Clinical Trials Matching Software Market to Grow with a CAGR of 11.20% through 2028
The increasing
complexity of clinical trials, technological advancements, and strategic
collaborations are expected to drive the Global Clinical Trials Matching Software
Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Clinical Trials Matching Software Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Clinical Trials Matching Software Market stood at USD
130.45 million in 2022 and is anticipated to grow with a CAGR of 11.20% in the
forecast period, 2024-2028. This can be attributed to strategic collaborations
and partnerships. The pharmaceutical industry is increasingly collaborating
with technology companies to harness the power of data and software in drug
development. Strategic partnerships between pharmaceutical companies and
software providers have resulted in the development of customized solutions
that address the specific needs of clinical trial matching. Such collaborations
are driving innovation and expanding the market.
Moreover,
virtual assistants powered by AI are expected to become more prevalent in
clinical trials matching software. These assistants will provide instant
responses to patient inquiries, guide them through the trial process, and offer
personalized support, improving patient engagement and retention.
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The digital
transformation of research is creating opportunities for market expansion. The
integration of advanced technologies such as Electronic Data Capture (EDC) and
clinical trials management systems assists market participants in efficiently
managing patient data and reducing monitoring costs. Consequently, clinical
trial matching software plays a vital role in conducting trials and enhancing
process efficiency. Regulatory bodies like the European Medicines Agency (EMA),
U.S. FDA, China's National Medical Products Administration, and the National
Institutes of Health (NIH) have introduced guidelines for conducting clinical
studies during the pandemic, endorsing virtual trials. This endorsement by
regulatory authorities and pharmaceutical companies is expected to drive the
growth of the patient matching software market.
The COVID-19
pandemic significantly affected hospitals, primarily due to the patient influx
and the risk of viral spread. To mitigate the virus's transmission among
healthcare professionals, hospital staff, and patients, healthcare facilities
modified the execution of clinical trials. These restrictions and limitations
had an impact on numerous ongoing clinical studies across various therapeutic
areas. To address this challenging situation, researchers developed new
COVID-19 vaccines. The rising demand for Contract Research Organizations (CROs)
to conduct clinical trials in the pharmaceutical industry is propelling market
growth.
In clinical
trials, patient matching holds crucial importance since these trials involve
human participants, and finding the right match can save sponsors time and lead
to optimal outcomes. Many pharmaceutical companies, research institutions, and
hospitals are transitioning to virtual or remote trials, eliminating the need
for physical site visits as the entire process is conducted online. Therefore,
the future of clinical trials is closely linked to clinical trial management
systems and patient matching software. These automated systems reduce the need
for human intervention, thereby contributing to the growing demand for patient
matching software.
The Global
Clinical Trials Matching Software Market is segmented into deployment mode,
end-use, regional distribution, and company.
Based on its
end-use, the pharmaceutical and biotechnology companies sector secured the
largest share of revenue in 2022 due to the extensive number of clinical trials
necessary for product launches. To illustrate, in the United States, the Food
and Drug Administration's Center for Drug Evaluation and Research (CDER)
mandates that pharmaceutical companies must conduct safety and efficacy tests
on their drugs and provide evidence to the center before selling them in the
country. This evaluation process aids in evaluating the advantages and
potential risks associated with these medications.
Concurrently,
the Contract Research Organization (CRO) segment is projected to achieve the
most rapid CAGR over the forecast period. CROs offer a range of services from
drug development to commercialization, pharmacovigilance, and post-approval
support for manufacturing organizations operating with limited Research and
Development (R&D) budgets. Sponsors, the entities seeking to investigate
the safety and effectiveness of their products, engage CROs on a
project-by-project basis for conducting clinical trials. Organizations that
cannot afford to conduct extensive clinical trials themselves increasingly opt
to outsource these services. Consequently, there is a surging demand for CROs
in the market.
Based on region,
North America took the lead in the market in 2022, securing the highest revenue
share. This can be attributed to the increased adoption of clinical trials
matching software by pharmaceutical and biotechnology companies in the United
States. Additionally, the region boasts a robust and well-established
pharmaceutical industry, with many companies investing in the development of
clinical trials matching software, which is a key driver of market growth.
Furthermore, the regulatory environment in North America is conducive to the
advancement and commercialization of clinical trial matching software. Various
initiatives related to Information Technology (IT) and Artificial Intelligence
(AI)-based solutions, coupled with a higher adoption of Clinical Trial
Management Systems (CTMS) and patient matching software, are contributing to
market expansion in the region.
Conversely, the
Asia Pacific region is poised to experience the swiftest CAGR in the upcoming
forecast period. This is primarily due to the presence of a substantial patient
pool in the region, which facilitates streamlined patient recruitment
processes. A multitude of organizations are also looking to establish their
Research and Development (R&D) activities in the Asia Pacific, further
bolstering market growth. This growth can be attributed to the increasing
number of IT healthcare projects, the flourishing economy, and an overall
enhancement of healthcare infrastructure, particularly in developing Asian
countries such as China and India.
Major companies
operating in Global Clinical Trials Matching Software Market are:
- IBM Clinical Development
- Antidote Technologies Inc
- Ofni Systems Inc
- SSS International Clinical Research
GmbH
- CLARIO
- Advarra Inc
- ArisGlobal LLC
- Bsi Business Systems Integration AG
- Teckro Ltd
- Clinical Trials Mobile Application
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“The Global
Clinical Trials Matching Software Market is poised for dynamic growth, driven
by emerging trends that promise to reshape the clinical research landscape. As
AI and ML continue to advance, real-time data analytics becomes the norm, and
patient-centricity takes center stage. The integration of telemedicine, genomics,
blockchain, and global collaboration will further enhance the capabilities of
clinical trials matching software,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Clinical Trials Matching Software Market By Deployment
Mode (Web & Cloud-based, On-premises), By End-use (Pharmaceutical &
Biotechnology Companies, CROs, Medical Device Firms), By Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Clinical Trials Matching
Software Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Clinical Trials
Matching Software Market.
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