DUBLIN, March 29, 2024 /PRNewswire/ — The “Global AI-based Clinical Trials Solution Provider Market Analysis & Forecast to 2024-2034: Market By Clinical Trial Phase; By Therapeutic Application; By End-user; and By Region” report has been added to ResearchAndMarkets.com’s offering.
The global AI-based clinical trials solution provider market size was estimated to be USD 2 billion in 2023 and is expected to reach at USD 17.95 billion by 2034 with a CAGR of 22.08% during the forecast period 2024-2034.
Growing adoption of AI-based platforms to enhance the productivity and efficiency of trials across different stages, surge in supportive initiatives from both private & public sectors, spanning various therapeutic areas, rising awareness of AI’s diverse applications in clinical trials, growing implementation of AI-based technologies, increasing penetration of AI in drug trials, the availability of AI-based solutions, surge in adoption of technologically advanced solutions for drug discovery, development, & the analysis of recruited patient data, an upswing in research & development activities, rising introduction of cutting-edge AI-based clinical trial platforms are some of the pivotal elements contributing to the expansion of the market.
Rising introduction of cutting-edge AI-based clinical trial platforms is predicted to boost the market growth during the forecast period. Artificial intelligence has the potential to identify diseases, offer healthcare services, and contribute to the development of novel treatments. Its application in drug trials proves beneficial for enhancing the cost-effectiveness, clinical outcomes, and time efficiency of the drug development process, known for its resource-intensive nature. Pharmaceutical companies, Contract Research Organizations (CROs), and academic institutions have redirected their attention from the conventional drug development approach towards AI-based solutions. This shift aims to optimize clinical outcomes while minimizing both the cost and time associated with drug trials. For instance, in September 2023, Belong.Life has introduced Tara, a Software-as-a-Service (SaaS) conversational AI platform for matching cancer patients with clinical trials, targeting health providers and contract research organizations (CROs). Tara is specifically crafted to expedite the patient matching process with eligible clinical trials, resulting in enhanced recruitment at substantially reduced expenses. This release marks the second addition to Belong’s AI Health Mentor suite of solutions, following the earlier introduction of Dave.
By clinical trial phase, phase-II was the highest revenue-grossing segment in the global AI-based clinical trials solution provider market in 2023 owing to a significant presence of numerous registered clinical trials that are currently active in the second phase, the uptake of AI-based tools for data collection & analysis of immediate outcomes during drug trials in this phase is on the rise, and growing introduction of advanced solutions. For instance, in November 2023, AstraZeneca has introduced Evinova, positioned to emerge as a prominent provider of digital health solutions tailored to the requirements of healthcare professionals, regulators, and patients. Supported by AstraZeneca’s long-term commitment and strategic partnerships with Parexel and Fortrea, Evinova delivers globally-scalable digital products and services to the life sciences and healthcare industry.
Additionally, Phase I is predicted to grow at the fastest CAGR during the forecast period owing to the increase in the adoption of AI-based solutions, given their advantages in patient recruitment, retention, and improved trial design right from phase I. These platforms have the capability to create distinctive patient-centric endpoints and gather real-world data, thus driving their increased adoption in phase I.
By therapeutic application, oncology was the highest revenue-grossing segment in the global AI-based clinical trials solution provider market in 2023 owing to the widespread occurrence of cancer worldwide, a substantial volume of drug trials within the oncology domain, numerous entities engaging in the development & integration of AI tools for clinical trials in oncology, and a growing number of collaborations among key market players. For instance, In April 2023, Launch Therapeutics (Launch Tx) has opted for Medidata’s AI Intelligent Trials solution to expedite the clinical trials of advanced-stage therapies. Launch Tx intends to employ Medidata AI Intelligent Trials’ study feasibility solution to enhance trial planning, leading to improved enrollment and overall quality.
Additionally, cardiovascular disease is predicted to grow at the fastest CAGR during the forecast period owing to the increasing incidence of cardiovascular diseases, advancements in drug trials, and the growing utilization of AI-based platforms for a novel approach to analyzing cardiovascular diseases.
By end-user, pharmaceutical companies was the highest revenue-grossing segment in the global AI-based clinical trials solution provider market in 2023 owing to the increasing embrace of AI-based technologies to enhance the development of diagnostic tools & biomarkers for identifying new drug targets, leading pharmaceutical companies are engaging in collaborations with AI vendors to leverage AI technology for research & development, and growing trend of introducing advanced solutions. For instance, in April 2023, ConcertAI, LLC (ConcertAI), a frontrunner in AI Software-as-a-Service (SaaS) technology and Real-world Evidence (RWE) solutions in the life sciences and healthcare sector, has unveiled its CTO 2.0 solution designed for optimizing clinical trials.
Additionally, others is predicted to grow at the fastest CAGR during the forecast period owing to the growing inclination towards the adoption of AI-enabled solutions by Contract Research Organizations & government agencies, increased involvement of CROs & other entities in both the development & uptake of AI-based platforms & technologies is particularly noteworthy in the realms of drug discovery, development, & clinical trials.
North America is anticipated for the highest revenue share during the forecast period owing to the existence of several AI-based start-ups, a heightened recognition of AI-based technologies, & their utilization to improve the outcomes of drug trials, and a growing number of strategic initiatives by major industry players. For instance, in May 2023, Google Cloud has introduced two new AI-driven tools to assist biotech and pharmaceutical firms in speeding up drug discovery and progressing precision medicine. The Target and Lead Identification Suite is created to aid companies in forecasting and comprehending protein structures, a crucial aspect of drug development. The Multiomics Suite, on the other hand, will support researchers in managing, storing, analyzing, and exchanging vast volumes of genomic data.
Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of AI-based tools, surge in favorable government initiatives promoting the adoption of AI across various healthcare domains, rise in clinical trial recruitment, the relatively low costs associated with trials, and growing adoption of advanced AI-based technologies. For instance, in May 2023, Fujitsu Limited, Kyoto University, and Chordia Therapeutics, Inc. have initiated field trials using Fujitsu’s AI causal discovery technology. The aim is to uncover biomarkers that enhance the likelihood of success or expedite the duration of clinical trials in the creation of new cancer drugs.
Companies Profiled
- CONSILX
- AiCure
- Unlearn.AI
- Trials.Ai
- Intelligencia
- Symphony AI
- GNS Healthcare
- Google- Verily
- Innoplexus S.A.a Technologies
- BioSymetrics
- BioAge Labs
Report Segmentation:
By Clinical Trial Phase:
- Phase-III
- Phase-II
- Phase-I
By Therapeutic Application:
- Neurological Diseases or Conditions
- Cardiovascular Diseases
- Infectious Diseases
- Metabolic Diseases
- Oncology
- Others
By End-user:
- Academia
- Pharmaceutical Companies
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/3dbx44
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
View original content:SOURCE Research and Markets
Featured image: © VitalikRadko
