AI-based Clinical Trials Solution Provider Market 2031
AI-based Clinical Trials Solution Provider Market 2031
Segments - AI-based Clinical Trials Solution Provider Market by Phase (Phase-I, Phase-II, and Phase-III), Application (Cardiovascular Diseases, Oncology, Neurological Diseases, Infectious Diseases, Metabolic Diseases, and Others), End-user (Academia, Pharmaceutical Companies, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :HC-5852
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Report Description
AI-based Clinical Trials Solution Provider Market Outlook 2031
The global AI-based clinical trials solution provider market size was USD 1.7 Billion in 2022 and is likely to reach USD 7.9 Billion by 2031, expanding at a CAGR of 22.1% during 2023–2031. The market is driven by technological advancements in the field of medicine.
Increased efficiency and speed provided by the incorporation of AI-based tools and services in clinical trials is anticipated to boost the market in the coming years. AI helps in automating the patient recruitment procedure, site selection, and data analysis. This aids in significantly reducing the cost and duration of trials. As a result, a large number of pharmaceutical and biopharmaceutical companies isadopting the use of AI to enhance their functionality and stay ahead of others in the market.
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In June 2023, Saama launched a comprehensive platform of SaaS-based products that complements its existing solutions and services portfolio. This new platform leverages Saama's AI and ML-enhanced solutions to automate critical clinical development processes and provide a centralized view of trial operations and patient progress.
AI seamlessly integrates data from various sources, there by improving data quality and facilitating improved decision-making. It aids in ensuring regulatory compliance by providing accurate and auditable data.
Moreover, AI reduces trial overhead costs by optimizing resource allocation and predicting potential risks. This is projected to create lucrative prospects inthe market during the assessment period.
The COVID-19 pandemic boosted the market, due to the surge in requirement of clinical trials. Lack of proper treatment for the infection during the pandemic led to several pharmaceutical companies conducting clinical trials to find a cure. Use of AI aided in speeding up the process by providing comprehensive data and analysis about the effect of experimental drugs.
AI-based Clinical Trials Solution Provider Market Dynamics
Major Drivers
Increasing penetration of AI technology in different facets of health careis expected to drive the market during the projection period. AI technology is widely used in healthcare, such as drug development and designing, automated imaging, and AI surgical robots. Technology giants such as IBM and Google are using historical patient data, both unstructured and structured, by mining medical records.
Furthermore, multiple national companies are investing in AI by acquiring small technology players, which depicts the growth potential of AI in the coming years. These factors indicate the rising penetration of AI, which is likely to propel the adoption of AI in clinical trials, there by boosting the market.
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In March 2021, Saama Technologies, Inc. and Datavant entered into a collaborative partnership for the mapping of patient journeys through different real-world and clinical data sets. Saama used its Life Science Analytics Cloud during this project for enhanced efficiency and accuracy.
Existing Restraints
Shortage of trained professionals is likely to hamper the market during the forecast period. Increase in demand and supply gap of skilled professionals is posing challenges for the market growth.
AI technology is a highly advanced application of information technology, which requires technologically skilled employees to operate, upgrade, and access data within healthcare technology. The shortage of workforce skilled in AI technology in healthcare is likely to impede the market.
Emerging Opportunities
Growing Initiatives and support of the government for clinical trials and researchare anticipated to provide substantial opportunities for the market growth. Favorable government backing and stringent regulations about clinical trials are likely to propel the demand for AI-based tools, technologies, and solutions. Advantages provided by such technologies in better management of clinical trials and detection of problems are anticipated to enhance the market expansion during the forecast period.
Scope of AI-based Clinical Trials Solution Provider Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
AI-based Clinical Trials Solution Provider Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Phase (Phase-I, Phase-II, and Phase-III), Application (Cardiovascular Diseases, Oncology, Neurological Diseases, Infectious Diseases, Metabolic Diseases, and Others), End-user (Academia, Pharmaceutical Companies, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, MarketTrends, and Revenue Forecast |
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Key Players Covered in the Report |
Unlearn AI; Saama; Phesi; Innoplexus; IBM; Deep6.ai; Consilx; Ardigen; Antidote Technologies, Inc.; and AiCure. |
AI-based Clinical Trials Solution Provider Market Segment Insights
Phase Segment Analysis
Based on phase, the AI-based clinical trials solution provider market is divided into phase-I, phase-II, and phase-III. The phase-II segment is projected to hold amajor share of the market during the projection period, due to the increasing adoption of artificial intelligence in drug development.
