The global AI-based clinical trials solution provider market size is expected to reach USD 5.2 billion by 2028 and is expected to expand at a CAGR of 21.7% over the forecast period, according to a new report by Grand View Research, Inc. Rising adoption of AI-based platforms and technologies by pharmaceutical companies and academia, along with increasing adoption of artificial intelligence (AI) are among the factors driving the market growth. In addition, increasing public and private sector offerings for boosting the research and development in various therapeutic areas, coupled with diverse applications provided by AI in the field of clinical trials is further supporting the growth.
Based
on phase, the phase-II segment dominated the market with a share of 48.5% in
2020. This high share is attributable to a higher number of active
interventional studies in the second phase. Furthermore, the second phase is
crucial for analyzing the immediate outcome of the overall desired outcome from
the completion of clinical trials. In addition, since improvements in the
further phases of the trial and determination of measures with regards to
AI-based tools can be effectively carried out in this phase, the segment
comprises of higher revenue share.
In
2020, based on therapeutic applications, the oncology segment accounted for the
highest revenue share in the market owing to a growing number of interventional
studies in the oncology field and the rising prevalence of cancer. Furthermore,
the rising number of market players developing and adopting oncology-based AI
tools for clinical trials is further anticipated to propel segment growth.
Based
on end-user, the pharmaceutical companies segment accounted for the highest
revenue share in the market in 2020 owing to the increasing adoption of
AI-based technologies for drug development and interventional studies by major
pharmaceutical players. In addition, growing strategic developments in the form
of partnerships, acquisitions, collaborations, and mergers are further
bolstering the market growth.
North
America dominated the market and accounted for the largest revenue share of
43.6% in 2020 owing to various factors including a rising number of start-ups
and AI in drug development-based companies in the region, growing awareness and
adoption of AI-based technologies, an increasing number of interventional
studies. In addition, supportive government initiatives and growing strategic
initiatives by major players are driving the demand for AI-based clinical trial
solutions in the region.
In
addition, the COVID-19 pandemic has also led to a surge in the utilization of
AI-based technologies. Increasing adoption of technologically advanced solutions
for drug development and utilization of such solutions for analyzing the
recruited patient’s data are some of the prominent factors contributing to the
upsurge in adoption during the pandemic. Furthermore, the pandemic was also
responsible for many clinical trials being put on hold and hence major
companies shifted their focus on utilizing AI-based solutions, thereby boosting
decentralized interventional studies. Moreover, a large amount of patient data
analyzed and consolidated effectively through these solutions has further
supported the market growth. For instance, according to a 2021 article
published in Healthcare IT News, there is an increase in the adoption of
AI-based clinical trial solutions for oncology during COVID-19. Therefore, such
instances signify affirmative growth of the market, even during the pandemic.
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AI-based Clinical
Trials Solution Provider Market Report Highlights
- The market is
anticipated to witness significant growth by 2028 owing to various
applications provided by AI in the field of clinical trials and the
growing adoption of such platforms by pharmaceutical companies
- The phase-II
trials segment dominated the market in 2020, owing to the increasing
number of interventional studies active in this phase
- The oncology
segment dominated the market in 2020, owing to the rising prevalence of
cancer and a growing number of interventional studies in the oncology
field
- The
pharmaceutical companies segment accounted for the highest revenue share
in 2020 owing to the increasing adoption of artificial intelligence
technologies for drug development by major pharmaceutical players
- North America
dominated the market and accounted for the largest revenue share of 43.6%
in 2020, 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
regarding AI-based tools and technologies
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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 user, and region:
AI-based Clinical
Trials Solution Provider Clinical Trial Phase Outlook (Revenue,
USD Million, 2016 - 2028)
- Phase-I
- Phase-II
- Phase-III
AI-based Clinical
Trials Solution Provider Therapeutic Application Outlook (Revenue, USD Million,
2016 - 2028)
- Oncology
- Cardiovascular Diseases
- Neurological Diseases or Conditions
- Metabolic Diseases
- Infectious Diseases
- Others
AI-based Clinical
Trials Solution Provider End-user Outlook (Revenue, USD Million, 2016 - 2028)
- Pharmaceutical Companies
- Academia
- Others
AI-based Clinical
Trials Solution Provider Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Asia Pacific
- Australia
- China
- Japan
- South Korea
- India
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
List of Key
Players of AI-based Clinical Trials Solution Provider Market
- Unlearn.AI, Inc.
- Saama Technologies
- Antidote Technologies, Inc.
- Phesi
- Deep 6 AI
- Innoplexus
- Mendel.ai
- Intelligencia
- Median Technologies
- Symphony AI
- BioAge Labs, Inc.
- AiCure, LLC
- CONSILX
- DEEP LENS AI
- Halo Health Systems
- Pharmaseal
- Ardigen
- Trials.Ai
- Koneksa Health
- Euretos
- BioSymetrics
- Google- Verily
- GNS Healthcare
- IBM Watson
- Exscientia
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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