Global Artificial Intelligence (AI)-Based Clinical Trials Solution Provider Market Grows at a Staggering CAGR of 22.6%

Introduction

Artificial intelligence (AI) describes the creation of original systems using software and algorithms capable of performing specific tasks without human assistance or direction. Artificial intelligence combines multiple technologies, such as natural language processing, machine learning, reasoning, and vision. Pharmaceutical companies can use healthcare AI development services to accelerate the planning and execution of their clinical studies. In addition, AI and sophisticated analytics hold the most promise for enhancing the productivity of clinical R&D. AI also has numerous potential applications in short-term and long-term clinical investigations.

Market Dynamics

Shift from Traditional Practices of Drug Development to a Technology-Based Approach Drives the Global Market

Adopting AI solutions in clinical trials has the potential to reduce clinical trial cycle time and cost while increasing clinical development's productivity and precision. In addition to shortening the duration of drug development, AI-based solutions can reduce expenses by more than 30%. The advantages of these solutions support the increasing adoption of AI-based solutions in clinical trials by pharmaceutical companies. As per the article published in 2021 by GlobalData Analysis and Clinical Trials Arena, the number of partnerships or collaborations between major AI-based drug discovery companies and pharmaceutical companies rose from four in 2015 to twenty-seven in 2020. These increasing partnership activities indicate the market's growth potential for AI-based clinical trial solution providers in the coming years.

Growing Government Support and Initiatives for Clinical Trials and ResearchCreates Tremendous Opportunities

Government support and stringent regulations regarding clinical trials are anticipated to increase demand for AI-based technologies, tools, and solutions. For example, in 2020, the FDA initiated a CTAP (Coronavirus Treatment Acceleration Program) to identify potential therapies that would help accelerate the development of treatments for the global disease burden caused by coronavirus. In addition, the administrations of numerous developing and developed nations are working hard to raise awareness of clinical trials and encourage patients to participate. For instance, the UK government has initiated a clinical trial program called "ACCORD"—The Accelerating COVID-19 Research and Development Platform—to expedite the development of new drug candidates for hospitalized COVID-19 patients.

Regional Analysis

North America is the most significant global artificial intelligence (AI)-based clinical trials solution provider market shareholder and is anticipated to exhibit a CAGR of 18.9% during the forecast period. North America dominated the market with the most significant market share due to significant R&D expenditures, rapid technological advancements, increased use of technologically advanced solutions, the presence of international competitors, and their efforts to develop new patents. In addition, more funding and expansion opportunities exist for businesses in the region, which is anticipated to stimulate market expansion. Unlearn.AI, a company in the United States, received series A funding from 8VC, the leading venture capital firm in the country, in 2020. This is anticipated to assist Unlearn in expanding its influence and expanding its product offering. Such instances indicate the market's growth potential. Moreover, industry participants are advancing their efforts to reduce timelines by employing innovative technologies.

Europe is estimated to exhibit a CAGR of 21.0% over the forecast period. Countries like Germany and the United Kingdom have a significant patient population and advanced medical knowledge. The physicians advocate for clinical trials, thereby increasing patient recruitment, which benefits both research and patients. This acceptability and support from the medical community have increased the adoption of patient-friendly and technologically advanced clinical trial solutions throughout Europe. In addition, legal aspects in Germany are evolving while they are completely developed in the United Kingdom and France. The regulations are intended to assure the volunteers' safety, privileges, and compensation. Europe is anticipated to be a promising region for clinical trials due to its improved protocols and funding. These factors are anticipated to increase the adoption of AI-based solutions for clinical trial analysis and interpretation, thereby driving market growth.

Key Highlights

• The global artificial intelligence (AI)-based clinical trials solution provider market size was valued at USD 1.8 billion in 2022. It is estimated to reach USD 12.4 billion by 2031, growing at a CAGR of 22.6% during the forecast period (2023–2031).
• Based on the clinical trial phase, the global artificial intelligence (AI)-based clinical trials solution provider market is segmented into Phase-I, Phase II, and Phase III. The Phase-II segment owns the highest market share and is estimated to exhibit a CAGR of 18.5% during the forecast period.
• Based on therapeutic application, the global artificial intelligence (AI)-based clinical trials solution provider market is divided into oncology, cardiovascular diseases, neurological diseases or conditions, metabolic diseases, infectious diseases, and others. The oncology segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 17.0% over the forecast period.
• Based on the end-user, the global artificial intelligence (AI)-based clinical trials solution provider market is pharmaceutical companies, academia, and others. The pharmaceutical companies segment dominates the global market and is projected to exhibit a CAGR of 19.8% over the forecast period.
• North America is the most significant global artificial intelligence (AI)-based clinical trials solution provider market shareholder and is anticipated to exhibit a CAGR of 18.9% during the forecast period.

Competitive Players

Competitive Players

The key players in the global artificial intelligence (AI)-based clinical trials solution provider market are Unlearn.AI, Inc.,SaamaTechnologies, Inc., Antidote Technologies, Inc.,Phesi, Deep 6 AI,Innoplexus, Mendel.ai,AiCure, CONSILX, Deep Lens, Inc.,Pharmaseal,Ardigen, Trials.ai,Euretos, Median Technologies, IBM,Intelligencia, and Biosymetrics. 

Recent Developments

Market News

• In June 2023,Saama introduced its unified platform of SaaS-based products to complement its existing tailored solutions and services portfolio.The new Saama platform utilizes its proven artificial intelligence (AI) and machine learning (ML)-enhanced solutions to automate important clinical development processes and provide a centralized view of trial operations and patient progress.

• In April 2023, Vuno, a medical artificial intelligence (AI) solutions provider, was designated a U.S. patent for its AI-based medical image analysis technology. This patent covers a technology designed to facilitate rectifying lesion areas identified by medical personnel during the analysis of medical images.

Segmentation

Global Artificial Intelligence (AI)-Based Clinical Trials Solution Provider Market: Segmentation

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

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa