Startups in the clinical trial space are quickly changing the health care and life sciences ecosystem by providing more advanced speedy, efficient, patient-centered, and larger-scale solutions to make clinical trials faster, cheaper and of more accurate data. They are leveraging digital health platforms, artificial intelligence, real-world evidence, remote monitoring and decentralized clinical trial designs to enhance the speed and efficiency of trials while significantly reducing time and costs. By integrating wearable devices, telemedicine, and blockchain to manage the growing volume of data in a secure manner, these startups are addressing gaps in recruitment, patient engagement and regulatory compliance. Such services are needed, given that Pharma and Biotech are facing increasing pressure to shorten their drug development timelines and provide global access to trials.

Due to increasing R&D spending in pharmaceuticals, increasing demand for personalized medicine, and the need for flexible trial solutions, the market size for startups in this space has been growing rapidly. Clinical trial services comprise a worldwide total market value in the tens of billions of dollars, with startups capturing an increasing share of the market with niche, tech-enabled offerings. This is especially notable in emerging markets, where established infrastructure for traditional trials often does not exist, and mobile/decentralized solutions...