PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1252685
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1252685
AI-based Clinical Trials Solution Provider Market size was valued at USD 1,709.8 million in 2022, expanding at a CAGR of 23.9% from 2023 to 2030.
Artificial intelligence can be used to diagnose disease, deliver healthcare, and even create novel medications while enhancing clinical trials. AI is vastly more efficient and faster than any system that only relies on human action. Because we haven't yet developed AI to the point where it can function completely autonomously, this will likely be the greatest issue going forward.
The market for AI-based clinical trial solution providers is being driven by the growing adoption of AI-based platforms to enhance the productivity and efficacy of trials at different stages. Some of the other factors boosting the market development include the supportive efforts by the public and private sectors for various therapeutic areas. Additionally, the market is being supported by the growing knowledge of AI's applications in clinical trials, such as drug trial design, better patient selection, site selection, patient monitoring and others.
Since developing new drugs is an expensive and time-consuming procedure, using AI in drug trials may help reduce costs, improve clinical outcomes, and shorten trial times. For instance, Recursion Pharma and Takeda collaborated on research for rare illnesses in January 2020, and in less than 18 months, they evaluated preclinical and clinical molecules in over 60 different indications. AI can also be used to lessen prejudice in medical data, in addition. For instance, Genentech and Stanford University worked together to develop an open-source AI system to combat bias in drug studies. Additionally, major pharmaceutical firms are heavily implementing AI-based technologies in clinical settings due to the trend away from traditional practices and toward technology-based approaches.
Based on the phase, the phase-II segment is expected to dominate the market during the forecast period due to the existence of numerous registered clinical studies that are currently in the second phase. In addition, the segment is growing as a result of the growing use of AI-based tools for data collection and analysis of immediate results of the overall intended outcome through drug trials in this stage. Additionally, the segment has a higher income share because this stage allows for the development, choice, and validation of measures related to the AI-based tool.
Based on the application, the oncology segment is expected to capture the major market share during the forecast period. The uptake of AI-enabled technologies is being influenced by the high incidence of cancer worldwide and a large number of oncology-related drug trials. Additionally, many players are creating and implementing oncology-based AI tools for clinical trials, which is accelerating the segment's development. For instance, Hematology-Oncology Associates of Central New York and Deep Lens teamed up in January 2022 to expand a drug trial program. The VIPER provided by Deep Lens will be used to pre-screen all patients to find those who are qualified for clinical trials.
North America is expected to dominate the market during the forecast period. It is credited to the region's high number of AI-based start-ups. For instance, the American startup Bullfrog AI creates bfLEAP, a unique AI tool that enables precision medicine. Additionally, the adoption of AI-based technologies to improve the results of drug trials and increasing knowledge of these technologies are driving market expansion in the area. The region's demand for AI-based clinical trial solutions is being fueled in part by supportive government initiatives and an increase in key players' strategic initiatives.
In March 2021, through Saama Technologies, Inc.'s Life Science Analytics Cloud, Datavant and Saama Technologies, Inc. created a collaborative agreement for mapping patient journeys across different real-world and clinical datasets (LSAC).
This proposed research study on the AI-based Clinical Trials Solution Provider market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for the AI-based Clinical Trials Solution Provider market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the AI-based Clinical Trials Solution Provider market
The impact of COVID-19 on AI-based Clinical Trials Solution Provider market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the AI-based Clinical Trials Solution Provider market post-COVID will also be covered.
To give the users of this report a comprehensive view of the AI-based Clinical Trials Solution Provider market, we have also included a competitive landscape and key innovator analysis for the AI-based Clinical Trials Solution Provider market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the AI-based Clinical Trials Solution Provider market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global AI-based Clinical Trials Solution Provider market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows:
Antidote Technologies, Inc.
Saama Technologies
Unlearn.AI, Inc.
Phesi
Innoplexus
Deep 6 AI
Mendel.ai
Median Technologies
Intelligencia
Symphony AI
BioAge Labs, Inc.
AiCure, LLC
CONSILX
DEEP LENS AI
Halo Health Systems
Pharmaseal
GLOBAL AI-BASED CLINICAL TRIALS SOLUTION PROVIDER MARKET, BY PHASE
Phase-I
Phase-II
Phase-III
Oncology
Cardiovascular Diseases
Neurological Diseases or Conditions
Metabolic Diseases
Infectious Diseases
Others
Pharmaceutical Companies
Academia
Others
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA