk harvesting, breeding management, feeding management, animal health monitoring & comfort, heat stress, behavior monitoring, and others.

 

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Segment Highlights

• The cattle market segment accounted for the largest revenue share in 2019 owing to the presence of a high proportion of cattle producers in the form of meat and milk. The segment held over 45% of the market share.

 

• Based on application, the feeding management segment is projected to constitute most of the market in 2027. Innovations in cattle feed to increase productivity, and the emergence of well-maintained cattle farms are primarily responsible for such growth.

 

• North American region is dominating the global livestock monitoring market, holding almost one-third of the market share throughout the forecast period. This high share is due to positive intention to increase farm productivity, rise in per capita consumption, and cost reductions in service offerings with continuously rising competitive rivalry.

 

• The players including Lely International N.V, GEA Farm Technologies, BouMatic, LLC together held a significant market share of the global market in the year 2019.

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List of Key Players of Livestock Monitoring Market

• Lely International NV
• GEA Farm Technologies
• BouMatic, LLC
• Antelliq Corporation
• Gallagher Group Limited
• DeLaval
• Afimilk Ltd.
• HID Global Corporation
• Dairymaster Ltd.
• Communications Group Lethbridge Ltd.
• Others

 

Polaris Market Research has segmented the Livestock Monitoring Market report on the basis of animal type, component, application, and region:

 

Livestock Monitoring Market, Animal Type Outlook (Revenue – USD Million, 2016 – 2027)

• Cattle
• Poultry
• Swine
• Equine
• Others

Livestock Monitoring Market, Component Outlook (Revenue – USD Million, 2016 – 2027)

• Hardware
  • Sensors
  • GPS
  • Others
• Software
  • On-cloud
  • On-premise
• Services
  • Integration & development
  • Maintenance & Support
  • Others

Livestock Monitoring Market, Application Outlook (Revenue – USD Million, 2016 – 2027)

• Milk Harvesting
• Breeding Management
• Feeding Management
• Animal Health Monitoring & Comfort
• Heat stress
• Behavior monitoring
• Others

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Cancer Immunotherapy Market Size, Growth, Outlook and Forecast 2020-2026

 The global cancer immunotherapy market size is expected to reach USD 117.82 billion by 2026 according to a new study by Polaris Market Research. The report “Cancer Immunotherapy Market Share, Size, Trends, Industry Analysis Report By Type (Monoclonal Antibodies, Cancer Vaccines, Check Point Inhibitors & Immunomodulators); By Application (Lung Cancer, Breast Cancer, Colorectal Cancer, Melanoma, Prostate Cancer, Head & Neck Cancer); By End-user (Hospital, Clinics, Others); By Regions, Segments Forecast, 2020 – 2026”gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

Increasing pool of patients and greater mortality rates through cancer worldwide have encourage the need for cancer immunotherapy. Cancer is the second leading cause mortalities in 2019, with continuous rise in the number of cancer patient across the globe, as per the report published by WHO. Furthermore, it is estimated that 1 out of 6 deaths occurs due to cancer every year across the globe. As per WHO, nearly one-third of the mortalities from cancer are due to 5 leading behavioral and dietary risk, which includes low fruit and vegetable intake, high body mass index, lack of physical activity, alcohol consumption, and tobacco use. Tobacco is one of the leading factors for the rise in the prevalence of cancer and mortalities that accounted to nearly 22% of the global population. Rising number of cancer patients is the major factor for the growth of global diagnostic biomarker market.

 

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According to WHO, in 2015, there were around 17.6 million cases related to cancer that increases to 18.1 million cases in 2018 and nearly 9.6 million mortalities. Cancer immunotherapy is widely used in treating prostate cancer, blood cancer, melanoma, lung, breast, colorectal and other chronic diseases. In the breast cancer segment, there is relatively higher demand for immunotherapy. The demand for immunotherapy in pulmonary cancer is also significantly increasing. Furthermore, the growing population of smokers and the alarming increase in urban air pollution are the main factors driving the market development. Therefore, increasing prevalence of cancer across the globe augmenting the global market for cancer immunotherapy.

