AI-based Clinical Trials Solution Provider Market Size to Reach USD 5.86 Billion in 2028 Growing at a CAGR of 21.5%, according to Emergen Research
Emergen Research has published its latest report titled “AI-based Clinical Trials Solution Provider Market By Clinical Trial Phase (Phase-I, Phase-II, Phase-III), By Therapeutic Application (Cancer, Cardiovascular Disease, and Others), By End-use (Pharmaceutical, Academia, Contract Research Organizations), and By Region Forecast to 2028”
According to Emergen Research, the global AI-based clinical trials solution provider market size was USD 1.24 Billion in 2020 and is expected to reach USD 5.86 Billion in 2028 and register a revenue CAGR of 21.5% during the forecast period, 2021-2028.
Artificial intelligence (AI) has emerged as a critical tool for increasing clinical trial operational efficiency, accelerating drug discovery and development, and reducing clinical trial costs. This technology can help pharmaceutical and biotechnological companies to overcome numerous issues in clinical trials and drug research and development process. AI-powered data integration and pattern recognition are essential to gather and analyze the growing volumes of data that fuel modern therapy development. Increasing awareness regarding the benefits of AI-based clinical trials is a major factor expected to boost market revenue growth over the forecast period. In addition, wearable technology, along with AI techniques, is useful in monitoring patients during trials in a real-time, individualized, and continuous way. This can increase patient compliance with the protocol and reliability of the endpoint assessment.
In addition, growing number of clinical studies, and increasing government and private initiatives to improve healthcare facilities by introducing novel AI technologies and medications are other factors drive revenue growth of the market. However, high cost of research and development process, lack of skilled professionals and knowledge about how to use complicated AI algorithms, and stringent government regulations on drug development are factors that can restrain revenue growth of the market to a certain extent during the forecast period.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Neurological Disease Segment Revenue to Expand at a Rapid CAGR:
Neurological disease segment is expected to register a rapid revenue CAGR over the forecast period attributed to increasing number of patients suffering from neurological disorders such as Alzheimer’s disease, Parkinson’s disease, and epilepsy. In addition, large scale application of AI-based deep learning platforms and ML for predictive analysis to facilitate early diagnosis of various neurological conditions are some other factors expected to drive revenue growth of this segment.
Contract Research Organizations (CRO) Segment to Register Significant Revenue Growth:
Contract Research Organizations (CRO) segment is expected to register significant revenue growth over the forecast period owing to large scale use of AI-based clinical trials solutions to streamline operations and outcomes of clinical trials. Further, numerous pharmaceutical companies outsource clinical studies and trials to CROs in order to speed up operations, minimize cost of drug development, and improve drug safety and efficiency, which in turn has boosted demand for AI-based solutions in the market.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to increasing usage of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and deep learning in clinical trials, and rising government and private investment on AI-based technologies to attain higher productivity and improve operational process. Further, presence of biopharmaceutical companies and ongoing research in the field of oncology to develop therapeutic drugs are some other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- AiCure, LLC
- AI, Inc.
- BioAge Labs Inc.
- Antidote Technologies, Inc.
- Saama Technologies Inc.
- International Machine Business Corporation (IBM)
- Concentro Health AI
- Deep 6 AI Inc.
- PathAI Inc.
- Owkin Inc.
For the purpose of this report, Emergen Research has segmented the global AI-based clinical trials solution provider market on the basis of clinical trial phase, therapeutic application, end-use, and region:
Clinical Trial Phase Outlook (Revenue, USD Billion; 2018–2028)
Therapeutic Application Outlook (Revenue, USD Billion; 2018–2028)
- Cardiovascular Disease
- Neurological Disease
- Metabolic Disease
- Infectious Disease
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Contract Research Organizations (CROs)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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