The global AI-based clinical trials solution provider market size is expected to arrive at USD 5.2 billion by 2028. It is likely to develop by 21.7% CAGR in the period of forecast.
Rising acceptance of artificial intelligence (AI) together with increasing implementation of AI-sourced technologies as well as platforms by the university circles and pharmaceutical manufacturing companies are between the factors, steering the enlargement of the market for AI-based clinical trials solution provider.
Growing private and public sector contributions, intended for increasing R&D activities in a variety of therapeutic subjects, in addition to various functions offered by the artificial intelligence (AI) in the clinical trials sector is, additionally, maintaining the expansion of the market.
As a result of the growing acceptance of AI-sourced technologies for medicine development plus interventional reviews by key pharmaceutical companies, the pharmaceutical companies section held the maximum revenue share of the market in 2020, on the basis of end user.
Besides, rising tactical growth in the shape of mergers & acquisitions, joint ventures and alliances are strengthening more the development of the AI-based clinical trials solution provider market.
The eruption of Covid-19 pandemic has furthermore initiated a surge in the deployment of AI-sourced technologies. Rising acceptance of technically superior solutions for medicine enhancements, in addition to use of such solutions meant for scrutinize the enlisted patient’s information, are a few major things adding to the increase in acceptance for the duration of the pandemic.
Besides, the pandemic was moreover accountable for the several clinical trials, kept on hold and therefore, key companies moved their concentration on making use of AI-sourced solutions, by this means increasing decentralized interventional learning.
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Further key findings from the report suggest
• North America held the major, 43.6% revenue share and led the global AI-based clinical trials solution provider market in 2020, because of the variety of factors comprising rising alertness about AI-sourced technologies and tools, growing figure of clinical trials within the region, increasing figure of the companies and start-ups supported by artificial intelligence (AI) in medicine development and rising implementation of artificial intelligence tools and platforms
• As a result of growing commonness of cancer plus the rising figure of interventional learning in the oncology subject, the oncology section led the market, in 2020
• The market is projected to observe major enlargement by 2028, because of the diverse functions offered by artificial intelligence (AI) in the arena of clinical trials, along with increasing acceptance of such platforms via pharmaceutical companies
• The pharmaceutical companies sector held the maximum revenue share in 2020, due to the increasing implementation of artificial intelligence equipment used for the medicine development, by means of key pharmaceutical companies
• Due to the growing figure of interventional learning involved in this stage, the phase-II trials section led the market, in 2020
Million Insights segmented the global AI-based clinical trials solution provider market based on End User, Therapeutic Application, Clinical Trial Phase, 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
AI-based Clinical Trials Solution Provider Regional Outlook (Revenue, USD Million, 2016 - 2028)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa
• South Africa
• Saudi Arabia
Various companies for AI-based clinical trials solution provider market are:
• IBM Watson
• DEEP LENS AI
• AiCure, LLC
• Symphony AI
• Saama Technologies
• GNS Healthcare
• Koneksa Health
• Halo Health Systems
• BioAge Labs, Inc.
• Median Technologies
• Deep 6 AI
• Antidote Technologies, Inc.
• Unlearn.AI, Inc.