 

Moreover, the global market for cancer immunotherapy is driven by a growing amount of approvals for new immunotherapy drugs. In the global cancer therapy industry, cancer immunotherapy has led to unprecedented changes. Over the past few years, cancer immunotherapy has generated fresh waves of optimism across the global oncology industry, which has unmasked enormous innovative potential. Studies now look for fresh goals and procedures to overcome the lapses in conventional treatment after years of jostling about the way the body can use its immune system. The paradigm shift in the management of cancer, relative to existing conventional therapies based on features like relatively long-lived effects, exceptional specificity and enhanced survival rates was brought about by the introduction of cancer immunotherapy. This has led to the accelerated growth of the global market.

 

Moreover, emerging market such as Asia-pacific has substantial opportunity in the market. The factors that will be favorable to the growth of the market in the emerging market includes increasing government expenditures on healthcare in Asian countries, and the presence of huge population suffering with colorectal cancer and other cancer types. The cancer cases in Asia are increasing at a rapid rate. According to the WHO, there were an estimated 4 million mortalities from cancer in Asia in 2016. Cancer is the leading cause of mortality in China as there are 4 million new cancer patients diagnosed every year.  

 

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The same condition is in South Korea, as there are more than 200,000 new cancer cases a year. The increase in cancer cases in Asia can be accounted to the lifestyle and demographic changes. According WHO The incidences of colorectal cancer India were estimated about 1,85,000 in 2017. Japan accounted 1,49,000 cases in the 2017 according to national cancer institute. The average annual increase in government healthcare spending in the US is 4.5% and less than 1.5% in the European Union. However, Asian countries increase in healthcare expenditure is more than 6%, which is higher than the developed nations. Japan has the highest growth in the healthcare. Thus, creating significant opportunity in the market.  

 

4D Printing Market Size, Growth, Outlook and Forecast 2020-2026

 The global 4D Printing market size is expected to reach USD 419.5 million by 2026 according to a new study by Polaris Market Research. The report “4D Printing Market Analysis By Material (Programmable Carbon Fiber, Programmable Wood, Programmable Textiles), By End-use (Defense, Aerospace, Automotive, Textile, Healthcare, Others), By Region, And Segment Forecasts, 2019 – 2026” gives a detailed insight into current industry dynamics and provides analysis on future market growth.

 

4D printing continues to emerge as an advance in 3D printing technology. 4D printing allows components to become a different form when exposed to heat or moisture or other environmental stimuli. This technologies advance the process of shape production beyond 3D printing which results in additional design flexibility which can lead to the introduction of new types of products in order to adapt their functionality to the environment, in a pre-programmed fashion. The study shows that 4D printing is revolutionizing printing technology.

 

Furthermore, the future market growth is likely complemented by the potential scope for product development and innovations. A comprehensive analysis of the research on the worldwide market focuses on key aspects that will have an impact on industry growth in the next couple of years. The study included a thorough discussion on latest trends, product segmentation, competitive landscape and key applications the of the global market.

 

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One of the main factors predicted to accelerate the development of the global industry over the coming years is the growing need for reduced production and processing costs. Furthermore, the increasing focus on encouraging a sustainable environment can accelerate the development of the market in the near future. On the other hand, growing insecurity for policy makers, high development costs and increasing issues relating to player entry are all factors that should restrict the development of the 3D printing market in the near future.

 

The global market has been split into the Middle East and Africa, North America, Latin America, Europe and Asia-Pacific region, from a regional point of view. According to its report, the growth of North America during the prediction period will likely be promising and will account for a huge share in the market overall. The strong growth in this region can be attributed to the initialization of the four-dimensional technology concept, especially in the USA. Moreover, the Asia Pacific market for 4-dimensional printing is expected to remain second in the next few years.

 

The leading players in the industry are expected to be given lucrative opportunities. The demand for high initial costs is however expected in the coming years to limit the growth of the Asian Pacific market.

 

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3D Systems Inc., Hewlett Packard company, Organovo Holdings Inc., ExOne Corporation, Materialise NV, ARC Excellence Center for Electromaterials Science, AutoDesk Inc., Stratasys Ltd, MIT Self-Marketing Lab are among the world’s leading players in the global market. In the coming years, these players are expected to experience a strong competition. In addition, a substantial increase in the number of players will likely promote the overall market growth in the near future.

