The global clinical trials matching software market size was valued at USD 152.6 million in 2021. The market is projected to grow from USD 152.6 million in 2021 to USD 326.23 million by 2028, exhibiting a CAGR of 13.50% during the forecast period.
The prevalence of chronic illnesses and the growing demand for clinical trials are predicted to fuel the market for clinical trial matching software during the anticipated time frame. Market participants are focusing more on new features and creating innovative products due to supportive government initiatives and swiftly advancing technology. Additionally, the healthcare industry is also growing as a result of the quick rise in the number of businesses offering novel customizable features. Clinical trial software is predicted to grow in importance in the future, driving the global market for clinical trial matching software throughout the forecast period due to the increasing demand for remote monitoring services and digitally connected platforms.
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The COVID-19 epidemic is a remarkable worldwide public health disaster that has affected most industries, and long-term effects are anticipated to impede industrial growth in the next years. Numerous clinical studies aiming at bringing new therapies to market have been severely hampered by COVID-19, wrecking havoc on international markets. The situation has worsened as a result of labor shortages, supply chain disruptions, and other limitations. Limitations and boundaries have had an impact on a number of ongoing clinical research investigations in many therapy fields. Clinical research teams have developed a new COVID-19 vaccination to combat the problematic condition.
Growing Clinical Trial Activity is Anticipated to Fuel Market Expansion
It is anticipated that rising clinical trial activity will fuel the market for clinical trials matching software. Over the past few decades, there had been a tremendous increase in clinical studies. This is a result of the increased penetration of cutting-edge medical technology and the rising desire for novel medications with higher efficacy. But because clinical trials are designed to gather and organize data that can be shared with several healthcare practitioners and disseminated across multiple systems, a clinical trial matching system is quick and inexpensive. The monitoring and tracing of patient registrations and databases, as well as location identification and recruitment, can all be aided by this technology.
Market’s Expansion is Being Hampered by the High Cost of Matching Software
The high cost of matching systems is constraining the market expansion of clinical trial matching software. Initialization, contractual term commitment, per user, per study, training, support and maintenance, validation/21 part 11 compliance, and system integration fees collectively increase the entire cost necessary for clinical trial matching software solutions deployment. Setup fees apply to both on-premises and SaaS solutions. Companies are assessed additional configuration and modification fees following their unique organizational and research needs. Different cost structures are seen depending on the number of users and sites taken into consideration.
LIST OF KEY COMPANIES PROFILED:
Antidote Technologies, Inc.
IBM Clinical Development
Clinical Trials Mobile Application
SSS International Clinical Research
Bsi Business Systems Integration AG
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