Global AI-based clinical trial solution provider market
DUBLIN, April 2, 2024 (GLOBE NEWSWIRE) — “Global AI-Based Clinical Trial Solutions Providers Market Analysis and Forecast 2024-2034: By Clinical Trial Stage, By Therapeutic Application, By End-User , and Market by Region report added ResearchAndMarkets.com Recruitment.
Rapid expansion of AI adoption
The AI-based clinical trial solution provider market is experiencing exponential growth due to significant advancements in artificial intelligence technology and proliferation of AI implementation across therapeutic applications. The market is projected to expand at a compound annual growth rate (CAGR) of 22.08% from 2024 to 2034, from USD 2 billion in 2023 to USD 17.95 billion by 2034. It is estimated that it will grow to . This expansion can be attributed to a variety of factors, including: The pharmaceutical industry is experiencing a growing need for efficient clinical trial management, enhanced data analysis, and increased investment in R&D activities.
Tremendous growth across clinical trial stages
The Phase II segment led the market in 2023, supported by a large number of active Phase II trials and the introduction of AI tools for instant results analysis. Conversely, Phase 1 trials are expected to show the highest growth rate over the forecast period as industry players look to AI solutions for improved trial design and patient recruitment efforts.
Market-leading therapeutic applications
Oncology remains a top-performing area for therapeutic applications due to the high incidence of cancer worldwide and the number of AI-integrated clinical trials focused on this area. Subsequently, the cardiovascular disease segment is projected to grow rapidly due to the increasing prevalence of cardiovascular diseases and the enhanced capabilities of AI solutions in analyzing these diseases.
End user insights
Pharmaceutical companies constitute the largest end-user segment and are leveraging AI to accelerate the development of new drugs and enhance diagnostic processes. Future growth in this field will be strengthened by industry collaboration and the introduction of advanced AI tools targeting various stages of drug development and clinical trials.
Geographic market trends
North America holds a major market share, benefiting from an influx of AI startups and strategic initiatives aimed at improving test results. Asia-Pacific is expected to grow at the fastest pace, with favorable government policies, competitive clinical trial costs, and technological advancements driving increased AI adoption.
This market growth marks a significant milestone in the utilization of AI in healthcare, and the industry is positioned to undergo transformative developments in the coming years. As companies continue to innovate and form strategic alliances, the AI-based clinical trial solution provider market is setting the stage for a new era of drug development and personalized medicine.
key attributes
|
report attributes |
detail |
|
number of pages |
200 |
|
Forecast period |
2023-2034 |
|
Estimated market value in 2023 (USD) |
2 billion dollars |
|
Projected market value to 2034 (USD) |
$17.95 billion |
|
compound annual growth rate |
22.0% |
|
Target area |
global |
Featured companies
For more information about this report, please visit https://www.researchandmarkets.com/r/m5tp2i.
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