 

Polaris Market research has segmented the 4D printing market report on the basis of material, end-use and region

4D Printing Material Outlook (Revenue, USD Million, 2015 – 2026)

• Programmable Carbon Fiber
• Programmable Wood – Custom Printed Wood Grain
• Programmable Textiles

4D Printing End-User Outlook (Revenue, USD Million, 2015 – 2026)

• Defense
• Aerospace
• Automotive
• Textile
• Healthcare

 

Robotic Process Automation in BFSI Market Size, Growth, Outlook and Forecast 2020-2026

 The global Robotic Process Automation in BFSI market size is expected to reach USD 3,457.8 million by 2026 according to a new study by Polaris Market Research. The report “Robotic Process Automation in BFSI Market Share, Size, Trends, Industry Analysis Report By Type (Software and Services); By Services (Consulting, Implementation, Training); By Organization Size (SME, Large Enterprises); By Application (Banking, Financial Services & Insurance); By Regions, Segments & Forecast, 2019 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

Inherent benefits offered by robotic process automation (RPA) such as process transparency, enhanced customer service, on-boarding optimization of processes, highest degree of data integrity, shorter lifecycles, and ability to effectively comply with regulations of various enforcement agencies combined with the data driven nature of the overall banking and financial sector are some of the factors proving beneficial for the overall RPA in BFSI market growth. In addition, ability of RPA to help clients to capitalize and gain from growth opportunities thus providing a competitive edge is another factor responsible for the overall market growth.

 

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Banking sector is characterized by the presence of a large number of players thus resulting in a high industrial rivalry. Due to such competitive environment, companies are trying to implement cost effective solutions that may help them to stay ahead of the competition. RPA is one such preferred solution. It automates the otherwise tedious manual operations thus saving precious man hours, results in client satisfaction thus ultimately catering to client loyalty, and provides better quality control through its operating procedures. Such factors have resulted in the overall Robotic Process Automation in BFSI growth in the past and this scenario is expected to continue till 2026.

  

Robotic Process Automation is used in a variety of applications such as entry of a new account across various platforms and networks, duplicating of accounts and account reconciliation, extraction of forms, VAT reporting, cleansing and updating of account, credit card processing, loan processing among others. These processes are directly related to customer experience and hence, companies are automating these processes through RPA to provide better and enhanced customer experience in order to gain more market share. Such trends are benefitting the Robotic Process Automation in BFSI market growth.

 

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North American region is expected to maintain its dominance over the market for the next eight years. High demand particularly from the U.S. market is a key contributor to this scenario. Presence of highly sophisticated and advanced banking and financial infrastructure in the country, strong presence of industry participants, coupled with high demand for enhanced customer experience are some of the factors driving the market growth in the region. Countries such as China, Japan and South Korea are primarily driving the growth in Asia Pacific region, which is anticipated to witness high growth rate till 2026.

 

Some of the major industry participants include WorkFusion, Inc., UiPath, Thoughtonomy, Softomotive, Kryon Systems, Pegasystems Inc., NICE, Blue Prism, Kofax Inc. and Automation Anywhere Inc., among others. Companies are trying to provide one stop solutions to all the needs of their clients and are constantly developing new solutions to cater to the customized needs of the clients.

 

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Continuous Glucose Monitoring Device Market Opportunity Analysis and Industry Forecast 2026

 The global Continuous Glucose Monitoring Device Market size was valued at USD 3,512.8 million in 2019 and size is expected to reach USD 12.18 billion by 2026 according to a new study by Polaris Market Research.

Continuous Glucose Monitoring Device have witnessed tremendous growth in the recent past and this trend is expected to continue from 2020 to 2026. Health agencies as well as governments have issued health advisories which explicitly mention that people suffering from diabetes are at high risk of corona virus infection. Experts have also specifically mentioned that continuous monitoring of blood glucose levels to avoid worsening of conditions. CGM is expected to benefit from such trends.

 

In order to cope with the rising demand for COVID-19 tests, companies such as Abbot have customized their production lines and manufacturing schedules to produce corona virus test kits. However, such companies have stressed on the fact that the production of other products such as CGM will not be hampered. It is expected that there will be exponential rise in demand for CGM products in the next few years. As of now, healthcare has become of prime importance and there is rising importance of preventive healthcare. Ease of usage of CGM products, easy availability coupled with COVID-19 scare is expected to fuel the market growth.

