AI-based Clinical Trial Solutions For Patient Matching Market: Global Trends & ChallengesPosted by Mrudula Karmarkar on January 13th, 2023 The global AI-based clinical trial solutions for patient matching market size is expected to reach USD 1.9 billion by 2030, registering a compound annual growth rate (CAGR) of 26.7% during the forecast period, according to a new report by Grand View Research, Inc. The major factors attributing the industry growth are the increasing worldwide incidences of chronic diseases, rising investment in the expansion of the healthcare sector, and the introduction of new technologies. The rising adoption of artificial intelligence(AI)-based technologies for conducting clinical trials and the increasing number of start-ups in this field are also opening new opportunities for the market. For instance, in February 2022, in their seed funding, Qureight raised USD 1.50 million for their AI-based platform which reduces the timeline for the clinical trials process and further helps in reducing the cost of medicine development. Major bio-pharma giants are implementing advanced technological solutions for better patient management and clinical trial results. These platforms further reduce clinical trial cycle time & cost, thereby increasing productivity & accuracy of the trial development. AI-based solutions incorporate natural language processing (NLP) algorithms which enhances the match rate between clinical trials and patient enrollment. For instance, AI-enabled clinical trial solutions used in matching patients have increased patient recruitment in lung cancer trial studies by 58.4%. Such advantages are further driving the market growth. Based on therapeutic application, oncology held the largest market share 23.2% in 2021 owing to the rise in the prevalence of cancer all over the globe and rising initiatives to develop therapeutic solutions for oncology. However, the cardiovascular disease segment is expected to show the fastest growth rate during the forecast period owing to increasing cases of heart attack, stroke, and others. Based on end users, pharmaceutical companies accounted for the highest revenue share of 66.0% owing to the growing focus on better development of bio-markers and diagnostics using AI-based technologies to identify the new medicine target and simplify the process of development of medicine and clinical trials by key players of pharmaceutical companies. Based on the region North America held the largest market share of 43.8% in 2021. However, Asia Pacific is expected to show the fastest growth rate during the forecast period due to the increasing penetration of AI-based clinical technologies and supportive government initiatives for adopting AI. To Request Sample Copy of this report, click the link: Adoption of the digitization in clinical and biomedical research is opening opportunities for AI-based clinical trials solution for the patient matching market. Key pharma companies are including advanced technological solutions for enhanced patient management and clinical trial results. AI-based clinical trial solutions increase patient recruitment by decreasing their population heterogeneity by harmonizing a large volumes of health information data from a wide array of sources and platforms such as medical imaging, electronic medical records (EMRs), and omics data. These platforms allow selecting the groups of most appropriate patient population who have the highest chances of responding to the trial and higher likelihood of giving a quantifiable & measurable clinical endpoint. AI-based solution and systems can be utilized in examining patient health information records & clinical trial eligibility criteria and match them with recruiting clinical trial studies. AI-based solutions include natural language processing (NLP) algorithms which enhance the rate of matching between clinical trials and patient enrollment. COVID-19 has transformed the perception of clinical trials. It has increased the penetration rate and utilization of these AI-based platforms for decreasing cost& time. Therefore, these factors are rising the adoption rate of artificial intelligence in pharmaceutical companies. For instance, major pharmaceutical players like Sanofi, Novartis, Johnson & Johnson, Pfizer, and Bayer are focusing on strategic alliances for the inclusion of AI-based solutions in medicine discovery & development and clinical trials process. Government organizations of developed nations like the U.S. and Europe are providing funds and are simultaneously laying out a stringent regulatory framework to drive the adoption of AI-based solutions designed for clinical trial studies. Moreover, governments of the developing nations are also spreading awareness about AI-based clinical trial solutions amongst stakeholders to focus on discovering new medicines and accelerating patient recruitment as this will improve patient engagement & monitoring. The increasing number of startups providing solutions for the AI-based recruiting patients, intended for the life science organizations in favor of their clinical studies are positively impacting the growth of the market. A large number of medicine manufacturers have to invest a substantial amount in the development of medicines to expand their product pipelines as many big vendors go off patent, which is one of the key factors for the growth of the clinical trials market. AI-based Clinical Trial Solutions For Patient Matching Market Report Highlights
Furthermore, growing initiatives by the public and private organization to support the adoption of AI-powered technological solutions in clinical trial studies is propelling the market growth. Pharma and biotech organizations are rapidly implementing AI-based platforms and solutions for supporting their clinical research studies. Corporations are adopting these solutions for enhancing recruitment, identification, engagement, and real-time monitoring of patients. In developed countries, expenditure of healthcare IT holds a large share of healthcare expenses. Nations are incorporating AI-based tools to reduce costs and improve efficiency. For instance, NIH, in September 2022, launched the Bridge2AI program that will include members from diverse communities that will focus on generating different tools, resources, and data for building an AI approach. However, risks related to data privacy may hamper the market in coming years. Adoption of AI-based technologies requires protecting the privacy and confidentiality of the large volumes of datasets of trial-related information. Most healthcare organizations are moving to the cloud for storing and managing petabytes of sensitive data. The cloud model allows users to access data from anywhere and at any time and thus, enabling a larger number of users to access the website, which increases the chances of cybersecurity attacks. This factor might hamper the market growth in the coming future. List Of Key Players Of the AI-based Clinical Trial Solutions For Patient Matching Market
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