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The clinical trials outsourcing market is expected to grow at a CAGR of 6.71%during 2022-2027

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New York, Aug. 11, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Clinical Trials Outsourcing Market – Global Outlook & Forecast 2022-2027” – https://www.reportlinker.com/p06313595/?utm_source=GNW
Most clinical trials are outsourced to contract research organizations and third-party vendors.

Clinical trial outsourcing delivers significant advantages in terms of cost. Clinical drug development trials are vital, requiring higher expenditure and high-class infrastructure and expertise. Due to the complexity of clinical trial processes, sponsors constantly face pressure from regulatory agencies, insurers, and the medical community to reduce costs by increasing the size of development projects, their pipelines’ pipeline quality and safety of their products, and their compliance with regulatory requirements.

Most Biopharmaceutical companies spend their higher expenditure on research & development activities and clinical trials. In the end, lower chances of success rate impact the company’s growth largely; therefore, outsourcing easily reduces this complexity. Remote trials can reduce around 25% to 30% trials cost due to the services associated with patient travel and the number of staff required for monitoring on the site.

Impact of Covid-19 Pandemic

The Covid-19 pandemic gave an absolute massive shift and forced the clinical trial industries to look for outsourcing. Clinical trial complexity is a significant factor that drives clinical trial outsourcing. Robust pipelines and stringent regulations in clinical trials operate the clinical development services.

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Virtual Clinical Trials: The Rising Market

Virtual clinical trials are a rapidly increasing trend in biopharma industries. It is one of the new clinical trial models, a highly underutilized method for conducting clinical trials and clinical research. Virtual clinical trials are cost-effective, time-saving, and easier for participants. Virtual collaboration strategies in clinical trials, using clinical trials software allows businesses to work rapidly and more efficiently, eliminates the need for document sharing to additional office locations, and reduces the burden.

KEY INDUSTRY INSIGHTS
• Downscaling the companies, managing the cost of the research, and reducing the expenditure has led to raised clinical trial outsourcing by the biopharmaceutical industry. The three significant factors, globalization, digitalization, and personalized medicines, highly impacted the clinical trials industries. These three major factors have positively influenced the clinical trial outsourcing market growth in recent years.
• Across the world, the rising patient population is one of the major problems for developed countries as their healthcare expenditure is increasing, so there is a demand for advanced treatments which provide value-based solutions to the patients. Biopharmaceutical companies constantly look for new drugs and derived clinical trial activities. Pharma Research and development outsourcing activities are significant in the industry, giving high potential for this market and related activities and triggering the demand for clinical trials outsourcing.
• AI in clinical trials is a revolutionizing technology primarily adopted among large CROs. In recent years AI application was rapidly explored during the COVID-19 pandemic period accelerating the clinical trials for a faster cure for the pandemic.
• The Indian biotech industry alone accounts for 2,700 start-ups, and the estimated number will increase to 10,000 by 2024. Globally, more than 2,093,000 pharma start-ups are running in the market; this rise in smaller companies will demand outsourcing clinical trials.
• Synthetic Data Improving Clinical Development minimizes or replaces the control arm of the clinical trial. It reduces the demand for patient recruitment, saves time and money, and eliminates the ethical issues regarding the placebo.

Usually, the pharma companies do not have access to real-world data. They majorly limit themselves within the clinical trials that they have conducted. This synthetic data, which is from real-world data, will help the companies to understand the real world and help them to find better solutions. Currently, there is an increase in single-arm clinical trials for rare diseases and oncology therapeutic areas. This has made it easy for people to work when comparing treatments. The entry of synthetic and external control arms has changed rapidly and growing significantly by enabling improved access to data, including statistical tool kits from various clinical research fields.

Segmentation by Application
• Cancer
• CVDs
• Infectious Diseases
• Infectious Diseases
• Musculoskeletal Diseases
• Nervous System Disorders
• Other Diseases

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Segmentation by Clinical Trial Phase
• Phase I
• Phase II
• Phase III
• Phase IV

