Clinical Trials Matching Software Market Size, Analysis 2031

Report Description

Clinical Trials Matching Software Market Outlook 2031

The global clinical trials matching software market size was valued at USD 148.3 Million in 2022 and is likely to reach USD 441.96 Million by 2031, expanding at a CAGR of 12.9% during 2023 – 2031. The market growth is attributed to the growing healthcare sector and increasing number of clinical trials.

Increasing number of clinical trials is expected to boost the demand for clinical trials matching software. This matching software helps patients or volunteers to identify clinical trials that the patients are eligible for by comparing patient characteristics against the eligibility criteria of available trials. It also stores and processes the patient's medical data, which enhances its adoption in clinical trials. Therefore, rising clinical trials worldwide are propelling the market. For instance,

• According to a report published by the National Library of Medicine, 38,030 clinical trials were performed in 2022.

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The demand for clinical trial matching software is rapidly increasing in biotechnology, CROs, and medical device companies, as it allows for planning, tracking, and analyzing clinical trials. It also provides transparency and unified access to study information, which helps the study team to make sound decisions. This increases the demand for clinical trial matching software in healthcare.

The COVID-19 pandemic propelled the demand for clinical trial matching software. The rising severity of COVID-19 infection highlighted the need for drug development to tackle coronavirus, which boosted the demand for clinical trial matching software, as this software drives patient recruitment efforts for sponsors and research sites and improves the patient search experience. For instance,

• According to a report published by the US National Library of Medicine, 36,722 clinical trials were performed in 2020 as compared to 32,514 in 2021.

Impact of Artificial Intelligence (AI) on Clinical Trials Matching Software

The integration of artificial intelligence in healthcare creates an immense opportunity in the market. AI-powered clinical trial matching software helps scientists and researchers automate data analysis, optimize patient recruitment, and enhance safety monitoring. AI-enabled matching software assists companies and research institutes in patient selection, monitoring patients, and cohort composition. AI in clinical trial matching software improves efficiency and decreases waste. Moreover, research institutes and key companies in the market are developing and launching AI-based clinical trial matching platforms, which creates a lucrative opportunity in the market. For instance,

• On September 14, 2023, Belong. Life, a global health tech provider of high-engagement patient communities and care platforms, announced the launch of Tara, an artificial intelligence (AI) cancer clinical trial matching platform. Tara is a software as a service (SaaS) that is available to hospitals, health systems, and contract research organizations (CROs).

Clinical Trials Matching Software Market Dynamics

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Major drivers

Growing healthcare industry is expected to boost the demand for clinical trial matching software. Clinical trial matching software is utilized in healthcare to find a perfect patient or volunteer to study new tests and treatments and evaluate their effects on human health outcomes. Thus, expansion of the healthcare industry is propelling the market. For instance,

• As per a report, the healthcare industry is expanding at a CAGR of 10.40 % and is likely to reach USD 85.95 billion by 2027.

Increasing incidence of chronic diseases across the globe is projected to drive the market. Clinical trial matching software is used to develop drugs for treating chronic diseases, as it provides an efficient method to quickly identify a list of potentially eligible patients for specific studies on chronic diseases. Therefore, the rising incidence of chronic diseases is estimated to boost the market. For instance,

• As per a report published by the World Health Organization on September 16, 2023, 41 million people are killed every year globally, due to chronic diseases, which is equivalent to 74% of all deaths globally.

Existing Restraints

Lack of funding for clinical trials in emerging nations is expected to hamper the demand for clinical trial matching software, as this software is utilized in clinical trials to provide data clarity and help sponsors or researchers reach their recruitment goals rapidly. Moreover, clinical trial matching software requires assumptions and estimation to follow the matching principle. Sometimes, those assumptions are not accurate, which encourages CROs and pharmaceutical companies to reduce their adoption.

Emerging Opportunities

Increasing investment in R&D activities by research institutes and key players in the market to develop and introduce an app for finding patients and volunteers for specific clinical trial studies creates an immense opportunity in the market. For instance, on February 18, 2021, the University of Kansas Cancer Center created the KUCC Clinical Trial Finder app that allows volunteers to identify potential clinical trials at Kansas University (KU) and quickly communicate with the clinical trials team.

Scope of the Clinical Trials Matching Software Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Deployment Mode Segment Analysis

Based on deployment mode, the clinical trials matching software market is bifurcated into web & cloud-based and on-premises. The web & cloud-based segment dominated the market in 2022, owing to its ability to offer high accessibility and quick deployment. Cloud-based clinical trial matching software has centralized data security that reduces operating expenses and provides instant trial insights, enhancing its demand for clinical trials. It also allows collaboration on different projects and makes data sharing convenient, which increases its adoption in clinical trials.

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End-user Segment Analysis

In terms of end-user, the global market is segregated into pharmaceutical & biotechnology companies, CROs, and medical device firms. The pharmaceutical & biotechnology companies segment held a large share of the market in 2022, due to the increasing number of R&D programs by pharmaceutical companies and the rising globalization of clinical trials. Pharmaceutical & biotechnology companies widely conduct clinical trials to determine whether new drugs, diagnostics, or treatments are safe and effective, enhancing the demand for clinical trial matching software. Moreover, healthcare bodies in several countries are mandating clinical trials for drug introduction, boosting the adoption of clinical trials matching software. For instance,

• Food and Drug Administration's Center for Drug Evaluation and Research (CDER) requires pharmaceutical companies to test their drug for safety and effectiveness and send evidence to the center before selling them in the country.

The contract research organization (CRO) segment is expected to grow at a robust pace in the coming years, owing to the increasing demand for generic drugs and the growing incidence of chronic diseases. CROs are contracted by pharmaceutical organizations to conduct extensive clinical trials, as they plan, coordinate, execute, and manage the lifecycle of the clinical trial safely and efficiently, thereby creating demand for clinical trials matching software.

Regional Outlook

Based on region, the clinical trials matching software market is categorized into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America accounted for a major share of the market in 2022, due to increasing investment in the pharmaceutical industry and the presence of established market players, such as IBM, Belong. Life, Clario, Evidation Health, Inc., and Microsoft. Moreover, rising clinical trials in the region by healthcare institutes are propelling the demand for clinical trial matching software, as it finds and manages participating patients for specific trials. For instance,

• On July 31, 2023, the National Institutes of Health launched enrollment for phase 2 clinical trials in the US to evaluate at least four potential treatments for long-term COVID-19.

The market in Asia Pacific is projected to expand at a high CAGR during the forecast period, owing to the increasing number of IT healthcare projects and rising medical tourism. Additionally, the availability of a large patient pool in the region enables easy patient recruitment procedures, creating demand for clinical trials matching software. Moreover, increasing spending by governments in the region for health research and drug development is estimated to boost the demand for clinical trial matching software. For instance,

• On February 1, 2023, the government of India allocated ₹2,980 for the Department of Health Research, 3.43% higher than the previous year.

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