Increasing penetration of Artificial Intelligence (AI) in healthcare technologies, growing need to minimize time and costs of clinical trials, and rising adoption of AI-enabled technology to streamline clinical trial operations are some key factors expected to drive market growth
According to Emergen Research, the global AI-based clinical trials solution provider market size was USD 1.24 billion in 2020 and is expected to reach USD 5.86 billion in 2028 and register a revenue CAGR of 21.5% during the forecast period, 2021-2028.
Market Dynamics:
Rapid adoption of AI-based digital technology to streamline and optimize operational processes of clinical trials and solve challenges associated with clinical trials is a key factor expected to drive market revenue growth over the forecast period. Artificial Intelligence (AI) can disrupt clinical trials by effectively streamlining processes from patient recruitment to adherence monitoring and collection of trial data. Artificial intelligence has also emerged as a crucial tool for improving the operational efficiency of clinical trials, accelerate drug discovery and development, and reduces expenses associated with clinical trials. In addition, AI and advanced analytics have high potential to improve clinical R&D productivity and is expected to further contribute to revenue growth of the market going ahead.
Claim Your FREE Sample Copy with Table of content@ https://www.emergenresearch.com/request-sample/774
Artificial intelligence has wide range of applications in clinical trials as it has enabled development of innovative technologies and products that can transform clinical trials by efficiently collecting and analyzing real word data and developing robust patient-centered endpoints, among others. Artificial intelligence can address various challenges of drug discovery and development and clinical trials that can be beneficial for pharmaceutical companies, investigators, regulators, and patients, among others. Application of AI to enhance trial efficiency, patient identification and enrollment, and clinical outcomes is expected to create lucrative opportunities for pharmaceutical and biotechnology companies over the coming years.
Artificial intelligence has proved to be essential in discovery of new drug candidates and targets, identification of eligible patients for trials, screening and diagnosis, and optimization of drug administration and dosage. Over 80% clinical trials fail to meet enrollment trails and combination of natural language processing and AI can help extraction and analysis of relevant information from EHR records, compare with eligibility criteria, and recommend suitable studies. Application of predictive AI models and analytics tools have accelerated understanding of disease, choose patients, and support novel clinical study designs.
AI algorithms in association with other advanced digital technologies has the potential to enable continuous stream of clinical trial data to be cleaned, sorted, coded, stored, and managed and can reduce probability of human error. This has further boosted demand for AI-based clinical trial solutions and is expected to contribute to revenue growth of the market going ahead. However, stringent regulatory approval policies for AI-based clinical trials is a key factor expected to restrain market growth over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Phase II Segment to Account for Largest Revenue Share:
Phase II segment is expected to account for largest revenue share over the forecast period attributable to increasing number of active phase II clinical trials across the globe and growing need to identify and determine appropriate dosage and treatment regimen that can be tested in phase III to accelerate drug development.
Check Our Prices@ https://www.emergenresearch.com/select-license/774
Neurological Disease Segment Revenue to Expand at a Rapid CAGR:
Neurological disease segment is expected to register a rapid revenue CAGR over the forecast period attributable to increasing incidence of neurological disorders such as Parkinson’s disease, Alzheimer’s disease, and epilepsy, among others, rapid adoption of AI-based solutions to diagnose and monitor patients, increasing application of ML for predictive analysis to understand progression of neurological disorders, and rising investment to accelerate development of enhanced AI-based deep learning platforms to facilitate early identification and diagnosis of various neurological conditions.
Contract Research Organizations (CRO) Segment to Register Significant Revenue Growth:
Contract Research Organizations (CRO) segment is expected to register significant revenue growth over the forecast period owing to increasing implementation of AI-based clinical trials solutions to enhance and streamline operations, efficiency, design, and outcomes of clinical trials. In addition, major pharmaceutical companies outsource clinical trials to CROs for fast and cost-effective drug development processes, build robust pipeline of therapeutics, and enhance drug safety and efficiency and this has further boosted demand for AI-based solutions and is expected to further contribute to revenue growth over the forecast period.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to rapid adoption of advanced technologies such as AI, ML, and deep learning in clinical trials, growing awareness regarding AI-based clinical trial solutions, increasing number of clinical trials across the region, and rising investment to implement AI-based technologies to improve efficiency and outcomes of clinical trials.
Major Companies in the Market Include:
- AiCure, LLC
- 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.
- Owkin Inc.
For the purpose of this report, 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)
- Phase-I
- Phase-II
- Phase-III
Therapeutic Application Outlook (Revenue, USD Billion; 2018–2028)
- Cancer
- Cardiovascular Disease
- Neurological Disease
- Metabolic Disease
- Infectious Disease
- Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Pharmaceuticals
- Academia
- Contract Research Organizations (CROs)
Click to access the Report Study, Read key highlights of the Report and Look at Projected Trends: https://www.emergenresearch.com/industry-report/ai-based-clinical-trials-solution-provider-market
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of MEA
Take a Look at our Related Reports:
Specialty Enzymes Market By Source (Plants, Microorganisms, Animals), By Application (Biotechnology R&D, Pharmaceutical, Diagnostic), By Type (Proteases, Polymerases & nucleases, Carbohydrase, Lipases), and By Region, Forecast to 2028
Joint Reconstruction Market By Joint Type (Shoulder, Knee, Ankle, Hip, Others), By Technique (Joint Replacement, Arthroscopy, Resurfacing, Osteotomy, Others), By End-use (Hospitals, Clinics, Orthotic & Prosthetic Centers, Surgical Centers, Others), and By Region, Forecast to 2028
Topical Drug Delivery Market By Product Form (Semi-Solid, Solid Formulations, Transdermal Products, and Liquid Formulations), By Route (Dermal, Ophthalmic, Nasal, Others), By End-Use (Hospitals, Home Healthcare, Clinics, Diagnostic Centers, Burn Center), and By Regions
Medical Smart Textiles Market By Technology (Textile Sensors, Wearable Technology), By Application (Surgery, Bio-Monitoring, Therapy, and Wellness), By End-use (Hospitals and Clinics, Medical Academic and Research Center), and By Region
Ambulatory EHR Market By Deployment (Cloud-based, On-premises), By Practice Size (Solo Practices, Large Practices, Small-medium-sized Practices), By Application, By End-use (Independent Centers, Hospital-owned Ambulatory Centers, Others), and By Region, Forecasts to 2027
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Facebook | LinkedIn | Twitter | Blogs
Read Full Press Release: https://www.emergenresearch.com/press-release/global-ai-based-clinical-trials-solution-provider-market