AI-based clinical trials solution provider market size reached USD 1.24 Billion in 2020 and is expected to register a revenue CAGR of 21.5% during the forecast period, according to latest analysis by Emergen Research. Increasing adoption of Artificial Intelligence (AI)-enabled digital technology is a key factor driving global AI-based clinical trials solution provider market revenue growth. Increasing use of AI-enabled digital health technologies coupled with patient support platforms is expected to improve patient engagement and retention throughout study duration as well as after study termination, which is expected to propel revenue growth of the global AI-based clinical trial solution provider market. AI-enabled technologies are enabling data integration and interpretation along with evolutionary modelling and pattern recognition for gathering, normalizing, analyzing, and harnessing the growing volumes of data that fuel modern therapy development. Thus, AI and advanced analytics are considered as the digital technology that can potentially improve clinical R&D productivity and clinical outcomes, and this is expected to augment growth of global AI-based clinical trials solution provider market to a significant extent.
Traditional research and development activities are lengthy procedures, require substantial investment, and involve huge costs – ranging from USD 7.0 million to USD 20.0 million. The substantial development costs is providing an impetus to pharmaceutical and biotechnological companies to implement AI technology in research and development activities for reducing costs, improving data quality, and minimizing trial durations. AI, Machine Learning (ML), and deep learning techniques are increasingly improving clinical trial efficiencies, optimizing processes associated with clinical practice, and enabling pharmaceutical companies to develop new drugs and therapies faster, and in a more cost-effective way. This is expected to boost global AI-based clinical trial solution provider market growth to a significant extent going ahead.
The report offers a comprehensive assessment of recent technological developments, product advancements, current and emerging trends, key statistical data, forecast estimation, and major companies operating in the market. The report covers the impact of the pandemic on the AI-based Clinical Trials Solution Provider industry with a special focus on the affected key segments of the industry. According to our analysts, the market is expected to regain momentum in a post-COVID-19 scenario. The report also analyses key elements such as growth trends, concentration area, business expansion strategies, market reach, and other key features that offer companies insightful data to fortify their position in the AI-based Clinical Trials Solution Provider industry.
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The research study presents an industry-wide summary of the AI-based Clinical Trials Solution Provider market including drivers, constraints, technological advancements, product developments, limitations, growth strategies, growth prospects, etc. among others. The global AI-based Clinical Trials Solution Provider research report is an investigative study of the market that offers key statistical data with regards to market size, market share, revenue growth, and CAGR over the forecast period 2021-2028.
The research report offers in-depth insights into company profiles along with their production values, production capacity, product portfolio, strategic plans such as mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, government and corporate deals, among others. The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry.
Leading Players Profiled in the Report:
AiCure, LLC, Unlearn.AI, Inc., BioAge Labs Inc., Antidote Technologies, Inc., Saama Technologies Inc., International Machine Business Corporation (IBM), Concentro Health AI, Deep 6 AI Inc., PathAI Inc., and Owkin Inc.
Key Highlights From the Report
Phase-II segment is expected to account for largest revenue share over the forecast period, attributable to increasing number of second phase clinical trials active in the field of oncology and increasing focus on phase-II trail for developing effective treatment approach for specific types of diseases such as acute leukemia, glioblastoma, and Alzheimer’s disease.
Cancer segment is expected to account largest revenue share over the forecast period due to rising focus on integrating AI in cancer care to improve speed and accuracy of cancer diagnosis, to aid in clinical decision-making, and lead to improved healthcare outcomes, coupled with increasing investment in AI-enabled clinical trials to develop novel therapeutic drugs for cancer treatment.
Contract Research Organizations (CROs) segment is expected to register a significantly robust CAGR in terms of revenue over the forecast period owing to rising implementation of AI-based solutions to improve clinical trial design, increasing number of research studies conducted to develop therapeutics for cardiovascular diseases, cancer, metabolic disorders, Central Nervous System Disorders (CNS), and increasing number of partnerships with biopharmaceutical companies in niche drug discovery.
North America is expected to account for largest revenue share over the forecast period due to increasing prevalence of targeted diseases and growth in number of start-ups focusing on developing AI-based technology and platforms to improve trial success rates, lower trial costs, and enable researchers to manage clinical trial workflows more efficiently.
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The report on the AI-based Clinical Trials Solution Provider market gives an in-depth statistical analysis to examine the fastest growing sectors in the market while speculating the demand and supply, consumption power, spending capacity and distribution channel globally. The report identifies the overall growth in the import and export and derives the future trends that the industry might witness. The study also applies primary and secondary research methods to assess the annual and financial performance of the top vendors and insights from market leaders. The researcher also discusses the recent trends and developments including joint ventures, collaborations, investments, product launches and acquisitions and mergers constitute a substantial part of the research on the AI-based Clinical Trials Solution Provider market for the forecast period from 2020 to 2028. The report will empower companies to understand the opportunities, adapt to their consumer demands, needs, and concentrate on their best end-users.
Regional Outlook (Revenue, USD Billion; 2018–2028)
Middle East & Africa
The report analyzes the market based on different categories such as product types, end-user applications, and leading geographical regions. It offers key insights into the factors that are expected to influence the growth of the segments and sub-segments.
Emergen Research has segmented the global AI-based clinical trials solution provider market on the basis of clinical trial phase, therapeutic application, end-use, and region:
Clinical Trial Phase Outlook (Revenue, USD Billion; 2018–2028)
Therapeutic Application Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
Contract Research Organizations (CROs)
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Examine the size of the global AI-based Clinical Trials Solution Provider market based on the parameters of value and volume.
Accurately calculate the market shares, consumption, and other essential aspects of different segments of the global AI-based Clinical Trials Solution Provider market.
Explore the underlying dynamics of the global AI-based Clinical Trials Solution Provider market.
Highlight significant trends of the global AI-based Clinical Trials Solution Provider market based on factors including, production, revenue, and sales.
Extensively profile top players of the global AI-based Clinical Trials Solution Provider market and showing how they compete in the industry.
Study manufacturing processes and the costs, product pricing, and various trends associated with them.
Analyze the performance of different regions and countries in the global AI-based Clinical Trials Solution Provider market.
Forecast the market size and share of all segments and regions in the global landscape.
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