A recent report published by
Infinium Global Research on the AI-based clinical trials solution provider market
provides an in-depth analysis of segments and sub-segments in the global as well
as regional AI-based clinical trials solution provider market. The study also
highlights the impact of drivers, restraints, and macro indicators on the
global and regional AI-based clinical trials solution provider market over the
short term as well as long term. The report is a comprehensive presentation of
trends, forecasts, and dollar values of the global AI-based clinical trials
solution provider market. According to the report, the global AI-based clinical
trials solution provider market is projected to grow at a CAGR of 24% over the
forecast period of 2022-2028.
Market
Insight
The revenue of the market in 2022 was USD 1 billion which
is expected to reach around USD 5 billion by 2028 growing with a CAGR of
24%. The AI transformation of clinical trials starts with protocol development,
reducing or replacing outcome assessments that may be more responsive to change
than traditional methods, and utilizing remotely connected technologies that
reduce the need for patients to travel long distances for site visits. AI is
also streamlining the operational processes of clinical trials. Artificial
Intelligence (AI) is increasingly perceived as a source of opportunities to
improve the operational efficiency of clinical trials and minimize clinical
development costs. It can be used to unlock information from a diverse range of
data sources, from medical records and disease registries to scientific papers,
and support faster and more meaningful patient recruitment.
The constant efforts made by the
prominent players to develop newer and modern technologies and product
advancements are expected to boost the market growth of the industry over the
forecasting years. Furthermore, increasing usage of AI-based solutions for
clinical trials as well as mutant detection during the pandemic is anticipated
to further drive the market during the forecast period. Furthermore, due to
stringent regulations associated with the approval of AI-based clinical trials
are a major factor expected to hinder the global AI-based clinical trials
solution provider market growth during the forecast period. An increasing
number of collaborations to applying Artificial Intelligence (AI) in clinical
trials aims to reduce time as well expenditure during clinical developmental
phases expected to create lucrative opportunities for growth in a market in the
forecasting years.
North America dominated the market
and accounted for the largest revenue share in 2021, owing to various factors
including an increasing number of clinical trials in the region, growing
adoption of artificial intelligence platforms and tools, rising number of
start-ups and companies based on artificial intelligence in drug development
and growing awareness related to the AI-based tools and technologies.
Furthermore, supportive government initiatives and growing strategic
initiatives by prominent players are driving the demand for AI-based clinical
trials solutions in this region. Furthermore, in the Asia Pacific, the market
for AI-based clinical trials solution providers is expected to grow at a faster
rate over the forecast period owing to the rising penetration of AI-based tools
in the market of the region.
Segment
Covered
The report on the global AI-based
clinical trials solution provider market covers segments such as the clinical trial
phase and therapeutic application. On the basis of the clinical trial phase, the
sub-markets include phase-I, phase-II, and phase-III, On the basis of
therapeutic application, the sub-markets include cancer, neurological disease,
metabolic disease, infectious disease, others,
Companies
Profiled:
The report provides profiles of
the companies in the market such as Unlearn AI Inc, Deep 6 AI, Innoplexus, Symphony AI, Mendel ai, AiCure, Ardigen, BioSymetrics,
GNS Healthcare, Unlearn AI Inc, Saama Technologies, Inc, Deep 6 AI, Innoplexus,
Symphony AI, Mendel.ai, AiCure, Ardigen, BioSymetrics, and GNS Healthcare.
Report
Highlights:
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the AI-based clinical trials solution provider market. Moreover,
the study highlights current market trends and provides forecasts for
2022-2028. We also have highlighted future trends in the market that will
affect the demand during the forecast period. Moreover, the competitive
analysis given in each regional market brings an insight into the market share
of the leading players.