AI helps to streamline patient recruitment, enhance data analysis, and optimize trial designs, thereby accelerating the development of therapies. Pharmaceutical companies are investing in AI-driven solutions, which is projected to boost the phase-II segment in the coming years.
Application Segment Analysis
On the basis of application, the global market is segregated into cardio vascular diseases, oncology, neurological diseases, infectious diseases, metabolic diseases, and others. The oncology segment is projected to expand ata high CAGR during the forecast period, owing to the increasing need for personalized treatments.
AI is used to analyze vast datasets and identify treatment options that are customized to the needs of the patients. This helps in maintaining efficiency in drug development. Moreover, the regulatory support for AI applications in oncology trials makes it a key area of innovation and investment and is projected to propel this segment.
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According to the report published by the National Institute of Health in January 2023, 1,958,310 new cases of cancer are estimated to occur in the US in 2023. In addition, 609,820 cancer deaths are also projected to occur in the same year.
End-user Segment Analysis
On the basis of end-user, the AI-based clinical trials solution provider market is segmented into academia, pharmaceutical companies, and others. The pharmaceutical companies segment is anticipated to expand ata robust growth rate during the forecast period.
High prevalence of chronic health conditions and deteriorating healthcare standards of the global population are boosting the demand for innovations in the pharmaceutical industry. Additionally, major pharmaceutical and biopharmaceutical companies are focusing on adopting AI-based solutions for their drug discovery and clinical trial studies to expand their business offerings rapidly.
Utilization of these technological solutions enables pharmaceutical companies to enhance the accuracy and reliability of their clinical trial studies and eventually reduce the time taken as well as costs.
The academia segment is projected to expand ata considerable CAGR during the forecast period asacademic institutes are using AI and machine learning modules to provide data-driven insights to sponsors and stakeholders and enable efficient decision-making.
This strategy is being adopted to overcome challenges such as lack of funding and research staff. However, the lack of research staff and other human resources still remains a challenge for academic institutes while undertaking clinical trials.
Regional Outlook
In terms of region, the global AI-based clinical trials solution provider market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America is expected to dominate the market during the projection period,due to its significant investment in research and development, quick technological advancements, increased use of technologically advanced solutions, and the presence of international competitors. Additionally, the region offers favorable opportunities for startups, which is expected to further promote market growth.
The market in Europe is expected to register significant growthover the projection period. Countries such as the UK and Germany have a large patient pool and advanced medical expertise, which has led to an increase in the adoption of patient-friendly and technologically advanced clinical trial solutions in Europe.
Doctors support clinical trials, as theyhelp patients and enable research by attracting participants. This acceptance and support from the medical fraternity isexpected to drive the market in the region.
Segments
The AI-based clinical trials solution provider market has been segmented on the basis of
Phase
- Phase-I
- Phase-II
- Phase-III
Application
- Cardiovascular Diseases
- Oncology
- Neurological Diseases
- Infectious Diseases
- Metabolic Diseases
- Others
End-user
- Academia
- Pharmaceutical Companies
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Unlearn AI
- Saama
- Phesi
- Innoplexus
- IBM
- Deep6.ai
- Consilx
- Ardigen
- Antidote Technologies, Inc.
- AiCure
Competitive Landscape
Key players competing in the global AI-based clinical trials solution provider market are Unlearn AI; Saama; Phesi; Innoplexus; IBM; Deep6.ai; Consilx; Ardigen; Antidote Technologies, Inc.; and AiCure.
