AI-Based Clinical Trials Solution Provider Market

AI-Based Clinical Trials Solution Provider Market Size

[ 170 + Pages Research Report ] to surpass USD 16.0 billion by 2032 from USD 2.56 billion in 2021 at a CAGR of 18.2% in the coming years, i.e., 2022-32.

Artificial Intelligence (AI) technology and big data, together are capable of solving several major clinical trial challenges. Trial expenses could be decreased with data-driven procedures and strategies that are powered by innovative AI algorithms analyzing data gathered from mobile sensors and applications, electronic medical and administrative records, and other sources. This is accomplished by enhancing data quality, raising patient compliance and retention, and more accurately and consistently detecting therapy efficacy than ever before. Clinical trials are being transformed by AI beginning with protocol formulation, outcome assessments that could be more flexible than current approaches being reduced or replaced, and the use of remotely linked technologies that eliminate the need for patients to travel far distances to study sites.

Market Highlights

The AI-Based Clinical Trials Solution Provider Market is expected to project a notable CAGR of 18.2% in 2032.

The main reasons driving the market growth include the growing adoption of AI-based platforms to enhance the efficiency and efficacy of trials at various stages and the supportive activities by the commercial and public sectors for different therapeutic areas. Also, the growing awareness of AI applications in clinical trials, such as drug trial design, better patient selection, location selection, patient monitoring, etc. is propelling the market growth.

AI-Based Clinical Trials Solution Provider: Segments

The Phase-II segment is expected to grow with a higher CAGR during 2022-32

The AI-Based Clinical Trials Solution Provider market is categorized on the basis of Clinical Trial Phase into Phase-I, Phase-II, and Phase-III. The Phase-II segment led the market in 2021 and is projected to lead in the future as well owing to the availability of numerous registered clinical trials that are now in the second phase. The segment is also expected to grow due to the growing use of AI-based technologies for data gathering and analysis of immediate results of the overall desired outcome through drug trials in this stage.

The Oncology segment is expected to grow with a higher CAGR during 2022-32

AI-Based Clinical Trials Solution Provider market is categorized on the basis of Therapeutic Application into Oncology, Cardiovascular Diseases, Neurological Diseases or Conditions, Metabolic Diseases, Infectious Diseases, and Others. In 2021, the oncology sector accounted for a larger revenue share. The adoption of AI-enabled technology is being impacted by the rising incidence of cancer on the global scale and the large number of oncology-related medication trials.

Market Dynamics

Growth Drivers

The Growing Awareness of the Benefits of AI-Based Clinical Trials and Rising Popularity of AI

The development of the market is being significantly impacted by the factors, such as increasing public awareness of the benefits of AI-based clinical trials, activities to support public and private sector R&D in various therapeutic areas, the growing adoption of artificial intelligence (AI)-based technologies by pharmaceutical companies and the academic community, and the rising popularity of AI. Since developing new drugs is an expensive and time-consuming process, using AI in drug trials may help reduce costs, enhance clinical results, and shorten trial times.

The Increased Penetration of AI in Drug Trials and Amplified Use of AI by Researchers

The market for AI-based clinical trial solution providers is expanding owing to the increasing use of AI in drug trials and the accessibility of AI-based solutions that can assist with a variety of clinical trial tasks, including patient enrichment and enrollment, drug trial design, investigator and site selection, medication adherence, patient monitoring, and many more.

Restraint

High Costs of Research and Development and Less Knowledge on the Use of Complicated AI Algorithms

Over the forecast period, the factors that may limit market revenue growth include high research and development costs, lack of experts with the necessary skills and experience to apply complex AI algorithms, and strict government regulations on medication development.

Recent Developments

• Hematology-Oncology Associates of Central New York and Deep Lens joined hands in January 2022 to expand a medication trial program. The VIPER provided by Deep Lens will be used to pre-screen all patients to identify those who are eligible for clinical trials.
• In April 2020, GlaxoSmithKline plc and Vir Biotechnology, Inc. declared they had signed a legally binding agreement to work together to investigate and create treatments for coronaviruses, including SARS-CoV-2, the virus causing COVID-19.
• Stanford University and the American biotech company Genentech collaborated in 2019. The collaboration aims to combat unfairness in medical data and increase the number of people who can safely participate in clinical studies. The researchers presented how real-world data and AI may be used to address the underrepresentation of minorities in cancer research in a renowned journal.

AI-Based Clinical Trials Solution Provider: Key Players

• Deep Lens Inc.
• Hematology-Oncology Associates of CNY
• GlaxoSmithKline plc
• Genentech
• AiCure LLC
• Aiforia
• Antidote Technologies Inc.
• Avantor Inc.
• Deep 6 AI
• Innoplexus Consulting Services Pvt Ltd
• Intelligencia.ai
• MEDIAN Technologies
• Pharmaceutical Pipeline Enhancement Strategies LLC
• Saama Technologies Pvt Ltd
• Simplifai AS
• Other Prominent Players

AI-Based Clinical Trials Solution Provider: Regions

AI-Based Clinical Trials Solution Provider market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the AI-Based Clinical Trials Solution Provider Market in 2021. Many AI-based start-ups are present in the area, which is responsible for the market growth in the region. Also, the adoption of AI-based technologies to improve the results of drug trials and increased awareness of these technologies are driving market growth in North America.

Impact of Covid-19 on AI-Based Clinical Trials Solution Provider Market

Major pharmaceutical corporations are making strategic investments in artificial intelligence-based technologies that are expected to support accelerating medicine development before, during, and after pandemics. AI-based solutions are useful for the detecting and creating of a COVID-19 vaccine, as well as for the analysis of the drug development process for a variety of therapeutic applications. The pandemic has increased the use of artificial intelligence (AI) tools for virtual screening of both novel chemical substances and therapeutic candidates.

AI-Based Clinical Trials Solution Provider is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

AI-Based Clinical Trials Solution Provider report also contains analysis on:

AI-Based Clinical Trials Solution Provider Segments:

• By Clinical Trial Phase 
  • Phase-I
  • Phase-II
  • Phase-III 
• By Therapeutic Application 
  • Oncology
  • Cardiovascular Diseases
  • Neurological Diseases or Conditions
  • Metabolic Diseases
  • Infectious Diseases
  • Others 
• By End User
  • Pharmaceutical Companies
  • Academia
  • Others 
• AI-Based Clinical Trials Solution Provider Market Dynamics
• AI-Based Clinical Trials Solution Provider Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

AI-Based Clinical Trials Solution Provider Market Report Scope and Segmentation

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