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.