Segmentation by End-Users
• Small & Mid-Size Companies
• Large Size Companies

CLINICAL TRIALS OUTSOURCING MARKET TRENDS

• Implementing artificial intelligence (AI) in clinical trials is a revolutionizing technology, primarily adopted among large CROs. In recent years AI application was rapidly explored during the COVID-19 pandemic period accelerating the clinical trials for a faster cure for the pandemic. AI (Artificial Intelligence) helps make every clinical trial stage more efficient with design and patient recruitment and retention, followed by clinical trials outsourcing services by contract research organizations. It also allowed the companies to manage the extensive data without any errors and make decisions accordingly.
• Pharmaceutical and biotech companies are relying on research and development activities to develop new drugs. Rising expenditure on clinical research and development will deliver high market growth opportunities.
• An excellent opportunity for outsourcing clinical trials lies in rare diseases due to the limited patient population and rising prevalence of rare diseases globally. For outsourcing leaders, patient recruitment and retention are easy with the rising prevalence of rare diseases in low-middle companies. These CROs have an excellent partnership with government bodies and large healthcare providers to recruit patients. Most outsourcing companies are based in low-middle-income countries.
• The increasing demand for large molecules and personalized medicines such as cell and gene therapies have also helped drive the CRO outsourcing market consistently.
• An increasing number of small biopharma companies is one of the best clinical trial outsourcing market opportunities. The small and medium-sized biopharma companies account for a higher number of clinical research. Due to lower capital availability, lack of infrastructure, and expertise, small biopharma companies look towards outsourcing clinical trials.

INSIGHTS BY GEOGRAPHY

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North America is the leading region in clinical trial outsourcing. But in recent years, clinical trial outsourcing shifting towards the emerging market. Emerging markets such as low-middle-income countries are the best geography for this market due to the high patient population and unaffordable pricing of new treatments or existing treatments in the LMICs.

On the other side, some emerging markets, such as BRICS (Brazil, Russia, India, China, and South Africa), have a better opportunity for clinical trials outsourcing market. These emerging geographies have a high potential for outsourcing trials. High patient pool demography is one of the strong reasons for outsourcing in those countries.

Segmentation by Geography
• APAC
o China
o Japan
o South Korea
o Australia
o India
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
o Spain
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o Saudi Arabia
o UAE

Key Vendors:
• Charles River Laboratories
• IQVIA
• ICON plc
• Labcorp Drug Development
• Syneos Health
• Thermo Fischer Scientific
• Wuxi AppTec
• Paraxel

Other Prominent Vendors
• Advanced Clinical
• Bioanalytix
• Curia Global
• CMED
• Cromos Pharma
• Criterium
• KCR SA.
• Medpace
• Medelis
• Oct Group
• Protrials Research
• Prometrika
• Quality Data Services
• QPS
• Sofpromed
• Veristat
• Worldwide Clinical Trials

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KEY QUESTIONS ANSWERED
1. WHAT IS THE EXPECTED GROWTH OF THE CLINICAL TRIALS OUTSOURCING MARKET IN THE GLOBAL MARKET?
2. WHO ARE THE MAJOR PLAYERS IN THE CLINICAL TRIALS OUTSOURCING MARKET?
3. WHAT IS THE GROWTH RATE OF THE CLINICAL TRIALS OUTSOURCING MARKET?
4. HOW DOES COVID-19 IMPACT THE MARKET GROWTH OF CLINICAL TRIALS OUTSOURCING MARKET SHARE?
5. WHAT ARE THE FACTORS DRIVING THE CLINICAL TRIALS OUTSOURCING MARKET GROWTH?
Read the full report: https://www.reportlinker.com/p06313595/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

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GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Sinch Honored with Frost & Sullivan’s Enlightened Growth Leadership Award

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Recognized for Commitment to Making the World a Better Place Through Innovative Growth, Customer Value, and Sustainable Business Practices
STOCKHOLM, Oct. 7, 2024 /PRNewswire/ — Sinch (Sinch AB (publ) – (XSTO: SINCH), which is pioneering the way the world communicates through its Customer Communications Cloud, is pleased to announce that it has been awarded the Enlightened Growth Leadership Best Practices Recognition by the Frost & Sullivan Institute. This prestigious award celebrates Sinch as a Company of Action, for demonstrating best practices in its growth journey, while aligning with Frost and Sullivan’s “innovation to zero” initiative, which focuses on addressing global challenges through sustainable and responsible business practices.

