The ai-based clinical trial solution providers global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
AI-Based Clinical Trial Solution Providers Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The ai-based clinical trial solution providers market size has grown exponentially in recent years. It will grow from $2 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 23.7%. The growth in the historic period can be attributed to increased complexity in clinical trials, growing volume of clinical trial data, regulatory compliance challenges, drug discovery and development demands, personalized medicine trends.
The ai-based clinical trial solution providers market size is expected to see exponential growth in the next few years. It will grow to $5.65 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to integration with real-world evidence (rwe), advancements in natural language processing (nlp), decentralized clinical trials adoption, expansion of therapeutic areas, enhanced predictive analytics. Major trends in the forecast period include collaboration with biotech and pharma companies, patient-centric approaches, predictive analytics for trial design, real-world evidence integration, blockchain for data security.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing adoption of AI technology is expected to propel the growth of the AI-based clinical trial solution provider market going forward. Artificial intelligence (AI) refers to the development of computer systems or software that can perform tasks that typically require human intelligence. AI technology is being increasingly used by clinical trial solution providers to bring efficiency, accuracy, and innovation to various stages of the clinical trial lifecycle, ultimately contributing to improved patient outcomes and advancements in medical research. For instance, in May 2022, according to The International Business Machines Corporation (IBM), a US-based technology corporation, the adoption rate of AI globally increased significantly by 35%, up four points from the previous year. Further, in 2022, 13% more firms are projected to have used AI than in 2021, and around 35% of organizations reported adopting AI in their company, 42% are considering AI for adoption, and two-thirds of the companies (66%) are either presently executing or intending to utilize AI to meet their sustainability goals. Therefore, the increasing adoption of AI technology is driving the growth of the AI-based clinical trial solution provider market.
Market Trends –
Major companies operating in the AI-based clinical trial solution providers market are developing innovative technological innovations in the market, such as the Saama AI-driven data platform, to accelerate clinical development and strengthen their position in the market. An AI-driven data platform is a software solution that leverages artificial intelligence (AI) and machine learning (ML) to automate and enhance various data management and analysis processes. For instance, In June 2023, Saama Technologies, Inc., a US-based software company, introduced an AI-driven data platform called Saama. An AI-driven data platform streamlines clinical trial processes by centralizing and standardizing data, offering real-time insights into trial operations, financials, and patient data. The platform utilizes AI and advanced analytics to automate tasks, enhance productivity, and provide deep insights into patient behaviors. With SaaS solutions like data hubs, operational insights, patient insights, S2S, and SDQ, Saama empowers AI-based clinical trial solution providers to optimize efficiency, accuracy, and effectiveness. Additionally, it aims to eliminate manual, resource-intensive activities and make clinical trials more efficient and effective.
The ai-based clinical trial solution providers market covered in this report is segmented –
1) By Clinical Trial Phase: Phase-I, Phase-II, Phase-III
2) By Therapeutic Application: Oncology, Cardiovascular Diseases, Neurological Diseases or Conditions, Metabolic Diseases, Infectious Diseases, Other Therapeutic Applications
3) By End-user : Pharmaceutical Companies, Academia, Other End-users
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Regional Insights –
North America was the largest region in the AI-based clinical trial solution providers market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ai-based clinical trial solution providers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the ai-based clinical trial solution providers market report are International Business Machines Corporation, AstraZeneca, Takeda Pharmaceutical Company Limited, IQVIA Holdings Inc., BenevolentAI, Charles River Laboratories, Flatiron Health, Saama Technologies Inc., CytoReason, Median Technologies SAS, Concentro Health AI. , AiCure, LLC, DEEP LENS AI Inc., GNS Healthcare, Inc., Ardigen, Koneksa Health Inc., Unlearn.AI Inc., PathAI Inc., Deep 6 AI Inc., Intelligencia Inc., Exscientia, Prometheus Biosciences, Inc., Renalytix AI plc, BioAge Labs Inc., Mendel Health Inc
Table of Contents
1. Executive Summary
2. AI-Based Clinical Trial Solution Providers Market Report Structure
3. AI-Based Clinical Trial Solution Providers Market Trends And Strategies
4. AI-Based Clinical Trial Solution Providers Market – Macro Economic Scenario
5. AI-Based Clinical Trial Solution Providers Market Size And Growth
…..
27. AI-Based Clinical Trial Solution Providers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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