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. 

 

Browse through Grand View Research's Healthcare IT Industry Research Reports.

  • Laboratory Information Management System Market - The global laboratory information management system market size was valued at USD 2.1 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.74% from 2023 to 2030. Technological advancements pertinent to pharmaceutical laboratories and the rising demand for lab automation are expected to fuel the demand for these systems in the years to come.

 

  • Pharmacy Automation Devices Market - The global pharmacy automation devices market size was valued at USD 5.5 billion in 2022 and is expected to grow at acompound annual growth rate (CAGR) of 9.9% from 2023 to 2030. This can be attributed to the rising global disease burden and the increasing use of prescription medications. For instance, as per the tracking poll of KFF in 2022, during the period of September to October 2021, about 62% of people in the U.S. were taking prescription medicine.

 

 

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 

 

Order a free sample PDF of the AI-based Clinical Trials Solution Provider Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

 

Comments

Post a Comment

Popular posts from this blog

Drug Addiction - Pipeline Review, H1 2017 Market Overview and trends research report

Radiant insights, inc latest Pharmaceutical and Healthcare disease pipeline guide Drug Addiction - Pipeline Review, H1 2017, provides an overview of the Drug Addiction (Central Nervous System) pipeline landscape. Drug addiction, also called substance dependence or chemical dependency, is a disease that is characterized by a destructive pattern of drug abuse that leads to significant problems involving tolerance to or withdrawal from the substance. Drug addiction symptoms or behaviors include recurrent drug use that results in a lack of meeting important obligations at work, school, or home, inability to sleep, awake at unusual times, unusual laziness, loss of or increased in appetite, changes in eating habits, cold, sweaty palms; shaking hands., red, watery eyes; pupils larger or smaller than usual and unusual smells on breath, body or clothes. Report Highlights Radiant insights, inc Pharmaceutical and Healthcare latest pipeline guide Drug Addiction - Pipeline Review, H1 2017, p...
Read more

All Countries Dialyzer Industry 2013-2028 - Market Size, Share, Outlook, Growth, Key Players and Forecast

The global Dialyzer market was valued at $XX million in 2018, and Radiant Insights, Inc analysts predict the global market size will reach $XX million by the end of 2028, growing at a CAGR of XX% between 2018 and 2028. This report provides detailed historical analysis of global market for Dialyzer from 2013-2018, and provides extensive market forecasts from 2019-2028 by region/country and subsectors. It covers the sales volume, price, revenue, gross margin, historical growth and future perspectives in the Dialyzer market. Download Free Sample Report @ https://www.radiantinsights.com/research/2013-2028-report-on-global-dialyzer-market/request-sample Leading players of Dialyzer including: • Fresenius Medical Care • Baxter • Nipro • Asahi Kasei • Toray • B.Braun • Nikkiso • Medtronic • Kawasumi • Medica • Wego • Lengthen • Peony Medical • Chengdu OCI • Bain Medical Equipment Market split by Type, can be divided into: • Flat Type Dialyzer • Coil Tube Dialyzer • Ho...
Read more

Insights into the Medical Waste Disposal Category: A Comprehensive Procurement Intelligence Report

  Medical Waste Disposal Category Overview The medical waste disposal category is anticipated to grow at a CAGR of 6.0% from 2023 to 2030. Appropriate disposal of medical trash is the key challenge for healthcare providers across the globe. Rising awareness about the benefits of proper medical waste management for treatment, recycling, and disposal of medical trash has boosted the growth of the category. According to the World Health Organization Study Report 2022, countries with low income generate over 0.2 kg of medical trash per day per hospital bed, whereas countries with high income generate hazardous waste of up to 0.5 kg per hospital bed each day. Moreover, rising government initiatives and strict rules and regulations for waste management are also expected to drive the category. For instance, in December 2022, an MOU was signed between the Center for Health Environment Research and Development and Can Tho Central General Hospital under USAID’s Reducing Pollution Project. T...
Read more