AI-based Clinical Trials Solution Provider Market Size, Share & Trends Analysis Report By Therapeutic Application (Oncology, Cardiovascular Diseases, Metabolic Diseases), By Clinical Trial Phase, By End User, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global AI-based clinical trials solution provider market size was valued at USD 1.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.7% from 2021 to 2028. Supportive initiatives by the public and private sector for R&D with respect to various therapeutic areas, rising adoption of AI-based technologies among pharmaceutical companies and academia, and growing penetration of artificial intelligence (AI), are among the factors driving the market. In addition, increasing awareness and diverse applications provided by AI in the field of clinical trials is further bolstering the growth.

Drug development is a cost-intensive and time-consuming process. The capital investment required for drug development can cost more than USD 1.0 billion and a time span of more than 10 years. The utilization of AI in clinical trials can be useful in curbing these hurdles, thereby reducing clinical trial cycle time, improving cost, productivity, and outcomes of clinical development. For instance, the research alliance of Exscientia and Sumitomo Dainippon Pharma that combined Exscientia’s AI-platform and Sumitomo Dainippon Pharma’s knowledge and experience in Monoamine GPCR (G protein-coupled receptor), led to the discovery of DSP-1181. According to estimates provided by Exscientia, the research phase (exploratory) for DSP- 1181 required less than 12 months, as compared to the average time span of 4.5 years required through the traditional process. In addition, this reduction in time with the help of the AI platform can be beneficial in reducing drug development costs by more than 30.0%.

In addition, a shift in trend from traditional practices of drug development to a technology-based approach by major pharmaceutical companies is also driving the market. The positive attitude of these players towards the utilization of AI-based technologies in clinical trials and overall drug discovery and development is likely to boost market growth during the forecast period. For instance, according to an article published in Clinical Trials Arena in 2021 and GlobalData analysis, the number of partnerships between major pharmaceutical companies and AI-based drug discovery companies increased from 4 in 2015 to 27 in 2020. Such increasing partnership activities signify the growth potential of the market for AI-based clinical trial solution providers in the coming years.

COVID19 AI-based clinical trials solution provider market impact: 30.7% increase in revenue growth from 2019 to 2020 

There is an upsurge in the availability of AI-based solutions that can help in all the aspects of clinical trials such as clinical trial design, patient enrichment and enrollment, investigator and site selection, patient monitoring, medication adherence, patient retention, and data analytics. Patient eligibility and enrollment are some of the crucial steps for the success of the overall clinical trial. For instance, as per an article published in Health IT Analytics in 2019, around 86% of clinical trials failed due to failure of meeting the patient recruitment or enrollment deadlines. Hence, AI-based platforms are proving to be beneficial in reducing the hurdle and many researchers and sponsors are already using or are keen on utilizing AI for the clinical trial process.

COVID-19 pandemic has also led to an increase in the utilization of AI-based technologies. Increasing adoption of technologically advanced solutions for drug discovery, development, and analysis of recruited patient data are some of the key factors responsible for the increase in penetration of AI-based drug development and clinical trial solutions during the COVID-19 pandemic. Since the pandemic led to many clinical trials putting on hold, major companies turned toward troves of patient data available, thereby boosting decentralized clinical trials. This has further supported AI-based solution providers due to the effectiveness of their tools in data analysis and consolidation. For instance, according to an article published in Healthcare IT News in 2021, the pandemic of COVID-19 has increased the adoption of AI-based solutions in oncology clinical trials.

In addition, AI-based technologies can also be useful in analyzing the aspects with respect to the COVID-19 virus such as mutation and vaccine efficacy. For instance, as per an article published in 2021, a team of researchers from the University of Southern California Viterbi School of Engineering has developed an AI-based model that will be helpful in analyzing vaccine development, efficacy, along with predicting and analyzing the COVID-19 mutant. Hence, increasing usage of AI-based solutions for clinical trials as well as mutant detection during the pandemic is anticipated to further boost the market during the forecast period.

Clinical Trial Phase Insights

The phase-II segment dominated the market for AI-based clinical trial solution providers and accounted for the largest revenue share of 48.5% in 2020. This high share is attributable to the increasing number of clinical trials active in the second phase. Furthermore, the immediate outcomes of the overall desired outcome through the clinical trials are analyzed in this phase, thereby boosting the adoption of AI-based tools for data collection and analysis. In addition, since the validation, improvement, and determination of measures with respect to the AI-based tool can be carried out in this phase, the segment comprises of higher revenue share as compared to other phases.

In addition, the phase-I segment is anticipated to grow at the fastest rate during the forecast period. The use of AI-based tools and solutions since the first phase can be beneficial in better trial design, patient recruitment, and retention. Hence, its adoption is likely to increase during the forecast period, thereby signifying a substantial growth rate. In addition, AI-based platforms will be helpful in seamlessly combining phase-I and II of the clinical trial, thereby developing unique patient-centric endpoints and collecting real-world data. Therefore, these factors are likely to increase the adoption of AI-based solutions in Phase-I of clinical trials.