 

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Although, point of care diagnostic procedures such as CGM proves to be very effective in delivering healthcare to all, they are an expensive affair for healthcare facilities dealing with high test volumes. This is expected to impede market’s growth in the cost sensitive undeveloped economies of the market. However, the introduction of cheap and cost-effective devices for point of care diagnoses is expected to gradually reduce the impact of this restraint over the forecast period.

 

The regulatory framework is one of the most restraining factors pertaining to pharmaceutical, biotechnology and medical technology industry. Absence of clear regulatory framework/guidelines for the diagnostic sector in developing countries such as India and China where the CGM market has great growth potential due to the presence of a large patient base is anticipated to impede growth in the coming years. The presence of such discrete and uncertain scenario about the regulations for CGM devices creates confusion among CGM manufacturers regarding commercialization.

 

North America emerged as the largest market in 2019 and the regional market is expected to dominate the market up to the end of the forecast period i.e. 2026. Strong presence of market participants, high awareness regarding device usage and high inclination towards preventive healthcare are some of the factors benefitting the regional market growth.

 

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Companies such as Senseonics Holdings, Inc., Insulet Corporation, Bayer AG, Ypsomed Holding AG, LifeScan, Novo Nordisk, Medtronic PLC, Dexcom Inc., Abbott Diagnostics Inc., and Roche Diagnostics are some of the key players operating in the Continuous Glucose Monitoring Device Market.

 

Polaris Market research has segmented the Continuous Glucose Monitoring Device Market report on the basis of component type, end-use and region

Continuous Glucose Monitoring Device component type Outlook (Revenue, USD Million, 2015 – 2026)

• Transmitters & Receivers
• Sensors
• Insulin Pumps

Continuous Glucose Monitoring Device end-use Outlook (Revenue, USD Million, 2015 – 2026)

• Hospitals
• Homecare Diagnostics
• Others

 

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Semiconductor IP Market Growth Survey 2020 to 2026 and Industry Analysis Report

 The global Semiconductor Intellectual Property (IP) Market is anticipated to reach $9.3 billion by 2026 according to a new research published by Polaris Market Research. In 2018, the consumer electronics segment accounted for the highest Semiconductor Intellectual Property market share in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global Semiconductor Intellectual Property market revenue in 2018

 

The increase in demand for consumer electronics such as MP3 players, digital cameras, cell phones, coupled with increasing use of connected devices majorly drives the Semiconductor Intellectual Property market growth. Rising demand for modern System on Chip (SoC) design, and growing need to reduce manufacturing and design cost boost the Semiconductor Intellectual Property market growth. Advancement in multicore technology for consumer electronics further supports the growth of the Semiconductor Intellectual Property market. New emerging markets, and emergence of technologies such as embedded and programmable DSP IPs would provide growth opportunities in the Semiconductor Intellectual Property market in the coming years

 

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Asia-Pacific generated the highest Semiconductor Intellectual Property market share in terms of revenue in 2018, and is expected to lead the global Semiconductor Intellectual Property market throughout the forecast period. The growing urbanization, increasing population, and rising living standards have accelerated the Semiconductor Intellectual Property market growth in the region. A significant rise in the demand for consumer electronics from countries such as China, India, and Japan, and increasing adoption of connected technologies support the growth of the Semiconductor Intellectual Property market in the region. The growing automotive industry, and increasing penetration of electric vehicles support the Semiconductor Intellectual Property market growth in the region. Modernization of vehicles and development of autonomous vehicles augments the Semiconductor Intellectual Property market growth in the region.

  

Soft Semiconductor Intellectual Property is usually offered in high-level language such as RTL C++ Verilog or VHDL, and is generally portable. However, it is not optimized for a specific process technology. Thus, the power, performance and area are not known until it is committed to a specific process technology and library. Hard Semiconductor Intellectual Property is usually offered in GDSII format along with an accompanying set of EDA views or models, while being optimized for a specific foundry process. Some examples of hard SIP include processors, standard cells, memories, phase locked loops, and analog blocks.

