Rapid adoption of AI-based clinical trial solutions by pharmaceutical and biotechnological companies and rise in drug research & development projects are some key factors driving market revenue growth.
Rapid adoption of AI-based clinical trial solutions by pharmaceutical and biotechnological companies and rise in drug research & development projects are some key factors driving market revenue growth
According to Emergen Research, the global AI-based clinical trials solution provider market size was USD 1.24 billion in 2020 and is expected to reach USD 5.86 billion in 2028 and register a revenue CAGR of 21.5% during the forecast period, 2021-2028.
Market Dynamics:
Revenue growth of the global AI-based clinical trials solution provider market is primarily attributed to factors such as rising prevalence of chronic and acute diseases worldwide, rise in new drug research & development projects, increasing adoption of AI-based clinical trial solutions by pharmaceutical and biotechnological companies to reduce clinical trial errors and operational costs, and rising awareness of the advantages of using these solutions.
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Artificial intelligence technology is rapidly emerging as a critical tool for advancing the healthcare sector. AI-based clinical trial solutions help reduce chances of errors in clinical trials, enhance operational efficiency, accelerate new drug discovery & development, and decrease costs. AI-powered data integration and pattern recognition solutions help in gathering and analyzing high volumes of data. Moreover, AI-based wearable technology is used in real-time, individualized patient monitoring during clinical trials to ensure patient compliance with specific protocols. Rising number of clinical research and studies, increasing government and private investments in healthcare infrastructure development, and introduction of novel AI-based technologies in the healthcare sector are other important factors driving the global market revenue growth.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Neurological Disease Segment Accounted for Largest Revenue Share in 2020:
The neurological disease segment dominated other segments in terms of revenue share in the global market in 2020. Rising prevalence of various neurological disorders such as Parkinson’s disease, Alzheimer’s disease, and epilepsy, and large-scale application of machine learning and deep learning platforms in clinical trials for predictive analysis and early diagnosis of various neurological conditions are among the key factors supporting revenue growth of this segment.
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Contract Research Organizations (CROs) Segment to Account for Fastest Revenue CAGR:
The contract research organizations (CROs) segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Growing demand for AI-based clinical trial solutions to streamline and accelerate clinical trial processes, and increasing outsourcing of clinical trial solutions by CROs to minimize drug development costs and improve drug safety and efficacy are major factors contributing to revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America AI-based clinical trials solution provider market accounted for the largest revenue share in the global market in 2020. Rapid integration of emerging technologies such as AI, machine learning, and deep learning in clinical trials, increasing number of clinical trials and studies, and rising focus on improving the operational efficiency and outcomes of clinical trials are some factors expected to drive market revenue of the market in the region. In addition, rise in public and private investments in the pharmaceutical and biopharmaceutical sectors and presence of key market players in the region, including IBM, AiCure, LLC, and BioAge Labs Inc., are some others key factors expected to contribute to the regional market revenue growth.
Major Companies in the Global AI-based Clinical Trials Solution Provider Market Include:
- AiCure, LLC
- AI, Inc.
- BioAge Labs Inc.
- Antidote Technologies, Inc.
- Saama Technologies Inc.
- International Machine Business Corporation (IBM)
- Concentro Health AI
- Deep 6 AI Inc.
- PathAI Inc.
- Owkin Inc.
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For the purpose of this report, Emergen Research has segmented the global AI-based clinical trials solution provider market based on clinical trial phase, therapeutic application, end-use, and region:
Clinical Trial Phase Outlook (Revenue, USD Billion; 2018–2028)
- Phase-I
- Phase-II
- Phase-III
Therapeutic Application Outlook (Revenue, USD Billion; 2018–2028)
- Cancer
- Cardiovascular Disease
- Neurological Disease
- Metabolic Disease
- Infectious Disease
- Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Pharmaceutical Companies
- Academic Research Institutions
- Contract Research Organizations (CROs)
- Others
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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