The global AI-based clinical trial solution providers market is estimated to grow at a CAGR of ~21% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing demand for drug development and testing, backed by the growing prevalence of infectious diseases. Moreover, rising adoption of AI-based technologies amongst pharmaceutical companies is estimated to further surge the demand for AI-based clinical trials. Along with this, the increasing penetration of artificial intelligence is anticipated to boost the market growth. Furthermore, the development of technology in healthcare sector, backed by increasing R&D activities, is further estimated to boost the market growth. According to the World Health Organization statistics published in 2021, gross domestic R&D expenditure on health (health GERD) as a percentage of total GERD was highest in East Mediterranean with 14.8%, followed by Americas at 12.8% and South-East Asia at 12.4%.
The market is segmented by application into oncology, cardiovascular diseases, metabolic diseases, and others, out of which, the oncology segment is anticipated to hold the notable share in the global AI-based clinical trial solution providers market over the forecast period on account of increasing cancer prevalence and demand for effective treatment methods for cancer. Moreover, absence of any drugs for cancer treatment is estimated to generate the demand for clinical trials, which is anticipated to boost the market growth.CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global AI-based clinical trial solution providers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing healthcare expenditure, and growing adoption of advanced technology.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high adoption of artificial intelligence (AI) in the region, combined with the presence of major pharmaceutical companies.
The global AI-based clinical trial solution providers market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global AI-based clinical trial solution providers market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand for new treatment methods, along with the adoption of AI, are anticipated to boost the market growth.
The market is anticipated to attain a CAGR of ~21% over the forecast period, i.e., 2022 – 2031.
The high operational cost of AI-based trials is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the advance healthcare infrastructure in the region.
The major players in the market are Innoplexus AG, Antidote Technologies, Inc., Saama Technologies Pvt. Ltd., Unlearn.AI, Inc., Deep 6 AI Inc., Median Technologies, BioAge Labs, Inc., AiCure, LLC, ConsilX, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user, and by region.
The oncology segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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