 

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The well-known companies profiled in the Semiconductor Intellectual Property market report include Synopsys Inc., Eureka Technology Inc., Fujitsu Ltd., Lattice Semiconductor Corporation, Faraday Technology Corporation, ARM Ltd, Cadence Design Systems Inc., Ceva Inc., Intel Corporation, and Imagination Technologies Limited. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.

 

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Sports Nutrition Market Share, Value And Competitive Landscape 2021-2027

 The global sports nutrition market size is expected to reach USD 33.03 billion by 2028 according to a new study by Polaris Market Research. The report “Sports Nutrition Market Share, Size, Trends, Industry Analysis Report, By Product (Sports Drink, Sports Supplements, Sports Foods); By Distribution Channel (E-commerce, Brick and Mortar), By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

The rising awareness of the importance of diet and nutrition among athletes is driving the market growth. Athletes and fitness-savvy people strongly focus to fulfill their nutritional requirements along with their routine physical activities. Target segments such as fitness enthusiasts, coaches, athletes, and trainers emphasize nutritional requirements to influence training and recovery to enhance their performance. U.S.-based Gatorade Sports Science Institute, in association with researchers and other collaborators, studies the impact of nutrition on training athletes and spread awareness regarding sports nutrition.

 

Moreover, the health and supplementing industry is continuously evolving itself through innovation and new product launches according to the taste and preferences of different strata of consumers in varied age groups. In line with this, companies are leveraging plant-based vegan nutritional products in the market. For instance, in 2019, Israel based nutrition start-up InnovoPro Ltd introduced vegan chick-pea protein powder. Previously, in November 2017, Apres introduced vegan plant-based protein beverages to support their full body nutritional replenishment.

 

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Market participants such as Glanbia Plc., SternLife, Optimum Nutrition, Hormel Foods Corporation, CytoSport, Inc., Clif Bar & Company, Stokely Van Comp, Inc., Max Nutrition, and MusclePharm. are some of the key players operating in the global market. Players in the marketplace are introducing new products and services to stay competitive in the intense market environment.

 

For instance, in December 2020, MYOS Corporation, a U.S.-based advanced nutrition company entered into an exclusive agreement with Science Biotech to distribute its Fortetropin product in Australian and New Zealand markets. The product is a nutritional product developed to accelerate muscle mass gains, recovery from injury, and improves mobility. According to the company’s claim, Australia is the high-performing market for fitness products, as it is recognized as a sports-loving nation.

 

In July 2020, the Chelsea football club introduced its new sports nutrition service “Blue Fuel” to design personalized meal plans, to be controlled via a mobile app. It is a subscription-based service, which incorporates varied sports tested product range which includes protein powders, hydration sachets, gummies, and protein bars. It also addresses fitness aims for the players to improve their performance.

 

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Polaris Market Research has segmented the sports nutrition market report on the basis of product, distribution channel, and region:

Sports Nutrition, Product Outlook (Revenue – USD Million, 2016 – 2028)

• Sports Drink
• Sports Supplements
• Sports Foods

Sports Nutrition, Distribution Channel Outlook (Revenue – USD Million, 2016 – 2028)

• E-commerce
• Brick-and-Mortar

Sports Nutrition, Regional Outlook (Revenue – USD Million, 2016 – 2028)

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Spain
  • Netherlands
  • Austria
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
• Central & South America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

 

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Healthcare Analytics Market Forecast, As COVID-19 Continues To Expand Quickly Across The Globe

 The global healthcare analytics market size is expected to reach USD 48.50 billion by 2028 according to a new study by Polaris Market Research. The report “Healthcare Analytics Market Share, Size, Trends, Industry Analysis Report, By Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By Application (Clinical, Financial, Operational & Administrative), By End-Use; By Delivery Mode; By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

In the past few years, there has been a radical shift in data collection, storage, maintenance, management, encryption, and visualization. A newly designed ecosystem not only has the potential of disease prevention but also enhances the accuracy of diagnosis, providing safe and effective treatments. It also encourages a personalized patient-centric approach instead of ‘one size fits all’. Healthcare analytics is the broader concept used differently by varied stakeholders. For healthcare practitioners it helps in monitoring health, personalizing treatment, remote consulting, and predictive analytics for informed decision making.

