Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "AI-based Clinical Trial Solution Providers Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Market Growth Driven by Advanced AI Technologies and Demand in Personalized Medicine
The global market for AI-based clinical trial solution providers is expected to witness a notable surge, with projections estimating growth from $2 billion in 2023 to $2.47 billion in 2024, at a compound annual growth rate (CAGR) of 23.7%. This significant expansion is reflective of the growing complexities in clinical trials, an increase in clinical trial data volumes, challenges surrounding regulatory compliance, and the rising needs in drug discovery and development, particularly in the realm of personalized medicine.
Emerging Trends and Key Drivers
The exponential increase in market size to an anticipated $5.65 billion by 2028 stems from factors such as the integration of real-world evidence (RWE), advancements in natural language processing (NLP), the adoption of decentralized clinical trials, the expansion of therapeutic areas under investigation, and advancements in predictive analytics. The period ahead is also expected to see major trends, including enhanced collaboration between AI solution providers and the biotech and pharmaceutical industries, more patient-centric approaches, and the implementation of blockchain technology for heightened data security.
Regional Market Insights
North America retained its position as the largest market for AI-based clinical trial solutions in 2023. On the horizon, the Asia Pacific region is poised to experience the fastest growth during the forecast period, highlighting the burgeoning role of AI in the global healthcare industry and the accelerating adoption of these technologies in emerging markets.
Corporate Developments and Innovations
Leading companies within the market are focusing on developing and launching innovative AI-driven technological solutions to consolidate their market positions. For instance, entities such as Florence Healthcare have broadened their capabilities through strategic acquisitions, such as its recent takeover of VersaTrial Inc., which is poised to enhance solution offerings for research sites, contract research organizations (CROs), and sponsors.
Market Scope and Definition
The AI-based clinical trial solution provider market encompasses the provision of services pivotal to the clinical trial process, including data analysis, patient recruitment and retention, drug trial process optimization, and predictive analytics. The market's value reflects the revenue generated by entities offering these solutions, which significantly contribute to the efficiency, accuracy, and efficacy of clinical trials.
Implications for the Healthcare and Pharmaceutical Sectors
The utilization of AI solutions in clinical trials is a transformative movement for the healthcare and pharmaceutical industries, providing breakthrough capabilities in various aspects of trial management and execution. With AI technologies streamlining pivotal phases of clinical research, from study design through to regulatory compliance, there is an exceptional opportunity to enhance patient outcomes and drive medical research forward into a new era of innovation and effectiveness.
A selection of companies mentioned in this report includes, but is not limited to:
- International Business Machines Corporation
- AstraZeneca
- Takeda Pharmaceutical Company Limited
- IQVIA Holdings Inc.
- BenevolentAI SA
- 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
For more information about this report visit https://www.researchandmarkets.com/r/j9qomx
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