In addition to its sustainability efforts, Sinch was recognized for its technology leadership, leveraging innovations like its cloud-based infrastructure for scalability and cost efficiency, and its API-first approach for rapid integration and customization. AI capabilities are embedded across Sinch’s entire portfolio, enhancing customer experience and operational efficiency, further solidifying its position as a leader in communication technology. The award acknowledges companies that drive significant economic impact and drive transformation, with Sinch advancing toward a future where environmental responsibility and business success are seamlessly aligned.
Sinch was specifically recognized for its dedication to the Science Based Targets initiative aimed at meeting the Paris Agreement’s 1.5°C goal. The company proactively assesses the environmental impact of its products and emphasizes responsible business practices that minimize waste and pollution.
“We are honored to be recognized for our commitment to sustainable growth, innovation, and our dedication to our employees, partners and customers,” shared Jonathan Bean, Chief Marketing Officer at Sinch. “This award reflects our focus on enhancing the customer experience by fostering a culture of responsibility, excellence, and forward-thinking. It also serves as a reminder of our ongoing commitment to reducing our environmental impact, fostering inclusive workplaces, and upholding the highest standards of ethical business practices with our customers and partners,” added Bean.
Sinch believes in the power of communication as a force for good and recognizes its responsibility to lead by example, especially as it powers billions of engagements each year. The company’s Environmental, Social, and Governance (ESG) initiatives are closely aligned with its core values, ensuring that its innovations and strategies not only connect people but also contribute to a sustainable and equitable future.
For further information, please contact:  Janet Lennon, Director of Global Communications [email protected]
This information was brought to you by Cision http://news.cision.com
 

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LG Innotek Becomes Industry’s First to Use AI to Prevent Input of Defective Raw Materials in Production

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Achieved early detection of cause of defects in raw materials through AI, becoming “first to overcome this challenge in the industry”Applied to high-value semiconductor substrates, analyzing raw material defects in only one minuteReduces defect analysis time by up to 90%SEOUL, South Korea, Oct. 7, 2024 /PRNewswire/ — Today, LG Innotek (CEO Moon Hyuksoo) announced the development and application of the industry’s first “Artificial Intelligence (AI)-based inspection system for incoming raw materials”, designed to detect defects at the point of receipt and prevent the use of substandard raw materials in the process.

LG Innotek applied its AI-based inspection technology, developed by combining material information and AI image processing technologies, to the RF-SiP (Radio Frequency System-in-Package) process. Recently, the technology was also introduced for the FC-BGA (Flip Chip Ball Grid Array), and is expected to further enhance the competitiveness and quality of LG Innotek’s high-value semiconductor substrate products.
Previously, incoming raw materials underwent only a visual inspection before entering the production process. However, the continued advancement of semiconductor substrate technology changed this. Even after improving all in-process defect causes, failures in reliability evaluations continued to rise. This led the quality of incoming materials to gain attention as a decisive factor affecting reliability evaluations. 
The core raw materials (i.e. Prepreg (PPG), Ajinomoto Build-up Film (ABF), and Copper-Clad Laminate (CCL)) that comprise semiconductor substrates arrive as a mixture of glass fibers, inorganic compounds, and other components. In the past, air voids (gaps between particles) or foreign particles generated during the material mixing process did not significantly impact product performance. However, as substrate specifications, such as circuit spacing, have become increasingly stringent, the presence of air voids and foreign particles, depending on their size, has started to cause defects.
As a result, it is virtually impossible to identify which part of the raw material is responsible for the defect using traditional visual inspection methods, which has become a significant challenge for the industry.
If we were to compare one lot of raw materials mixture (unit of raw materials with the same characteristics that goes into the production process) to a batch of cookie dough, it is impossible for the eye to perceive the concentration of salt or sugar in a certain portion, the number of air holes in the dough, or the number of foreign particles.
LG Innotek has found a way to overcome this industry challenge with AI. Its “AI-based Inspection System for Incoming Raw Materials” has been trained with tens of thousands of pieces of data on the composition of materials that are either suitable or unsuitable for a product. Based on this, it analyzes the components and defective areas of semiconductor substrate raw materials in only one minute, with an accuracy rate of over 90%, and visualizes quality deviations in each lot of raw materials.
By using AI machine learning to visualize, quantify, and standardize material configurations optimized for quality, LG Innotek has been able to prevent defective raw materials from entering the production process. The company can change the material design based on the quality deviation information visualized by the AI system, allowing it to ensure that the quality of the raw materials lot is uniform at a suitable level before entering the process.
An LG Innotek official commented, “With the “AI-based Inspection System for Incoming Raw Materials”, the time required to analyze defects has been decreased by up to 90%, and the cost of resolving the causes of defects has been significantly reduced.”
LG Innotek plans to enhance the AI system’s detection capabilities by sharing raw materials-related data with customers and suppliers in the substrate sector through digital partnerships.
Additionally, the company aims to expand the system’s application to optical solutions, such as camera modules, where the image-based detection of material defects can play a crucial role.
LG Innotek CTO S.David Roh said, “With the “AI-based inspection system”, we will complete LG Innotek’s unique AI ecosystem, which delivers exceptional customer value by identifying causes of product defects early in the production process.” He added, “We will continue innovating in digital production technology to create top-quality products at the lowest cost and in the shortest time.”
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CogX Unveils Innovative Knowledge Networking Platform, Proxxi AI, at the CogX Leadership Summit

