AI-Based Clinical Trial Solution Provider Market
AI-Based Clinical Trial Solution Provider Market | Cut
The global market size of AI-based clinical trial solution providers reached USD 1.24 billion in 2020 and is expected to register a revenue CAGR of 21.5% during the forecast period, according to the latest analysis by Emergen Research. The growing adoption of artificial intelligence (AI)-based digital technology is a key driver for the revenue growth of the global AI-based clinical trial solution provider market. The market for AI-based clinical trial solution providers is driven by the increasing use of AI-based platforms to improve the efficiency and effectiveness of trials at different stages. Some of the other reasons driving the expansion of the market include government and private sector support activities for various therapeutic areas. Additionally, the market is supported by the growing awareness of the applications of AI in clinical trials, such as drug trial design, better patient selection, location selection, monitoring of patients, etc.
The increasing use of AI in drug trials and the accessibility of AI-based solutions can facilitate a variety of clinical trial processes, including drug trial design, enrichment and patient recruitment, investigator and site selection, patient monitoring, medication compliance, etc. , which accelerates the expansion of the market. According to studies, patient enrollment and eligibility are two critical steps for the overall effectiveness of a drug study. 85% of drug trials are delayed during patient recruitment and 30% are abandoned prematurely due to insufficient recruitment. AI-powered platforms help reduce this barrier. As a result, many researchers are using AI in drug trials, encouraging the market for companies that offer AI-based clinical trial solutions to grow.
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The research report on the Global AI-Based Clinical Trial Solution Providers Market provides a brief overview of the competitive landscape and key developments, policies, manufacturing costs, and processes. The report also provides the analysis of import/export, production and consumption ratio, supply and demand, cost, price, estimated revenue and gross margins. The report further examines in detail the driving factors influencing the growth of the market currently and in the coming years.
Market competition of AI-based clinical trial solution providers
The AI-Based Clinical Trial Solution Providers Market report includes insights into product launches, sustainability, and outlook of major vendors such as: , 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.
Some highlights of the report
The Phase II segment is expected to account for the largest share of revenue during the forecast period, due to the growing number of active second phase clinical trials in the field of oncology and the increased focus on the track phase II to develop an effective treatment approach for specific types of diseases such as acute leukemia, glioblastoma and Alzheimer’s disease.
The cancer segment is expected to account for the largest share of revenue during the forecast period due to the growing focus on integrating AI into cancer care to improve the speed and accuracy of diagnosis of cancer, to facilitate clinical decision-making and lead to better health care outcomes, coupled with increased investment in AI-based clinical trials to develop new therapeutic drugs for the treatment of cancer.
The contract research organization (CRO) segment is expected to register a significantly robust CAGR in terms of revenue during the forecast period owing to the increasing implementation of AI-based solutions to improve clinical trial design , the growing number of research studies conducted to develop therapies for cardiovascular disease, cancer, metabolic disorders, central nervous system (CNS) disorders, and the growing number of partnerships with biopharmaceutical companies in drug discovery niche.
North America is expected to account for the largest share of revenue over the forecast period due to the increasing prevalence of targeted diseases and growth in the number of start-ups focusing on technology and platform development. AI-based forms to improve trial success rates, reduce trial costs, and enable researchers to more efficiently manage clinical trial workflows.
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The AI-based Clinical Trial Solution Provider Market research report is a comprehensive and vital document encompassing business strategies, qualitative and quantitative analysis, and emerging trends of the global Solution Provider market of AI-based clinical trials. The report offers in-depth research and evaluation of key elements of the global AI-enabled Clinical Trial Solution Provider market. Research analysts have formulated this report through extensive primary and secondary research with detailed analysis of drivers, restraints, challenges, trends, and opportunities to provide a panoramic view of the Clinical Trial Solution Provider market based on AI.
Emergen Research has segmented the global market for AI-enabled clinical trial solution providers based on clinical trial phase, therapeutic application, end-use, and region:
Clinical Trial Phase Outlook (Revenue, USD Billion; 2018-2028)
Therapeutic Applications Outlook (Revenue, USD Billion; 2018-2028)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
Contract Research Organizations (CROs)
Regional Outlook: (Revenue, USD Billion; 2018-2028)
North America (United States) (Canada) (Mexico)
Europe (Germany) (UK) (France) (BENELUX) (Rest of Europe)
Asia-Pacific (China) (Japan) (South Korea) (Rest of APAC)
Latin America (Brazil) (rest of LATAM)
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Why Should You Buy This AI-Based Clinical Trial Solution Provider Market Report?
• The study document dissects the total market potential of major regions along with strengths, opportunities and challenges, restraints and dangers.
• Identifying high-improvement locations, the study inspects open entries, keeping an eye out for accomplices.
• It examines each sub-market in terms of a unique improvement design and its contribution to the market.
• It examines recent developments, such as advances, business strategies, new product launches and acquisitions.
• It deliberately profiles the major players in the market and thoroughly studies their strategies for advancement.
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