As per the report by Visiongain, the AI-based Clinical Trial Solution Providers Market was valued at US$1,232.0 million in 2022 and is projected to grow at a CAGR of 23.3% during the forecast period 2023-2033.
Visiongain has published a new report: AI-based Clinical Trial Solution Providers Market 2023-2033. Forecasts by Mode of Delivery (Cloud-based, On-premises, Hybrid Solution), by Clinical Trial Phase (Phase 1, Phase 2, Phase 3), by Therapeutic Area (Oncological Disorders, CNS Disorders, Infectious Disorders, Cardiovascular Disorders, Metabolic Disorders, Others), by End Users (Pharmaceutical Companies, Academia, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis
Utilizing outsourcing and strategic alliances among providers of AI-based clinical trial solutions presents a substantial opportunity within the market. As the demand for AI-driven solutions in clinical trials continues to increase, outsourcing and strategic partnerships enable solution providers to enhance their capabilities and explore new markets.
Solution providers can obtain specialised knowledge or resources through outsourcing that might not be accessible internally. For instance, a solution provider can delegate certain aspects of AI solution development or implementation to a third-party vendor possessing specific proficiency in that particular area. This approach enhances the quality and efficiency of solution delivery, while simultaneously reducing costs and mitigating risks.
For instance,
- In January 2023, AiCure's platform for tracking medication adherence was developed in conjunction with the Defence Health Agency's (DHA) PTSD Drug Treatment (PTSD-DT) programme. In addition to using its digital biomarker system to track and record the subtleties of a patient's reaction, the objective was to help patients adhere to challenging treatment regimens.
Collectively, the market stands to gain a substantial opportunity through the utilization of outsourcing and strategic alliances among providers of AI-based clinical trial solutions.
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How has COVID-19 had a significant positive impact on the AI-based clinical trial solution providers market?
The market for vendors of AI-based clinical trial solution has been significantly impacted by the COVID-19 pandemic. This impact has been influenced by a number of things.
COVID-19 has brought attention to the demand for more reliable and effective clinical trial procedures. Traditional methods of conducting trials, such as in-person visits and site-based monitoring, became challenging due to lockdowns, travel restrictions, and social distancing measures. As a result, there has been an increase in demand for AI-based solutions that allow for decentralised data collecting, virtual trials, and remote patient monitoring. These technologies have helped to ensure the continuity of clinical trials and maintain patient safety during the pandemic.
The urgency to find treatments and vaccines for COVID-19 has accelerated the development and adoption of AI-based clinical trial solutions. AI algorithms and machine learning models have been leveraged to analyze large datasets and identify potential drug candidates, predict patient outcomes, and optimize trial design. These AI-driven approaches have enabled researchers and pharmaceutical companies to expedite the discovery and development of new therapies, contributing to the global response to the pandemic. AI-based clinical trial solution providers have played a crucial role in facilitating data integration and interoperability across different research institutions and organizations. The pooling of resources, information, and data made possible by this collaboration has sped up our study of the virus and how it affects patients, ultimately resulting in more successful and efficient clinical trials.
These technologies have proven their value in overcoming the challenges posed by the pandemic and have the potential to transform the way clinical trials are conducted in the future, making them more agile, patient-centric, and data-driven.
How will this Report Benefit you?
Visiongain’s 270-page report provides 104 tables, 147 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the AI-based clinical trial solution providers market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for AI-based clinical trial solution providers. Get financial analysis of the overall market and different segments including mode of delivery, clinical trial phase, therapeutic area, and end-users, company size and capture higher market share. We believe that there are strong opportunities in this fast-growing AI-based clinical trial solution providers market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing adoption of AI-based solutions in clinical trials
The increasing acceptance of AI-based clinical trial solutions serves as a primary catalyst for the market of AI-based clinical trial solution providers. These solutions provide numerous advantages, including enhanced efficiency, accuracy, and cost-effectiveness, all of which are crucial in the dynamically evolving clinical trial arena. By leveraging AI-based solutions, the time and expenses associated with clinical trials can be reduced, while simultaneously improving patient recruitment and retention, enhancing data quality, and ensuring regulatory compliance. Consequently, pharmaceutical and biotech companies, contract research organizations (CROs), and academic institutions are displaying a growing interest in and adoption of AI-based clinical trial solutions.
