AI-Based Clinical Trials Solution Provider Market: North America Dominated And Accounted For A Revenue Share

 AI-based Clinical Trials Solution Provider Industry Overview

The global AI-based clinical trials solution provider market size was valued at USD 1.6 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 22.0% from 2023 to 2030. The increasing adoption of AI-based platforms to improve the productivity and efficacy of trials at various stages is driving the market for AI-based clinical trial solution providers. Also, the supportive initiatives by the private and public sectors for different therapeutic areas are some of the factors propelling the market growth. Furthermore, the rising awareness and diversified applications provided by AI in the field of clinical trials such as designing drug trials, improved patient selection, site selection, patient monitoring, etc. is bolstering the market growth. 

The utilization of AI in drug trials can be useful to improve the cost, clinical outcomes, and time required for drug trials, as drug development is a cost-intensive and time-consuming process. For instance, in January 2020, Recursion Pharma and Takeda entered into a research collaboration for rare diseases, which resulted in the evaluation of preclinical and clinical molecules in over 60 unique indications in less than 18 months. Moreover, AI can also be used to reduce the bias in medical data. For instance, Genentech collaborated with Stanford University to use an open-source AI system to fight and reduce bias in drug trials. In addition, due to the shifting trend from traditional practices to technology-based approaches, major pharmaceutical companies are highly implementing AI-based technologies in clinical trials, thereby boosting the market growth.

 

Gather more insights about the market drivers, restrains and growth of the Global AI-based clinical trials solution provider market

 

 

Furthermore, the rising penetration of AI in drug trials and the availability of AI-based solutions can help in different aspects of clinical trials such as drug trial design, patient enrichment & enrollment, investigator and site selection, patient monitoring, medication adherence, and many more, which is boosting the growth of the market for AI-based clinical trial solution providers. Patient eligibility and enrollment are some of the important steps for the success of the overall drug trial and as per research, 85% of the drug trials are delayed during patient recruitment, and 30% are terminated early due to recruitment failure. AI-based platforms are proving to be beneficial in reducing this hurdle. Hence, many researchers are using AI for the drug trial process, thereby fostering the growth of the market for AI-based clinical trial solution providers.

In addition, the COVID-19 outbreak led to the rise in the utilization of AI-based technologies. Increasing adoption of technologically advanced solutions for drug discovery and development and recruited patient data analysis are some of the factors responsible for the increase in penetration of AI-based drug development and drug trial solutions. The pharmaceutical companies, CROs, and academia shifted their focus from the traditional drug development process to the AI-based solution to improve the clinical outcomes and for the minimization of cost and time required for the drug trials. Also, the decentralized drug trials witnessed a boost as many trials were on hold due to COVID-19, due to which many key players turned toward the collection of patient data available. 

 

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AI-based Clinical Trials Solution Provider Market Segmentation

Grand View Research has segmented the global AI-based clinical trials solution provider market based on clinical trial phase, therapeutic application, end-use, and region:

AI-based Clinical Trials Solution Provider Clinical Trial Phase Outlook (Revenue, USD Million, 2016 - 2030)

• Phase-I
• Phase-II
• Phase-III

AI-based Clinical Trials Solution Provider Therapeutic Application Outlook (Revenue, USD Million, 2016 - 2030)

• Oncology
• Cardiovascular Diseases
• Neurological Diseases or Conditions
• Metabolic Diseases
• Infectious Diseases
• Others

AI-based Clinical Trials Solution Provider End-use Outlook (Revenue, USD Million, 2016 - 2030)

• Pharmaceutical Companies
• Academia
• Others

AI-based Clinical Trials Solution Provider Regional Outlook (Revenue, USD Million, 2016 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Market Share Insights

• March 2021: Datavant and Saama Technologies, Inc. established a collaborative agreement for mapping patient journeys across various real-world and clinical datasets (LSAC), through Saama's Life Science Analytics Cloud.
  
  

Key Companies profiled:

Some of the prominent players in the AI-based clinical trials solution provider market include: 

• AI, Inc.
• Saama Technologies
• Antidote Technologies, Inc.
• Phesi
• Deep 6 AI
• Innoplexus
• ai
• Intelligencia
• Median Technologies
• Symphony AI
• BioAge Labs, Inc.
• AiCure, LLC
• CONSILX
• DEEP LENS AI
• Halo Health Systems
• Pharmaseal
• Ardigen
• Ai
• Koneksa Health
• Euretos
• BioSymetrics
• Google- Verily
• GNS Healthcare
• IBM Watson
• Exscientia 

 

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