Isle of Man, UK, Aug. 23, 2022 (GLOBE NEWSWIRE) — Douglas Insights has further expanded its comparison engine with AI-based Clinical Trials Solution Provider Market research reports, allowing market researchers, analysts, industry experts, and businesses to identify market trends, drivers of growth, limitations, obstacles, and predictions. Douglas Insights is the world’s first comparison engine for market research reports. With access to the extensive range of private and public market reports, the digital tool lets researchers compare various reports by Publisher Rating, Table of Contents, Date of Publication, and Price.
It takes a lot of effort and money to correctly develop a unique treatment technique. In reality, it is predicted that it takes a prescription medication about a decade and more than USD 2.5 billion in investment capital before it is commercially available. Clinical trials are a vital criterion in this system because they allow regulators and innovators to evaluate a proposed drug’s effectiveness and determine if it is ready for human consumption.
Clinical trials are believed to take up close to 50% of the overall time and financial resources used during the medication development process, with many resulting in failures and huge losses in both finance and time.
To overcome these challenges, biotech companies and pharmaceuticals are employing AI in their R&D endeavours to reduce expenses, enhance data quality, decrease trial lengths, and cut costs. AI technologies are growing in demand for clinical trials as they improve efficiency, streamline clinical practice procedures, and find new medicines and treatments more quickly and affordably. The demand for AI-based clinical trial solution providers is anticipated to rise significantly as a result in the future.
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The highest market share is held by the oncology sector for AI-based clinical trials, with an anticipated compound annual growth rate of over 25.8% in the following decade.
Increasing government and corporate efforts to upgrade medical facilities by using cutting-edge AI technology and medications are the key elements propelling the market for providers of AI-based clinical trial solutions.
The North American region currently holds the lion’s share of the market with increasing investment from the corporate world as well as the growing use of cutting-edge technologies like deep learning in clinical trials, machine learning, and artificial intelligence. The second-highest market share belongs to the European regions, followed by South East Asian regions.
By enhancing patient retention and enrolment, improving protocol architecture, and facilitating the creation of medical products, AI technology and big data are predicted to boost clinical trial effectiveness and speed up the development of the global AI-based clinical trials solution provider market.
However, one key factor that is anticipated to restrain the market expansion for AI-based clinical trials solution providers to some amount over the projected timeframe is the strict rules related to the authorisation of AI-based clinical testing.
A few notable industry players are Antidote Technologies Inc., Concentro Health AI, BioAge Labs Inc., Owkin Inc., Unlearn.AI, Inc., LLC, Saama Technologies Inc., IBM, Deep 6 AI Inc., AiCure, and PathAI Inc.
Saama Technologies Inc. and Oracle signed an agreement in March 2021 to integrate with Saama’s smart apps the Oracle’s Clinical One Platform for Health Science. This will allow for quicker results from clinical studies and immediate analytics for investigators and practitioners. This agreement will also strengthen Saama’s position as a provider of AI-driven Intelligent Clinical Cloud solutions.
Multiple organisations in the international market for providers of solutions for AI-based clinical trials are making significant investments in R & D. The shift is helping them with the tasks related to new product innovation and, ultimately, the launch of new products. The market for providers of AI-based clinical trial solutions is anticipated to grow at a promising rate in the upcoming years as a result of these trends.
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The detailed segments and sub-segment of the market are explained below:
By Clinical Trial Phase:
By Application:
- Oncology
- Cardiovascular Diseases
- Neurological Diseases or Conditions
- Infectious Diseases
- Others
By End-use:
- Pharmaceutical Companies
- Academia
- Others
By Region:
North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
Latin America
- Brazil
- Mexico
- Rest of the World
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