For instance,
- AiCure, a company specializing in AI-powered software for patient monitoring and adherence, has recently unveiled a collaboration with BioClinica, a clinical trial management services provider. This partnership aims to integrate AiCure's technology into BioClinica's clinical trial imaging and data management solutions, resulting in enhanced patient monitoring and improved data quality.
- King's College London and NVIDIA, a well-known technology company with a focus on AI and graphics processing units (GPUs), have established a strategic relationship. The collaboration focuses on the development of AI-powered tools for medical imaging analysis, particularly in the area of brain scans. The primary objective is to create algorithms capable of automatically analyzing brain scans and detecting neurological disorders.
Technological advancements of AI-based solutions for clinical trials
The market for suppliers of AI-based clinical trial solutions is significantly fueled by technological improvements in these solutions. The field of AI is continuously progressing, witnessing the emergence of novel technologies and approaches on a regular basis. These technological developments are propelling the creation of highly refined and advanced AI-based solutions for clinical trials. Consequently, these solutions are becoming more effective, accurate, and efficient, surpassing previous benchmarks in the field.
The utilization of machine learning algorithms represents a notable technological advancement in this domain. These algorithms possess the ability to analyze extensive datasets and uncover intricate patterns and insights that would be challenging or unattainable for humans to discern. As a result, machine learning algorithms have the potential to enhance patient recruitment, optimize trial designs, and mitigate the time and expenses associated with clinical trials.
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Where are the Market Opportunities?
Rising Collaborations and Partnerships among Players
Collaboration and strategic partnerships with pharmaceutical companies, contract research organizations (CROs), academic institutions, and technology providers offer significant opportunities. By joining forces, AI-based clinical trial solution providers can leverage each other's expertise, resources, and networks to develop innovative solutions and access new markets.
For instance,
- In March 2023, in order to use Median Technologies' AI-powered precision medicine platform for the treatment of haematological tumours, Median Technologies plc partnered with Charité - Universitätsmedizin Berlin (Charité). In order to improve outcomes for patients with haematological cancer, the collaboration aims to investigate the possibilities of Median Technologies' precision medicine platform.
- In February 2023, with an emphasis on oncology, Tempus and Pfizer collaborated to enhance the use of artificial intelligence (AI) and machine learning in medicinal research. Through the cooperation, Pfizer will have access to Tempus' platform with AI capabilities and large database of de-identified, multimodal data.
Competitive Landscape
The major players operating in the AI-based clinical trial solution providers are Medidata (Dassault Systemes), Merative, Saama Technologies, LLC, Exscientia, Innoplexus, Median Technologies, Deep6.ai, AiCure, BioAge Labs, Inc., Intelligencia.ai among others. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- In April 2023, Medidata, a Dassault Systèmes company, announced that Lambda Therapeutics is implementing Medidata’s cloud-based clinical solutions – Rave EDC, Rave RTSM, and Rave Imaging. This will further augment their clinical trial efficiency by automating and streamlining data management workflows, and securely delivering higher quality data for faster insights.
- In March 2023, Exscientia plc collaborated with Charité – Universitätsmedizin Berlin (Charité) to utilise Exscientia’s AI-driven precision medicine platform in haematological cancers. Under the collaboration, Charité will evaluate the potential of Exscientia’s precision medicine platform to select better treatments and improve outcomes for patients with haematological cancers. Each patient sample will be prospectively evaluated with a broad panel of marketed drugs, including drugs that may not yet be approved for the indication, to determine a comparative response profile, ex vivo.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Artificial Intelligence (AI) in Drug Discovery Market Report 2022-2032
- Artificial Intelligence (AI) Market Report to 2031
- Artificial Intelligence (AI) in Pharmaceutical Market Report 2021-2031
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