The global AI-based clinical trials solution provider market size reached USD 1.24 Billion in 2020 and is expected to register a revenue CAGR of 21.5% during the forecast period, according to latest analysis by Emergen Research
The global AI-based clinical trials solution provider market size reached USD 1.24 Billion in 2020 and is expected to register a revenue CAGR of 21.5% during the forecast period, according to latest analysis by Emergen Research. Rising technological advancements and growing demand for early detection of diseases are some of the key factors driving the market growth. In addition, increasing adoption of big data analytics in healthcare sector is another major factor providing a significant boost to the market growth. However, high initial investment and dearth of skilled professionals are some of the key factors restraining the market growth.
Increasing adoption of Artificial Intelligence (AI)-enabled digital technology in the field of clinical research and development (R&D) is a key factor driving the growth of the AI-based clinical trials solution provider market. The demand for digital tools that facilitate early detection of clinical trial issues, patient engagement in clinical studies, and real-time data collection is expected to create new opportunities for players operating in the AI-based clinical trials solution provider market during the forecast period.
AI-based clinical trials solution providers offer a number of advantages that are helping them gain traction in the healthcare industry. For instance, AI-based solutions help reduce the time and cost associated with clinical trials. In addition, these solutions enable early detection of issues related to clinical studies, which helps improve the success rate of clinical trials. Moreover, AI-based solutions offer accurate and real-time data collection, which is helping healthcare organizations streamline their clinical research processes.
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Traditional research and development activities in the pharmaceutical and biotechnology industry are becoming more data-driven. In addition, the ever-changing reimbursement landscape is forcing these companies to be nimble in their clinical trial designs. As a result, clinical trial sponsors are turning to artificial intelligence (AI) for help with drug development and commercialization.
Some Key Highlights from the Report
- Some key players in the market include AiCure, LLC, Unlearn.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., and Owkin Inc.
- In March 2021, Saama Technologies Inc. a provider of AI-based clinical trial management solutions, raised $102 million in a Series D funding round led by Tiger Global Management. This funding will be used to expand its product development and go-to-market capabilities.
- Also, In March 2021, Perceptive Informatics, Inc., a part of Parexel International Corporation and a provider of cloud-based eClinical solutions and services for the clinical research industry, acquired Medidata Solutions, Inc. (US), a provider of artificial intelligence (AI)-powered life sciences technology and services. This acquisition will help in boosting Perceptive Informatics’ product portfolio in the AI-based clinical trials solution provider market.
- Phase-II segment is expected to account for largest revenue share over the forecast period due to growth of personalized & precision medicine and increase in clinical trials of biopharmaceuticals. Also, biologics are more complex in structure as compared to small molecules, which is expected to fuel demand for biologics during the forecast period.
- Cancer segment is expected to account largest revenue share over the forecast period due to increase in prevalence of cancer and surge in number of clinical trials for cancer. According to National Cancer Institute, around 1.7 million new cases of cancer were diagnosed in the U.S. in 2018 and the number is expected to reach 2.3 million by 2030.
- Contract Research Organizations (CROs) segment is expected to register a significantly robust CAGR in terms of revenue over the forecast period owing to their expertise in running clinical trials and understanding of regulations. Also, many pharmaceutical & biotechnology companies are outsourcing their clinical research activities to CROs to focus on their core competencies, which is expected to drive growth of this segment over the forecast period.
- Geographically, North America is expected to account for largest revenue share over the forecast period due to increase in prevalence of cancer and other chronic diseases, surge in number of clinical trials, and early adoption of advanced technologies. According to National Cancer Institute, around 1.7 million new cases of cancer were diagnosed in the U.S. in 2018 and the number is expected to reach 2.3 million by 2030.
- The software solutions segment is expected to witness highest CAGR during the forecast period owing to rising adoption of big data analytics in healthcare sector. Also, government initiatives to promote adoption of healthcare IT solutions is propelling the growth of AI-based clinical trials solution provider market.
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Emergen Research has segmented the global AI-based clinical trials solution provider market on the basis of 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)
- Pharmaceuticals
- Academia
- Contract Research Organizations (CROs)
Regional Outlook (Revenue, USD Million; 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 APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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