These companies incorporate development strategies, such asproduct launches, mergers, acquisitions, collaborations, partnerships, and production expansion, to stay ahead of the curve. For instance,
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In April 2023, Vuno, a medical AI-based solutions provider, was granted a patent for its AI-based technology for analyzing medical images. This technology streamlines the process of identifying lesion areas in medical images, thereby allowing for efficient and effective analysis by medical professionals.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. AI-based Clinical Trials Solution Provider Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. AI-based Clinical Trials Solution Provider Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. AI-based Clinical Trials Solution Provider Market - Supply Chain
4.5. Global AI-based Clinical Trials Solution Provider Market Forecast
4.5.1. AI-based Clinical Trials Solution Provider Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. AI-based Clinical Trials Solution Provider Market Size (000’ Units) and Y-o-Y Growth
4.5.3. AI-based Clinical Trials Solution Provider Market Absolute $ Opportunity
5. Global AI-based Clinical Trials Solution Provider Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Applications
5.3.1. Cardiovascular Diseases
5.3.2. Oncology
5.3.3. Neurological Diseases
5.3.4. Infectious Diseases
5.3.5. Metabolic Diseases
5.3.6. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global AI-based Clinical Trials Solution Provider Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by End Users
6.3.1. Academia
6.3.2. Pharmaceutical Companies
6.3.3. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global AI-based Clinical Trials Solution Provider Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global AI-based Clinical Trials Solution Provider Demand Share Forecast, 2019-2026
8. North America AI-based Clinical Trials Solution Provider Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Applications
8.4.1. Cardiovascular Diseases
8.4.2. Oncology
8.4.3. Neurological Diseases
8.4.4. Infectious Diseases
8.4.5. Metabolic Diseases
8.4.6. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by End Users
8.7.1. Academia
8.7.2. Pharmaceutical Companies
8.7.3. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America AI-based Clinical Trials Solution Provider Demand Share Forecast, 2019-2026
9. Latin America AI-based Clinical Trials Solution Provider Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Applications
9.4.1. Cardiovascular Diseases
9.4.2. Oncology
9.4.3. Neurological Diseases
9.4.4. Infectious Diseases
9.4.5. Metabolic Diseases
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by End Users
9.7.1. Academia
9.7.2. Pharmaceutical Companies
9.7.3. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America AI-based Clinical Trials Solution Provider Demand Share Forecast, 2019-2026
10. Europe AI-based Clinical Trials Solution Provider Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Applications
10.4.1. Cardiovascular Diseases
10.4.2. Oncology
10.4.3. Neurological Diseases
10.4.4. Infectious Diseases
10.4.5. Metabolic Diseases
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by End Users
10.7.1. Academia
10.7.2. Pharmaceutical Companies
10.7.3. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe AI-based Clinical Trials Solution Provider Demand Share Forecast, 2019-2026
11. Asia Pacific AI-based Clinical Trials Solution Provider Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Applications
11.4.1. Cardiovascular Diseases
11.4.2. Oncology
11.4.3. Neurological Diseases
11.4.4. Infectious Diseases
11.4.5. Metabolic Diseases
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by End Users
11.7.1. Academia
11.7.2. Pharmaceutical Companies
11.7.3. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific AI-based Clinical Trials Solution Provider Demand Share Forecast, 2019-2026
12. Middle East & Africa AI-based Clinical Trials Solution Provider Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by Applications
12.4.1. Cardiovascular Diseases
12.4.2. Oncology
12.4.3. Neurological Diseases
12.4.4. Infectious Diseases
12.4.5. Metabolic Diseases
12.4.6. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa AI-based Clinical Trials Solution Provider Market Size and Volume Forecast by End Users
12.7.1. Academia
12.7.2. Pharmaceutical Companies
12.7.3. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa AI-based Clinical Trials Solution Provider Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global AI-based Clinical Trials Solution Provider Market: Market Share Analysis
13.2. AI-based Clinical Trials Solution Provider Distributors and Customers
13.3. AI-based Clinical Trials Solution Provider Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Unlearn AI
13.4.2. Saama
13.4.3. Phesi
13.4.4. Innoplexus
13.4.5. IBM
13.4.6. Deep6.ai
13.4.7. Consilx
13.4.8. Ardigen
13.4.9. Antidote Technologies, Inc.
13.4.10. AiCure
Methodology
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