Global Pharma Clinical Trial Digitization Market Overview:
Medical care has improved dramatically in the past few decades and has led to a better quality of life for patients and their families. However, biopharmaceutical companies admit that progress is still being made in clinical trials, particularly the high cost of research and development (R&D), the risk of failure, and the reliability of data due to archaic practices. It appears that the current way of conducting clinical trials is coming to an end. As the world moves into a more digitized age, clinical trials are driven by the introduction of new technologies that are rapidly accelerating the digital transformation of their processes. Many of the new technologies are aimed at increasing operational efficiency and are used in activities such as patient recruitment, improving compliance, data collection and analysis, and decision-making through IA and big data. By 2020, digitization will fuel a third of growth and an estimated 40 percent of the profitability in the pharmaceutical market. In order to be able to make optimal use of digitalization, all clinical research organizations, biotech, or pharmaceutical companies must optimize their own infrastructure so that new technologies can have an impact. Adapting to a digital mindset in a clinical setting is a new business imperative. To continue to rapidly develop new and emerging therapies, biotech companies must incorporate new technologies and develop a comprehensive digital R&D strategy.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Adoption of Platform-as-a-Service (PaaS) and Mobile Computing and The Growth in Number of Clinical Trials by Market Players
Market Growth Drivers:
Growing Demand for Quality Data, Increasing Adoption of New Technology in Clinical Research and Increasing Diseases Prevalence
Challenges:
Presence and Availability of Global Brands
Restraints:
Cost of Raw Materials and Impact of Domestic Tariffs and Trade Routes
Opportunities:
Growing Demand for Personalized Medicine Is Expected To Create New Opportunity for the Pharma Clinical Trial Digitization and Growing Research & Development Promoting Outsourcing
Competitive Landscape:
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Antidote Technologies, Inc. (United States), ActiGraph LLC (United States), Aparito Ltd. (United Kingdom), Clinerion Ltd. (Switzerland), CliniOps, Inc. (United States), Science 37 (United States), Evidation Health (United States), ConsilX (Singapore), Deep 6 AI (United States), Koneksa Health Inc. (United States), 4G Clinical (United States), Medidata Solutions (United States), Oracle Corporation (United States), THREAD Research (United States), PatientsLikeMe (United States) and Trialbee (Sweden). Additionally, following companies can also be profiled that are part of our coverage like TriNetX, Inc. (United States) and Veeva Systems (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Pharma Clinical Trial Digitization market by 2028. Considering Market by Trial Types, the sub-segment i.e. Digital Continuity across Clinical Trial IT Systems will boost the Pharma Clinical Trial Digitization market. Considering Market by End-Use, the sub-segment i.e. Clinical Data Management will boost the Pharma Clinical Trial Digitization market. Considering Market by Service Type, the sub-segment i.e. Drug Dose Adjustment will boost the Pharma Clinical Trial Digitization market.
What Can be Explored with the Pharma Clinical Trial Digitization Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Pharma Clinical Trial Digitization Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Pharma Clinical Trial Digitization
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Pharma Clinical Trial Digitization market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Pharma Clinical Trial Digitization market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Providers of Pharma Clinical Trial Digitization, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.