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New platform uses pioneering “Expert-in-the-Loop” model that matches questions from users with the best specialists to answer them – all assisted by state-of-the-art AI
LONDON, Oct. 7, 2024 /PRNewswire/ — CogX Group Ltd, the tech community and online platforms group, which brings together the sector’s leaders and innovators from across the world, will showcase today its new knowledge networking platform, Proxxi AI, an “expert-in-the-loop” model that connects users and specialists to provide bespoke answers to their questions, assisted by state-of-the art AI.

Proxxi AI will be unveiled later at CogX’s London Leadership Summit at the historic Royal Albert Hall. Proxxi AI understands user questions, identifies the best available experts, assists them with answers based on their own trained “proxxi”, and features a broad range of subjects to deliver the best of AI, but with human oversight.
The live stream of the Summit will be available on YouTube from 10 am here.
Proxxi AI aims to play a leading role within a global knowledge management marketplace projected to grow beyond $1 trillion by 2026 (MarketsandMarkets), with organisations seeking faster, reliable, and lower-cost ways to access expertise and stay ahead of the curve.
Employing the latest large language models (LLMs), Proxxi AI will continuously learn and improve each expert’s proxxi and ranking. The platform will initially be accessed via Slack, Teams, and the CogX Insights app. Shortly after it will be available via API for web and mobile app developers. It supports a broad range of use cases for startups and enterprises, governments, universities and research institutions.
CogX will be demonstrating Proxxi AI at today’s Leadership Summit throughout the day.
Also announced today is the organisation of CogX’s businesses — CogX Ltd (UK Events and the CogX Insights app) and Proxxi AI (Knowledge Network)— under CogX Group Ltd  enabling the community to connect both in-person at our events, and through its two online platforms.
Charlie Muirhead, Founder and CEO of CogX, said:
“CogX’s mission is to convene our community to address the question: How do we get the next 10 years right?  To do so, we need to connect the right people to the right expertise, just when they need it.
So we’re hugely excited to be sharing Proxxi AI today at the Leadership Summit, which will instantly connect people to subject specialists through Slack and Teams our own CogX Insights app, and shortly after via our API for web and mobile app developers.
By blending AI-driven insights with trusted expert oversight, we will empower organisations, large and small, to better navigate the rapid technological changes taking place and enhance their overall performance.”
Notes to editors
About CogX
Co-founded by Charlie Muirhead in 2017, CogX is a tech community and online platforms business that convenes inspirational events featuring leading voices from a huge range of sectors. The community brings together entrepreneurs, business leaders, academics, investors and policy makers both in-person, and online.
More about CogX Leadership Summit London
Taking place at the Royal Albert Hall – the historic venue that hosted the 1851 Great Exhibition, a showcase of the 1st Industrial Revolution – the CogX Summit will focus on the 4th Industrial Revolution, an era of technological convergence that will change the way we live and work.
The Summit is being held on Monday 7th October 2024, and will bring together over 100 world-class speakers, and host over 20 editorially curated salons and mixers to answer the central question: “How do we seize the AI opportunity?
Leaders from Google, OpenAI, Microsoft, NVIDIA, Meta, Hugging Face, Northern Data, Stanford University, and companies at the forefront of generative AI will join over 2,500 delegates to discuss how to apply AI safely and responsibly today and improve productivity and drive business growth.
The live stream of the Summit is available on YouTube from 10am here. (https://shorturl.at/lj3HP).
 
 

View original content:https://www.prnewswire.co.uk/news-releases/cogx-unveils-innovative-knowledge-networking-platform-proxxi-ai-at-the-cogx-leadership-summit-302268326.html

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