AI-based Clinical Trials Solution Provider Market Growth & Trends
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
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
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)
AI-based Clinical Trials Solution Provider Therapeutic Application Outlook (Revenue, USD Million, 2016–2028)
- Cardiovascular Diseases
- Neurological Diseases or Conditions
- Metabolic Diseases
- Infectious Diseases
AI-based Clinical Trials Solution Provider End-user Outlook (Revenue, USD Million, 2016–2028)
- Pharmaceutical Companies
List of Key Players of AI-based Clinical Trials Solution Provider Market
- Unlearn.AI, Inc.
- Saama Technologies
- Antidote Technologies, Inc.
- Deep 6 AI
- Median Technologies
- Symphony AI
- BioAge Labs, Inc.
- AiCure, LLC
- DEEP LENS AI
- Halo Health Systems
- Koneksa Health
- Google- Verily
- GNS Healthcare
- IBM Watson