The global AI-based clinical trials solution provider market is poised for significant growth, with projections estimating a value of USD 17.95 billion by 2034. This market expansion is driven by various factors such as the increasing adoption of AI platforms to streamline trial processes, supportive initiatives from private and public sectors, and the rising awareness of AI’s applications in clinical trials.
One key driver of market growth is the introduction of cutting-edge AI-based clinical trial platforms. These platforms have the potential to revolutionize the drug development process by optimizing clinical outcomes and reducing both time and costs. For example, the introduction of Tara by Belong.Life has demonstrated the effectiveness of AI in expediting patient matching with clinical trials, resulting in enhanced recruitment at reduced expenses.
In terms of clinical trial phases, phase-II saw the highest revenue in 2023, with a growing uptake of AI-based tools for data collection and analysis. Companies like AstraZeneca are introducing advanced solutions like Evinova to cater to the digital health needs of healthcare professionals and patients.
Oncology emerged as the leading therapeutic application segment in 2023, driven by the high prevalence of cancer and collaborations among key market players. Companies like Launch Therapeutics are leveraging AI solutions like Medidata’s AI Intelligent Trials to accelerate advanced-stage therapies.
Pharmaceutical companies were the top end-user segment in 2023, with ConcertAI unveiling its CTO 2.0 solution for optimizing clinical trials. The increasing adoption of AI-enabled solutions by Contract Research Organizations and government agencies is expected to drive growth in the “others” end-user segment.
North America is anticipated to hold the highest revenue share, with companies like Google Cloud introducing AI-driven tools for drug discovery. Asia Pacific, on the other hand, is predicted to grow at the fastest CAGR, supported by favorable government initiatives and the adoption of advanced AI-based technologies.
Overall, the global AI-based clinical trials solution provider market presents significant opportunities for growth and innovation, with key players like AiCure, Google-Verily, and BioSymetrics leading the way. For more information about this market, visit ResearchAndMarkets.com, the world’s leading source for international market research reports and data.
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