The AI-based Clinical Trials Solution Providers Market is expected to grow by leaps and bounds In Upcoming Years. With digital convergence coming across as a pivot, the entire ecosystem inclusive of OEMs, providers, payers, and various other intermediaries is in the orbit. These value-based, end-user-centric models are the focal point. SMAC and IoT are being leveraged to build scalable connected digital platforms. This is the running trend and is expected to be in continuation in 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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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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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.
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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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.
- Unlearn AI Inc.
- Saama Technologies
- Antidote Technologies Inc.
- Deep 6 AI
- Innoplexus
- Phesi
- BioAge Labs Inc.
- Symphony AI
- Intelligencia
- Mendel.ai
- Halo Health Systems
- Consilx
- AiCure LLC
- Deep Lens AI
- Trials.AI
- Ardigen
- BioSymetrics
- Koneksa Health
- Euretos
- Exscientia
- IBM Watson
- GNS Healthcare
- Google – Verily.
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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.
Key Segments:
By Application in Clinical Trial Phases:
- Clinical Trial Design
- Patient Enrichment and enrollment
- Investigator and site selection
- Patient Monitoring
- Medication Adherence
- Patient Retention
- Data Analytics
By Therapeutic Areas:
- Cardiovascular disorders
- CNS disorders
- Infectious disorders
- Metabolic disorders
- Oncological disorders
Based on Trial Phase:
- Phase I
- Phase II
- Phase III
By End- User:
- Pharmaceutical companies
- Academia
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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