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AI-based Clinical Trials Solution Providers Market Analysis by Application (Oncology, Cardiovascular Diseases, Metabolic Diseases, Neurological Disease and Others); by Clinical Trial Phase (Phase-I, Phase-II and Phase-III); and by End-User (Pharmaceutical Companies, Academic Researcher, and Others); – Global Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • June 2022: Antidote Technologies (Antidote), announced a partnership with the National Minority Health Association (NMHA), a leading national health equity advocacy organization dedicated to closing the disparity gap in minority health care.
  • February 2022: Unlearn.AI, Inc., developer of Twintelligent RCT announced that the company has entered into a multi-year collaboration with Merck KGaA, Darmstadt, Germany to increase late-stage clinical trials with novel trial designs that include Digital Twins.

Global AI-based Clinical Trials Solution Providers Market Size, Forecast, and Trends Highlights Over 2022 - 2031

AI-based-Clinical-Trials-Solution-Providers-Market-Size

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.

AI-based-Clinical-Trials-Solution-Providers-Market

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.

Global AI-based Clinical Trials Solution Providers Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Adoption of AI-based Platforms to Enhance Accuracy and Productivity of Clinical Trials at Different Stage - There is an increase in AI-based clinical trials for accuracy and productivity. Clinical trials are carefully designed, reviewed, and completed and need to be approved before they can start, which in turn requires higher accuracy, which AI-based platforms can easily do. According to the World Health Organization, the United States of America had the highest total number of trials registered during 1999–2021 (157,618), followed by China (80,333) and Japan (57,754). According to the same article, of trials categorized into a disease or condition, 81% were for non-communicable diseases, 15% for communicable, maternal, perinatal, and nutritional conditions, and 4% for injuries.
  • Increasing Prevalence of Cancer Globally - There is an increase in the number of cancer cases globally, directly increasing the need for new drug development and treatment procedures for cancer. The higher drug development procedures increase the clinical trials across the globe. According to the WHO, each year, approximately 400, 000 children develop cancer. The most common cancer varies among countries. Cervical cancer is the most common in 23 countries. Also, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or almost one in six deaths.
  • Increasing Initiatives by Public and Private SectorsThe Australian Government is propelling efforts to improve the clinical trial environment in Australia, with the goal of improving health outcomes and increasing international investment in the country. The Clinical Trials Project Reference Group (CTPRG), formerly known as the Clinical Trials Jurisdictional Working Group (CTJWG), brings together senior officials from Commonwealth, State, and Territory health departments, as well as the National Health and Medical Research Council (NHMRC), to identify and implement actions and system redesigns that will enable a streamlined and consistent national approach to clinical trials in Australia, with the goal of improving health outcomes and enhancing productivity.
  • Presence of Large Number of Registered Clinical Trials According to the World Health Organization, 59,964 clinical trials were conducted worldwide in 2021.

Challenges

  • Strict Regulations Across the Globe
  • Privacy Related Concerns
  • Lack of AI Implementation Framework

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

Global-Healthcare-Expenditure

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.

Global AI-based Clinical Trials Solution Providers Market Regional Synopsis

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.

AI-based-Clinical-Trials-Solution-Providers-Market-Scope

The global AI-based clinical trials 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

Market Segmentation

Our in-depth analysis of the global AI-based clinical trials solution providers market includes the following segments:

By Application

  • Oncology
  • Cardiovascular Diseases
  • Metabolic Diseases
  • Neurological Disease
  • Others

By Clinical Trial Phase

  • Phase-I
  • Phase-II
  • Phase-III

By End User

  • Pharmaceutical Companies
  • Academic Researcher
  • Others

Top Featured Companies Dominating the Market

  • Unlearn.AI, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Saama Technologies, LLC.
  • Antidote Technologies, Inc.
  • Biosymetrics 
  • Pharmaceutical Pipeline Enhancement Strategies, LLC
  • Deep 6 AI Inc.
  • Innoplexus AG
  • Mendel.ai
  • Intelligencia
  • Median Technologies

 

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