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.
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.
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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
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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.
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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)
Therapeutic Application Outlook (Revenue, USD Billion; 2018–2028)
- Cardiovascular Disease
- Neurological Disease
- Metabolic Disease
- Infectious Disease
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Contract Research Organizations (CROs)
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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