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AI-based Clinical Trials Solution Providers Market Segmented By Therapeutic Areas: Cardiovascular disorders, CNS disorders, Infectious disorders, Metabolic disorders, Oncological disorders having Application: Clinical Trial Design, Patient Enrichment and enrollment, Investigator and site selection, Patient Monitoring, Medication Adherence, Patient Retention, Data Analytics
According to the latest research by Persistence Market Research, the AI-based Clinic Trial Solution Providers market is set to witness a growth of 21.7% during the forecast period.
Demand for AI-based Clinic Trial Solution Providers expects to witness stable recovery in the short-term, with a positive growth outlook in the long run. The growing improvement for the AI-based Clinic Trial Solution Providers market industry will offer beneficial opportunities in near future.
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Measures to support public and private sector R&D in various therapeutic areas, the increasing adoption of technologies based on artificial intelligence by pharmaceutical companies and the academic world, and the growing popularity of artificial intelligence (AI) are factors that drive the development of the market.
In addition, the increased awareness and diversified applications of artificial intelligence in the field of clinical trials have further promoted growth.
The market momentum of artificial intelligence-based clinical trial providers stems from the need to transform clinical trials in all aspects, including time frame, R&D productivity, and return on investment. Given that AI has shown strong influence to participants in the pharmaceutical and biotechnology industries, AI-based products from different companies have increased in developed countries.
The COVID19 pandemic has also caused an increase in the use of technologies based on artificial intelligence. During the COVID19 pandemic, the increasing use of technologically advanced solutions to discover, develop and analyze data from recruited patients are some of the key factors driving the increased penetration of drug development and clinical trial solutions.
Based on artificial intelligence. As the pandemic caused many clinical trials to be archived, major companies turned to a large amount of available patient data, facilitating decentralized clinical trials. Due to the effectiveness of its tools in data analysis and integration, this further supports AI-based solution providers.
For example, according to an article published in Healthcare IT News in 2021, the COVID19 pandemic has increased the adoption of AI-based solutions in oncology clinical trials.
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Get a Customized VersionUnlearn AI is a San Francisco based start-up established in 2017, which is creating huge ripples in the demand of AI-based Clinical Trials Solution Providers Market. This is the only company, globally to create a machine learning platform, called as DiGenesis, which generates patient data which can be easily controlled and handled for clinical trials.
Because of the unique idea of being able to create a new type of data, for any type of patient enrolled in clinical trials, where in this market, other companies still work on existing patient data. Unlearn AI ensures the users that the usual disadvantages that cause a high failure rate in clinical trials process, like enrollment challenges and timeline delays would be non-existent while using their platform.
In the past few years, North American countries have dominated the AI-based Clinical trial solution providers supply chain and have therefore contributed to the largest revenue share, globally. The factors that can be driving this kind of excellent demand growth are the overall rise in the clinical trials in these countries, many emerging start-ups that are trying to get a foothold in the AI-based technology market.
There has been a steep upsurge in the acceptance and implementation of AI-based technological solutions in this region. With the increasing awareness and recognition of AI-based tools and technologies, even in the drug development demand focus, North America is expected to witness even more demand growth for this market.
Furthermore, the need for AI-based clinical trial solutions in the region is being driven by favorable government initiatives and rising strategic activities by key companies.
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In the European region, there has been lower development in the field of Ai-based clinical trial solution providers than North America and Asia-pacific region. But some of the companies in Europe have done rapid advancements in artificial intelligence with the hope of transforming drug development and clinical trials in the region.
For instance, Exscientia, a UK company, founded in 2012, designed a drug development clinical trial for the treatment of obsessive-compulsive disorder and started their phase I trials in a mere period of 12 months with AI-based technology in contrast with the usual time taken to initiate these processes without AI, which can be up to 5 years.
Some of the major players who dominate the AI-based Clinical Trials Solution Providers market are
Artificial Intelligence is proving to be a booming sector during the recent years, especially due to the COVID-19 pandemic. The technology is revolutionizing all the fields it is touching.
In addition, strategic alliances in the form of mergers and acquisitions, cooperation, partnerships with other market participants, and increased research and development in the field of artificial intelligence-based clinical trial technology are some of the measures that major players are taking to increase their market share.
For example, DSP-1181 was discovered because to a collaboration between Exscientia and Sumitomo Dainippon Pharma that integrated Exscientia's AI platform with Sumitomo Dainippon Pharma's knowledge and experience in Monoamine GPCR (G protein-coupled receptor).
According to Exscientia's calculations, the research phase (exploratory) for DSP-1181 took less than a year, compared to the 4.5 years required by the standard procedure. Furthermore, with the support of the AI platform, this reduction in time could result in a 30.0 percent reduction in drug development expenses.
By Application in Clinical Trial Phases:
By Therapeutic Areas:
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
