Dublin, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The "AI-based Clinical Trial Solution Providers Market Report 2023-2033" has been added to ResearchAndMarkets.com's offering.
World revenue for the AI-based clinical trial solution providers market is forecast to surpass US$1.475 billion in 2023, with strong revenue growth predicted through to 2033. The report identifies which organizations hold the greatest potential. Discover their capabilities, progress, and commercial prospects, helping you stay ahead.
Rising Number of Clinical Trials Coupled with R&D Investments to Boost Industry Growth
There has been a significant increase in the number of clinical trials being conducted across various therapeutic areas. This surge can be attributed to several factors, including the need for innovative treatments, the growing prevalence of diseases, and advancements in medical technology. The higher number of clinical trials creates a demand for efficient and effective solutions, leading to the adoption of AI-based clinical trial solutions. The pharmaceutical and biotechnology industries are investing heavily in R&D activities to develop new drugs, therapies, and treatment approaches. These investments are driven by the need to address unmet medical needs, improve patient outcomes, and gain a competitive edge in the market. AI-based solutions offer immense potential to optimize the R&D process, accelerate drug discovery, and improve clinical trial efficiency, thereby attracting increased investments in this field.
There is a notable shift towards the adoption of AI-based solutions in clinical trials. The advantages offered by AI, such as enhanced data analysis, improved patient recruitment and retention, and streamlined trial management, have gained recognition in the industry. As a result, pharmaceutical companies, contract research organizations (CROs), and academic institutions are increasingly integrating AI-based solutions into their clinical trial processes to leverage the benefits they provide.
These factors collectively contribute to the growth of the market for AI-based clinical trial solutions, as they drive the demand for advanced technologies and solutions that can address the evolving needs and challenges in the clinical trial landscape.
Data Privacy and Security Issues Anticipated to Challenge Industry Growth
Security and data breaches pose significant challenges for the market of AI-based clinical trial solution providers. Safeguarding sensitive patient data is of utmost importance in clinical trials. However, as technology usage and data generation surge in clinical trials, the potential for data breaches and cyber-attacks also escalates.
AI-based solutions heavily rely on machine learning algorithms that necessitate substantial data for training and enhancing accuracy. Unfortunately, this data becomes susceptible to security breaches and cyber-attacks, jeopardizing patient confidentiality. Such breaches can have severe legal and reputational repercussions for the companies involved in handling clinical trial data.
Market Dynamics
Market Driving Factors
- Rising Number of Clinical Trials Coupled with Growing R&D Investments
- Increasing Adoption of AI-based Solutions in Clinical Trials
- Technological Advancements of AI-based Solutions
Market Restraining Factors
- Shortage of Skilled Professional
- Data Privacy and Security Issues
- Regulatory and Ethical Challenges
Market Opportunities
- Outsourcing and Strategic Relationships Among AI-based Clinical Trial Solution Providers
- Growing prevalence of chronic diseases
- Increasing Demand for More Precise and Personalized Treatments
Forecasts to 2033 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2033, this new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising AI-based clinical trial solution providers prices and recent developments.
Segments Covered in the Report
Mode of Delivery
- Cloud-based
- On-premises
- Hybrid Solutions
Clinical Trial Phase
- Phase 1
- Phase 2
- Phase 3
Therapeutic Area
- Oncological Disorders
- CNS Disorders
- Infectious Disorders
- Cardiovascular Disorders
- Metabolic Disorders
- Others
End-users
- Pharmaceutical Companies
- Academia
- Others
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets.
The report also includes profiles and for some of the leading companies in the AI-based clinical trial solution providers Market, 2023 to 2033, with a focus on this segment of these companies' operations.
Leading companies and the potential for market growth
- AiCure
- BioAge Labs, Inc.
- Deep6.ai
- Exscientia
- Innoplexus
- Intelligencia.ai
- Median Technologies
- Medidata (Dassault Systemes)
- Merative
- Saama Technologies, LLC
For more information about this report visit https://www.researchandmarkets.com/r/5n4u7b
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