“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 $2,834.23 Mn by 2031, growing at a CAGR of 29.42% from 2024 to 2031 according to a new report by InsightAce Analytic.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global AI-based Clinical Trial Solutions for Patient Matching market are:
The following are the primary obstacles to the AI-based Clinical Trial Solutions for Patient Matching market’s expansion:
Future expansion opportunities for the global AI-based Clinical Trial Solutions for Patient Matching market include:
Market Analysis:
The increasing incidence of chronic diseases and the growing demand for advanced medications are the primary reasons for the market expansion. Artificial intelligence plays a crucial role in patient selection and recruitment, trial design, venue selection, and patient monitoring to increase the count and success of clinical trials. Further, AI-based patient matching solutions can rapidly recognize patients with the characteristics or biomarkers required for a certain trial, hastening the development of targeted therapies.
List of Prominent Players in the AI-based Clinical Trial Solutions for Patient Matching Market:
AI-based Clinical Trial Solutions for Patient Matching Market Report Scope:
Report Attribute
Specifications
Market size value in 2023
USD 369.12 Mn
Revenue forecast in 2031
USD 2,834.23 Mn
Growth rate CAGR
CAGR of 29.42% from 2024 to 2031
Quantitative units
Representation of revenue in US$ Million, and CAGR from 2024 to 2031
Historic Year
2019 to 2023
Forecast Year
2024-2031
Report coverage
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments covered
By Therapeutic Application, End-Use
Regional scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Recent Developments:
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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-
By End Use-
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
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Media ContactCompany Name: InsightAce Analytic Pvt. LtdContact Person: Diana D’SouzaEmail: Send EmailCountry: United StatesWebsite: https://www.insightaceanalytic.com/