Research Nester published a report titled “AI-based Clinical Trial Solution Providers Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global AI-based clinical trial solution providers market in terms of market segmentation by application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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 market is segmented on the basis of application, into oncology, cardiovascular diseases, metabolic diseases, and others, out of which, the oncology segment is anticipated to hold the notable share over the forecast period. This can be attributed to the increasing demand for effective treatment methods for cancer, along with rapid adoption of artificial intelligence in the medical field.
The global AI-based clinical trial solution providers market is anticipated to witness growth on account of increasing need for new and effective treatment methods and drugs to treat various infectious and chronic diseases. Moreover, the growing adoption of artificial intelligence, backed by the higher accuracy of AI-based clinical trials, is further projected to encourage the market growth. Along with this, the rising prevalence of diseases, such as, cancer, diabetes, hypertension, and others, is also anticipated to boost the market growth.
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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 the North America region is anticipated to gain the largest market share throughout the forecast period, owing to the increasing adoption of artificial intelligence (AI) in the region, along with the presence of major pharmaceutical companies.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Investment in R&D Activities to Boost the Market Growth
A report by the World Bank stated that 2.203% of the global GDP was spent for research and development activities in 2018.
The increasing demand for new drugs and clinical trials is bound to substantially increase the research activities in the medical field. The growing investment in the R&D activities, is estimated to boost the adoption of AI in clinical trials. Such factors are anticipated to boost the market growth.
However, high operational cost of AI-based trials is expected to operate as key restraint to the growth of global AI-based clinical trial solution providers market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global AI-based clinical trial solution providers market which includes company profiling of 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 Symphony Innovation, LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global AI-based clinical trial solution providers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.