 

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The government can use such unified data to identify patterns and trends at the national and regional level in population-based studies. It enables the government to frame health policies, disease outbreak management, and demographic-specific disease programs. Labs and hospitals can structure data to map patient’s health journey for better healthcare outcomes. Pharma companies have different departments such as research and development and sales can use advanced analytics techniques, AI, and machine learning for drug discoveries, brand effectiveness, and market assessments.

  

Market participants such IBM Corp., MedeAnalytics, Inc., Oracle Corp., OptumHealth, Inc., Verisk Analytics, Inc., MEDai, Inc., McKesson Corp., Truven Health Analytics, Allscripts Healthcare, Cerner Corporation, and SAS Institute, Inc. are some of the key players operating in the global market.

 

Many big players in the market are diving into the healthcare analytics industry to answer unmet medical needs. For instance, in January 2020, Microsoft launched the “AI for Health” program to improve the health of people around the globe. This would be a USD 40 million five-year programs to empower researchers and was developed in collaboration with the help of leading health experts.

 

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This is the 5th AI program for researchers, non-profit organizations with innovative technologies to unlock solutions to the biggest challenges that societies are currently facing. Such an AI initiative is expected to focus on drug discoveries, global health insights, and reducing health equities for the under-served population.

 

Moreover, recently in December 2020, the U.S.-based insurer, Highmark Health, and Google cloud announced the 6-year strategic partnership to use Google’s cloud and analytics platform to power the company’s digital health initiatives. The company has an integrated delivery network of 13 hospitals, and around 2,500 physician and ambulatory care centers.

 

 

Virtual Clinical Trial Market Innovative Technology, Growing Prominence Analysis & Forecast To 2027

 The report “Virtual Clinical Trials Market Share, Size, Trends, Industry Analysis Report, By Design (Observational Trials, Interventional Trials, Expanded Access Trials), By Indication (CNS, Autoimmune/Inflammation,  Cardiovascular Disease, Metabolic/Endocrinology, Infectious Disease, Oncology, Genitourinary, Ophthalmology), By Phases (Phase I, Phase II, Phase III, Phase IV), By Regions; Segment Forecast, 2020 –2027” gives a detailed insight into current market dynamics and provides analysis on future market growth. The global virtual clinical trials market size is expected to reach USD 13.78 billion by 2027 according to a new study by Polaris Market Research

Virtual Clinical Trials (VCT) are a new method of directing clinical trials which is inclusive of web platforms (informed consent, recruitment, adverse reactions, counseling and measurement of endpoints) and taking advantage of technology such as monitoring devices, apps and others. VCT also allows participant to be home-based at all clinical trial stage. VCT are operationally feasible and have lower drop-out rates, higher recruitment rates, better compliance and are faster than traditional method.

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The prominent factors favoring the global market growth include scarcity of time in traditional clinical trials, rising R&D for the development of new drugs and vaccines, adoption of telemedicine and increasing demand for patient diversity. Additionally, COVID-19 pandemic has led to upsurge virtual clinical trials given the trials need to be conducted digitally. Thereby, companies all around the globe are aiming on developing virtual trial technologies to meet the growing demand for solutions to fight Covid-19. For instance, in June 2020, TRHC (Tabula Rasa HealthCare), developer of healthcare software solutions, announced its partnership with Regence BlueShield, a health plan provider, for conducting virtual trials for different drug candidates, and to examine the ADEs (adverse drug events) in each. 

 

Market participants such as LEO Innovation Lab, Covance Inc., CRF Health, Oracle Corporation, Oracle Corporation, Medable, Inc., Parexel International, Clinical Ink, Inc., PRA Health Sciences, Science 37 and ICON plc. are some of the key players operating in the global market.

 

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Players in the market are strategizing on developing new virtual clinical trial technology to cope up with the augmenting healthcare industry and thereby, establish their market place. For instance, in May 2020, AiCure LLC, an advanced data analytics and artificial intelligence company, partnered with Science 37, a clinical research company, to leverage a decentralized research model for enabling home based clinical trial for assessing an experimental drug for major depression disorder (MDD).

 

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