AI-Based Clinical Trial Solutions for Patient Matching Market: Revolutionizing Drug Development

"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:

Market growth is primarily attributable to the rising prevalence of chronic diseases and the expanding need for innovative pharmaceuticals. To increase the patient population and success rate of clinical trials, artificial intelligence is indispensable in trial design, venue selection, patient monitoring, and patient recruitment and selection. In addition, patient matching solutions based on artificial intelligence can swiftly identify patients who possess the necessary characteristics or biomarkers for a particular trial, thereby accelerating 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

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
As a result of increasing private and public sector initiatives to facilitate the adoption of AI-powered technologies in clinical research, the market for AI-based clinical trial solutions for patient matching is expanding substantially. Moreover, in order to support their research endeavors, organizations in the pharmaceutical and biotechnology sectors implement these platforms and solutions expeditiously. Patient identification, engagement, recruitment, and real-time monitoring are all enhanced by such technologies.

Challenges: Time Consuming and Expensive
Conventional approaches to research and development are characterized by their protracted duration, exorbitant expenses, and substantial financial commitment. Pharmaceutical and biotech firms encounter obstacles due to the exorbitant expenses associated with development. Research and development must increasingly integrate artificial intelligence (AI) in order to reduce expenses, enhance data quality, and abbreviate trial periods. Companies are impeded from the industrial expansion of AI-based solutions by such factors.

North America Is Expected To Grow With the Highest CAGR during the Forecast Period
In the near future, the North American market for AI-based clinical trial solutions for patient matching is anticipated to account for a substantial portion of the revenue and expand at a rapid CAGR. The expansion of the market is predominantly propelled by the escalating adoption of Al-based technologies and the growing recognition of these remedies. The fundamental causes of this are the expansion of the patient population, the availability of affordable highly skilled labor, and reasonable hiring rates. As a result of rising consumption, a greater number of businesses have emerged, which is expected to generate new opportunities 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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This release was published on openPR.