Between 2022 and 2032, the global AI-based clinical trials solutions provider market is projected to expand at a compound annual growth rate (CAGR) of 23.2%, from US$ 1.7 billion to US$ 14.2 billion.
Future Market Insights, a market research, and competitive intelligence provider, analyses that AI-based Clinical Trials Solution Provider market is set to witness steady growth owing to increasing government and private sector initiatives to improve healthcare facilities through the implementation of novel AI technologies and medications.
Artificial intelligence (AI), and machine learning techniques are gradually enhancing clinical trial efficiencies, streamlining clinical practice processes, and allowing pharmaceutical corporations to discover novel treatments and therapies faster and more cost-effectively.
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The AI-based Clinical Trials Solution providers are manufactured by companies such as:
- AiCure, LLC
- AI, Inc.
- BioAge Labs Inc.
- Antidote Technologies, Inc.
- Saama Technologies Inc.
- International Machine Business Corporation (IBM)
North America region dominates the global AI-based Clinical Trials Solution Provider market share owing to the region’s expanding government and corporate investment in AI-based technologies to achieve higher efficiency and improve operational processes and increasing use of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and deep learning in clinical trials. Europe holds the second-largest largest share in the AI-based Clinical Trials Solution Provider market followed by the ASEAN region.
The top therapeutic application of AI-based Clinical Trials is oncology with market size of US$ 432.7 Mn in 2022. Growing emphasis on integrating AI in cancer care to improve the speed and accuracy of cancer diagnosis is the driving factor.
Key Takeaways:
- The AI-based Clinical Trials Solution Provider market is anticipated to add 8X value by 2032
- The market is expected to expand at a considerable growth rate of 24.5% and be valued at US$ 14.2 Bn by 2032
- AiCure LLC, Unlearn.AI, Inc., and Saama Technologies Inc. are the top giants in AI-based Clinical Trials Solution Providers
- Based on end use, pharmaceutical companies accounted for around 65% of the global market share in 2021
- Saama Technologies Inc. announced a collaboration with Oracle Corporation in March 2021 to integrate Oracle’s Health Science’s Clinical One Platform with Saama’s smart applications.
“Raising awareness of the advantages of AI-based clinical trials and measures to support public and private sector R&D in various therapeutic areas are fuelling the need for AI-based Clinical Trials Solution Providers”, says a Future Market Insights analyst.
Winning Strategy
To fulfil the rising demand, major firms are focusing on initiatives such as mergers and acquisitions and the expansion of worldwide distribution networks. To stay competitive in the post-coronavirus economy, companies are launching innovative products into the market.
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More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global AI-based Clinical Trials Solution Provider market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by Application in Clinical Trial Phases (Clinical Trial Design, Patient Enrichment and enrolment, Investigator and site selection, Patient Monitoring, Medication Adherence, Patient Retention, Data Analytics), by Trial phase (Phase I, II and III), by Therapeutic Applications (Oncology, Cardiovascular, Neurological, Infectious, and Metabolic diseases) and across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Key Segments:
AI-based Clinical Trials Solution Provider Market by Therapeutic Applications:
- Cardiovascular diseases
- Neurological Diseases
- Infectious diseases
- Metabolic diseases
- Oncology
AI-based Clinical Trials Solution Provider Market based on trial phase:
- Phase I
- Phase II
- Phase III
AI-based Clinical Trials Solution Provider Market by end user:
- Pharmaceutical companies
- Academia
- Others
AI-based Clinical Trials Solution Provider Market based on trial phase:
- North America
- Latin America
- Europe
- East Asia
- South Asia and ASEAN
- Oceania
- Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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