Gujarat Magazine

AI-based Clinical Trial Solutions for Patient Matching Market

“AI-based Clinical Trial Solutions for Patient Matching Market” in terms of revenue was estimated to be worth $369.12 Mn in 2023 and is poised to reach $2,834.23 Mn by 2031, growing at a CAGR of 29.42% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global AI-based Clinical Trial Solutions for Patient Matching market are:

• Growing awareness of the benefits of AI-based clinical trials
• Demand for personalized medicine
• Growing demand for AI-powered technologies

The following are the primary obstacles to the AI-based Clinical Trial Solutions for Patient Matching market’s expansion:

• Time-consuming, expensive

Future expansion opportunities for the global AI-based Clinical Trial Solutions for Patient Matching market include:

• Rising healthcare expenditures by market players
• Official training to stakeholders about AI-based clinical trial solution

Market Analysis:

The increasing incidence of chronic diseases and the growing demand for advanced medications are the primary reasons for the market expansion. Artificial intelligence plays a crucial role in patient selection and recruitment, trial design, venue selection, and patient monitoring to increase the count and success of clinical trials. Further, AI-based patient matching solutions can rapidly recognize patients with the characteristics or biomarkers required for a certain trial, hastening the development of targeted therapies.

List of Prominent Players in the AI-based Clinical Trial Solutions for Patient Matching Market:

• Al, Inc.,
• Antidote Technologies, Inc.,
• Aris Global,
• Deep Lens Al,
• AmerisourceBergen Corporation,
• Konaks,
• Microsoft Corporation,
• GNS Healthcare

AI-based Clinical Trial Solutions for Patient Matching Market Report Scope:

Recent Developments:

• In September 2022, the Bridge2AI program, which will have participants from different groups and focus on providing various tools, resources, and data for developing an AI strategy, was introduced by The NIH.
• In February 2022, Qureight received a seed investment of USD 1.50 million for its AI-based platform, which helped in reducing the cost of medication by speeding up clinical studies and reducing their duration.

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AI-based Clinical Trial Solutions for Patient Matching Market Dynamics:

Market Drivers: Growing Demand for AI-Powered Technologies

This is due to growing efforts from the private and public sectors to empower the adoption of AI-powered technologies in clinical research, the AI-based clinical trial solutions for patient matching market size are expanding notably. Furthermore, the companies in the pharmaceutical and biotechnology industries rapidly adopt these platforms and solutions to support their research efforts. Such technologies benefit patient identification, engagement, recruitment, and real-time monitoring.

Challenges: Time Consuming and Expensive

Traditional research and development processes are time-consuming, extremely costly, and require a notable amount of investment. Because of the high development costs, pharmaceutical and biotech companies have to face challenges. Companies must increasingly incorporate artificial intelligence (AI) into their research and development to reduce costs, improve data quality, and shorten trial lengths. Such factors restrain the companies from the industrial growth of AI-based solutions. 

North America Is Expected To Grow With the Highest CAGR during the Forecast Period

The North America AI-based Clinical Trial Solutions for Patient Matching Market is likely to register a significant revenue share and to develop at a rapid CAGR shortly. The market’s growth is primarily driven by increased usage of Al-based technologies and rising awareness of these solutions. The development of a sizable patient population, affordable access to highly skilled labor, and reasonable hiring rates are the fundamental causes of this. A greater number of startups have emerged due to the growing consumption, which is anticipated to create new prospects for the industry in this region.

Segmentation of AI-based Clinical Trial Solutions for Patient Matching Market-

By Therapeutic Application-

• Oncology
• Cardiovascular Disease
• Neurological Diseases or Conditions
• Metabolic Diseases
• Infectious Diseases
• Others 

By End Use-

• Pharmaceutical Companies
• Academia
• Others

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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Company Name: InsightAce Analytic Pvt. Ltd
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Country: United States
Website: https://www.insightaceanalytic.com/