The global ai-based clinical trial solutions for patient matching market size is expected to reach USD 1,969 million by 2030, according to a new study by Polaris Market Research. The report “AI-based Clinical Trial Solutions For Patient Matching Market Share, Size, Trends, Industry Analysis Report, By Therapeutic Application; By End-Use (Pharmaceutical Companies, Academia, Others); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
With the dominance of branded products and the rising prevalence of diseases in the region, North America dominated the market in terms of revenue in 2021. Because of increased government and corporate investment in AI-based technologies to achieve higher efficiency and improve operational processes, as well as increased use of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and deep learning in clinical trials, the North America region dominates the global market share.
The United States is a significant contributor to the North American region. Other factors expected to contribute to the country's market growth include the presence of biopharmaceutical companies and ongoing oncology research to develop therapeutic drugs. In 2023, there will be approximately 37.3 million diabetics in the United States, including 28.7 million instances that have been diagnosed and 8.5 million cases that have not.
Europe is the second-largest market for AI-based Clinical Trials Solution Providers, trailed by the ASEAN region. Due to factors like growing geriatric and target populations, an increase in the number of collaborations for biosimilar development, geographic expansion of key players, and active participation of governmental and nonprofit organizations in the market space, Asia Pacific is predicted to experience significant growth during the forecast period.
Traditional R&D processes are time-consuming, costly, and require significant investment. Because of the high development costs, pharmaceutical and biotech companies are increasingly incorporating artificial intelligence (AI) into their research and development efforts in order to reduce costs, improve data quality, and shorten trial lengths.
Artificial intelligence (AI) and machine learning techniques are gradually improving clinical trial efficiencies, streamlining clinical practice processes, and enabling pharmaceutical companies to discover novel treatments and therapies more quickly and cost-effectively. This is expected to drive significant future growth in the global market.
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An increase in the number of clinical studies, as well as increased government and private efforts to improve healthcare facilities through the adoption of novel AI technology and drugs, are driving market revenue growth.
Growing awareness of the benefits of AI-based clinical trials is expected to drive market revenue growth over the forecast period. Furthermore, wearable technology, in conjunction with AI techniques, is useful in real-time, individualized, and continuous monitoring of patients during trials. This can improve patient adherence to the protocol and the accuracy of the endpoint assessment.
Increasing the number of strategic alliances in the deployment of Artificial Intelligence (AI) in clinical trials in order to reduce time and expenditure during clinical development phases is expected to result in profitable market growth shortly.
Furthermore, regulators worldwide have issued guidelines encouraging biopharma companies to use real-world evidence strategies. For example, in 2019, the US FDA passed the 21st Century Cures Act, intended to help bring new innovations and advances to patients more efficiently and quickly. By providing faster insights to form decisions, using AI in clinical trials saves time and money. AI assists investigators in answering some questions, such as how to construct study designs, identify sites and patients for clinical research, and digitize adverse drug reactions.
AI-based Clinical Trial Solutions For Patient Matching Market Report Highlights
Polaris Market Research has segmented the AI-based clinical trial solutions for patient matching market report based on therapeutic applications, end-use and region:
AI-based Clinical Trial Solutions For Patient Matching, Therapeutic Applications Outlook (Revenue - USD Million, 2022 - 2030)
AI-based Clinical Trial Solutions For Patient Matching, End-Use Outlook (Revenue - USD Million, 2022 - 2030)
AI-based Clinical Trial Solutions For Patient Matching, Regional Outlook (Revenue - USD Million, 2022 - 2030)