AI-based Clinical Trials Solution Provider Market Trends –Increasing integration of AI with big data
AI-based clinical trials solution provider market size reached USD 1.24 Billion in 2020 and is expected to register a revenue CAGR of 21.5% during the forecast period, according to latest analysis by Emergen Research. Increasing adoption of Artificial Intelligence (AI)-enabled digital technology is a key factor driving global AI-based clinical trials solution provider market revenue growth. Increasing use of AI-enabled digital health technologies coupled with patient support platforms is expected to improve patient engagement and retention throughout study duration as well as after study termination, which is expected to propel revenue growth of the global AI-based clinical trial solution provider market. AI-enabled technologies are enabling data integration and interpretation along with evolutionary modelling and pattern recognition for gathering, normalizing, analyzing, and harnessing the growing volumes of data that fuel modern therapy development. Thus, AI and advanced analytics are considered as the digital technology that can potentially improve clinical R&D productivity and clinical outcomes, and this is expected to augment growth of global AI-based clinical trials solution provider market to a significant extent.
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Traditional research and development activities are lengthy procedures, require substantial investment, and involve huge costs – ranging from USD 7.0 million to USD 20.0 million. The substantial development costs is providing an impetus to pharmaceutical and biotechnological companies to implement AI technology in research and development activities for reducing costs, improving data quality, and minimizing trial durations. AI, Machine Learning (ML), and deep learning techniques are increasingly improving clinical trial efficiencies, optimizing processes associated with clinical practice, and enabling pharmaceutical companies to develop new drugs and therapies faster, and in a more cost-effective way. This is expected to boost global AI-based clinical trial solution provider market growth to a significant extent going ahead.
AI technology along with big data is expected to accelerate clinical trial efficiency through improved patient enrollment and retention, better protocol design, and is also expected to facilitate medical product development and bring more innovations in AI, which is expected to accelerate growth of the global AI-based clinical trials solution provider market.
- Data triangulation and market breakdown
- Research assumptions Research data including primary and secondary data
- Primary data includes breakdown of primaries and key industry insights
- Secondary data includes key data from secondary sources
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)
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Key insights presented in the report:
- Market revenue shares by major business players, by type, by application, and market scope of global AI-based Clinical Trials Solution Provider market
- Sales revenue by key players and new entrants
- Competitive analysis of the key players including aspects such as company overview, product or services specification, vendors, and buyers.
- Recent mergers, acquisitions, product launches, recent investments, and joint ventures
- Regional analysis to provide insight to recent trends and opportunities
The competitive analysis also includes regional analysis of major geographical regions. The report covers regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The report also offers a country wise analysis to impart better understanding of the global AI-based Clinical Trials Solution Provider market with regards to market share, market size, production and consumption ratio, product launches and R&D activities, investment opportunities, and presence of key players in the region.
Key Features of the AI-based Clinical Trials Solution Provider Market Report:
- The report offers details about key drivers, restraints, opportunities, challenges, growth prospects, limitations, and threats
- The report encompasses details about the key companies, product portfolio along with specifications, production valuation, and market shares
- Evaluation of key current and emerging market trends and growth prospects
- It also offers research-backed estimations for the forecast period of eight years, primarily to estimate the potential market growth
- Brief overview of industry with regards to research and development, technological advancements, and product development
- In-depth assessment of upstream raw materials, downstream buyers, demands, and current market scenario
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The report focuses on current and future market growth, technological advancements, volume, raw materials, and profiles of the key companies involved in the market. The report provides valuable insights to the stakeholders, investors, product managers, marketing executives, and other industry professionals.
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