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AI-Based Clinical Trials Solution Provider Market: Segmented: By Clinical Trial Phase (Phase-I, Phase-II, Phase-III), By Therapeutic Application (Oncology, Cardiovascular Diseases, Neurological Diseases or Conditions, Metabolic Diseases, Infectious Diseases, Others), By End User (Pharmaceutical Companies, Academia, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] AI-Based Clinical Trials Solution Provider Market to surpass USD 16.0 billion by 2032 from USD 2.56 billion in 2021 at a CAGR of 18.2% in the coming years, i.e., 2022-32.
Product Overview
Artificial Intelligence (AI) technology and big data, together are capable of solving several major clinical trial challenges. Trial expenses could be decreased with data-driven procedures and strategies that are powered by innovative AI algorithms analyzing data gathered from mobile sensors and applications, electronic medical and administrative records, and other sources. This is accomplished by enhancing data quality, raising patient compliance and retention, and more accurately and consistently detecting therapy efficacy than ever before. Clinical trials are being transformed by AI beginning with protocol formulation, outcome assessments that could be more flexible than current approaches being reduced or replaced, and the use of remotely linked technologies that eliminate the need for patients to travel far distances to study sites.
The AI-Based Clinical Trials Solution Provider Market is expected to project a notable CAGR of 18.2% in 2032.
The main reasons driving the market growth include the growing adoption of AI-based platforms to enhance the efficiency and efficacy of trials at various stages and the supportive activities by the commercial and public sectors for different therapeutic areas. Also, the growing awareness of AI applications in clinical trials, such as drug trial design, better patient selection, location selection, patient monitoring, etc. is propelling the market growth.
The Phase-II segment is expected to grow with a higher CAGR during 2022-32
The AI-Based Clinical Trials Solution Provider market is categorized on the basis of Clinical Trial Phase into Phase-I, Phase-II, and Phase-III. The Phase-II segment led the market in 2021 and is projected to lead in the future as well owing to the availability of numerous registered clinical trials that are now in the second phase. The segment is also expected to grow due to the growing use of AI-based technologies for data gathering and analysis of immediate results of the overall desired outcome through drug trials in this stage.
The Oncology segment is expected to grow with a higher CAGR during 2022-32
AI-Based Clinical Trials Solution Provider market is categorized on the basis of Therapeutic Application into Oncology, Cardiovascular Diseases, Neurological Diseases or Conditions, Metabolic Diseases, Infectious Diseases, and Others. In 2021, the oncology sector accounted for a larger revenue share. The adoption of AI-enabled technology is being impacted by the rising incidence of cancer on the global scale and the large number of oncology-related medication trials.
The Growing Awareness of the Benefits of AI-Based Clinical Trials and Rising Popularity of AI
The development of the market is being significantly impacted by the factors, such as increasing public awareness of the benefits of AI-based clinical trials, activities to support public and private sector R&D in various therapeutic areas, the growing adoption of artificial intelligence (AI)-based technologies by pharmaceutical companies and the academic community, and the rising popularity of AI. Since developing new drugs is an expensive and time-consuming process, using AI in drug trials may help reduce costs, enhance clinical results, and shorten trial times.
The Increased Penetration of AI in Drug Trials and Amplified Use of AI by Researchers
The market for AI-based clinical trial solution providers is expanding owing to the increasing use of AI in drug trials and the accessibility of AI-based solutions that can assist with a variety of clinical trial tasks, including patient enrichment and enrollment, drug trial design, investigator and site selection, medication adherence, patient monitoring, and many more.
High Costs of Research and Development and Less Knowledge on the Use of Complicated AI Algorithms
Over the forecast period, the factors that may limit market revenue growth include high research and development costs, lack of experts with the necessary skills and experience to apply complex AI algorithms, and strict government regulations on medication development.
Recent Developments
AI-Based Clinical Trials Solution Provider market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the AI-Based Clinical Trials Solution Provider Market in 2021. Many AI-based start-ups are present in the area, which is responsible for the market growth in the region. Also, the adoption of AI-based technologies to improve the results of drug trials and increased awareness of these technologies are driving market growth in North America.
Major pharmaceutical corporations are making strategic investments in artificial intelligence-based technologies that are expected to support accelerating medicine development before, during, and after pandemics. AI-based solutions are useful for the detecting and creating of a COVID-19 vaccine, as well as for the analysis of the drug development process for a variety of therapeutic applications. The pandemic has increased the use of artificial intelligence (AI) tools for virtual screening of both novel chemical substances and therapeutic candidates.
AI-Based Clinical Trials Solution Provider is further segmented by region into:
AI-Based Clinical Trials Solution Provider Segments:
| Report Attribute | Details |
| Market size value in 2021 | USD 2.56 Billion |
| Revenue forecast in 2032 | USD 16.0 Billion |
| Growth Rate | CAGR of 18.2% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Clinical Trial Phase, Therapeutic Application, End user and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Deep Lens Inc., Hematology-Oncology Associates of CNY, GlaxoSmithKline plc, Genentech, AiCure LLC, Aiforia, Antidote Technologies Inc., Avantor Inc., Deep 6 AI, Innoplexus Consulting Services Pvt Ltd, Intelligencia.ai, MEDIAN Technologies, Pharmaceutical Pipeline Enhancement Strategies LLC, Saama Technologies Pvt Ltd, Simplifai AS, and Other Prominent Players. |
The AI-Based Clinical Trials Solution Provider market size was estimated at USD 2.56 billion in 2021 and is expected to reach USD 16.0 billion in 2032.
Artificial Intelligence (AI) technology and big data, together are capable of solving several major clinical trial challenges. Trial expenses could be decreased with data-driven procedures and strategies that are powered by innovative AI algorithms analyzing data gathered from mobile sensors and applications, electronic medical and administrative records, and other sources.
The Phase-II and Oncology segments accounted for the larger share of the AI-Based Clinical Trials Solution Provider Market.
Key players in the AI-Based Clinical Trials Solution Provider market are Deep Lens Inc., Hematology-Oncology Associates of CNY, GlaxoSmithKline plc, Genentech, AiCure LLC, Aiforia, Antidote Technologies Inc., Avantor Inc., Deep 6 AI, Innoplexus Consulting Services Pvt Ltd, Intelligencia.ai, MEDIAN Technologies, Pharmaceutical Pipeline Enhancement Strategies LLC, Saama Technologies Pvt Ltd, Simplifai AS, and Other Prominent Players.
The main reasons driving the market growth include the growing adoption of AI-based platforms to enhance the efficiency and efficacy of trials at various stages and the supportive activities by the commercial and public sectors for different therapeutic areas.
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