The global AI-based clinical trials solution providers market is estimated to garner significant revenue by growing at a CAGR of ~22% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 1,387 million in the year 2021. The growth of the market can be attributed to the increasing adoption of AI-based platforms to enhance the accuracy and productivity of clinical trials at different stages. According to the World Health Organization (WHO), the number of newly recruited trials registered on international clinical trial registry platforms (ICTRP) has been steadily increasing.
As the prevalence of various diseases increases, there is a need for new drug discoveries, which go from a series of trials known as clinical trials, which test potential treatments in human volunteers to see whether they should be approved for broader use in the general population. A treatment could be a drug, medical device, or biologic, such as a vaccine, blood product, or gene therapy. Potential treatments, however, must be studied in laboratory animals first to determine potential toxicity before they can be tried in people. As technology is advancing, AI-based clinical trials are becoming popular where artificial intelligence and big data technology are used for extracting medical information. The market is growing due to the prevalence of fetal diseases like cancer. According to the World Health Organization, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. Cancer-causing infections, such as human papillomavirus (HPV) and hepatitis, are responsible for approximately 30% of cancer cases in low- and lower-middle-income countries.
The global AI-based clinical trials solution providers market is segmented and analyzed for demand and supply by application into oncology, cardiovascular diseases, metabolic diseases, neurological diseases, and others. Out of these, the oncology segment is anticipated to garner the largest market share over the forecast period owing to the increasing prevalence of cancer worldwide and the increasing number of drug trials. In 2019, oncology accounted for the most popular therapy area for non-industry-sponsored clinical trials, estimating for 26% of all clinical trials.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally the AI-based clinical trials solution providers market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness highest growth over the forecast period owing to increasing penetration of AI-based tools and increasing government initiatives for adoption in different medical projects in the region. The region also has a rising corporate investment in artificial intelligence (AI). This is expected to contribute to the market growth in the coming years. For instance, between 2018 and 2020, government agencies in the United States spent USD 1.9 billion on AI-related service obligations.
Furthermore, the market in Asia Pacific is also anticipated to occupy the largest revenue share, owing to the increasing number of AI-based startups in the region. The region also has an increasing awareness for AI-based clinical trials.
The global AI-based clinical trials solution providers market is further classified on the basis of region as follows:
Our in-depth analysis of the global AI-based clinical trials solution providers market includes the following segments:
By Clinical Trial Phase
By End User
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing adoption of AI based platforms to enhance accuracy and productivity of clinical trials at different stages.
The market is anticipated to attain a significant revenue by growing at ~22% CAGR over the forecast period, i.e., 2022-2031.
Strict regulations around the globe is one of the key challenges affecting the market growth.
North America region is anticipated to display significant opportunities for the market growth owing to increasing penetration of AI based tools and increasing government initiatives for adoption in different medical projects.
The major players in the market are Unlearn.AI, Inc., Saama Technologies, LLC, Biosymetrics, Pharmaceutical Pipeline Enhancement Strategies, LLC, Deep 6 AI Inc., Innoplexus, Mendel.ai, Intelligencia, Median Technologies, 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, clinical trial phase, end user and by region.
By application, the oncology segment held the largest market size in value in the year 2021 while the cardiovascular diseases segment is estimated to grow at the highest CAGR over the forecast period.
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