Therapeutic Application Insights

In 2020, based on therapeutic applications, the oncology segment dominated the market and accounted for the largest revenue share of 24.0% owing to the rising prevalence of cancer and a growing number of clinical trials in the oncology field. Furthermore, there has been an increase in the number of market players adopting oncology-based AI solutions for clinical trials, which is further expected to propel the growth of this segment. For instance, in 2021, Oregon Oncology announced its collaboration with Deep Lens, an AI-based company, for utilizing Deep Lens’ clinical trial screening platform for expanding the access of clinical trials to the patients.

In addition, the neurological diseases or conditions segment is expected to witness the highest CAGR over the forecast period. The increasing prevalence of neurological disorders and the rising number of clinical trials in the field are major factors attributing to the higher growth. In addition, increasing penetration of AI-based platforms for analyzing neurological diseases or conditions such as Alzheimer’s, Parkinson’s, Amyotrophic Lateral Sclerosis (ALS), stroke, and Traumatic Brain Injury (TBI) is likely to propel the market growth during the forecast period. For instance, a 2019 study by researchers in Finland demonstrated that AI was beneficial in detecting survivors and non-survivors of TBI for over 80.0% of the time.

End-user Insights

The pharmaceutical companies segment dominated the market for AI-based clinical trial solution providers and accounted for the largest revenue share of 66.9% in 2020 owing to the increasing adoption of AI-based technologies for drug development and clinical trials by major pharmaceutical players. In addition, strategic initiatives in the form of mergers and acquisitions, collaborations, partnerships are further boosting the market growth.

In addition, the others segment is expected to witness the highest CAGR over the forecast period. With the growing use of AI by pharmaceutical companies, there is an increasing trend of adopting these solutions by others such as Contract Research Organizations (CROs), government agencies, etc. The increasing involvement of CROs and other organizations in the development and adoption of AI-based platforms and technologies, useful in drug discovery and development, along with clinical trials, is likely to boost market growth during the forecast period.

Regional Insights

North America dominated the AI-based clinical trial solution providers market and accounted for the largest revenue share of 43.6% in 2020. This growth is owing to various factors including an increasing number of clinical trials in the region, rising adoption of AI-based technologies, a higher number of start-ups and AI in drug development based companies in the region, and increasing awareness regarding AI-based tools and technologies. In addition, favorable government initiatives and rising strategic initiatives by key players are driving the demand for AI-based clinical trial solutions in the region.

Furthermore, in Asia Pacific, the market for AI-based clinical trial solution providers is expected to exhibit lucrative growth over the forecast period owing to the rising penetration of AI-based tools in the market of the region. In addition, favorable government initiatives for boosting the awareness and adoption of AI in different healthcare fields, including drug discovery and development are anticipated to boost the market for AI-based clinical trial solution providers over the forecast period. For instance, China is increasing the adoption of AI in various fields at a significant pace. In March 2019, the number of AI firms in China reached 1,189, holding the second position in the U.S. with around 2,000 active AI firms.

Key Companies & Market Share Insights

Competition is gaining traction in recent years owing to the rising demand for AI-based clinical trial platforms and services, coupled with technological advancements. The increasing demand for AI-based clinical trial solution providers is likely to propel the entry of new companies in the future, fueled by increasing awareness and acceptance regarding AI-based clinical trial technologies and platforms.

Furthermore, strategic alliances in the form of mergers and acquisitions, collaborations, partnerships with other market players, and increasing R&D in the area of AI-based technologies for clinical trials are some of the initiatives being undertaken by key players in order to increase their share in the market. For instance, in March 2021, Datavant and Saama Technologies, Inc. established a collaborative agreement for mapping patient journeys across various real-world and clinical datasets (LSAC), through Saama's Life Science Analytics Cloud. Such initiatives are likely to boost the adoption of AI-based solutions over the forecast period. Some of the prominent players in the AI-based clinical trials solution provider market include:

• Unlearn.AI, Inc.

• Saama Technologies

• Antidote Technologies, Inc.

• Phesi

• Deep 6 AI

• Innoplexus

• Mendel.ai

• Intelligencia

• Median Technologies

• Symphony AI

• BioAge Labs, Inc.

• AiCure, LLC

• CONSILX

• DEEP LENS AI

• Halo Health Systems

• Pharmaseal

• Ardigen

• Trials.Ai

• Koneksa Health

• Euretos

• BioSymetrics

• Google- Verily

• GNS Healthcare

• IBM Watson

• Exscientia

AI-based Clinical Trials Solution Provider Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the global AI-based clinical trials solution provider market report on the basis of the clinical trial phase, therapeutic application, end user, and region:

• Clinical Trial Phase Outlook (Revenue, USD Million, 2016 - 2028)

  • Phase-I

  • Phase-II

  • Phase-III

• Therapeutic Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Oncology

  • Cardiovascular Diseases

  • Neurological Diseases or Conditions

  • Metabolic Diseases

  • Infectious Diseases

  • Others

• End-user Outlook (Revenue, USD Million, 2016 - 2028)

  • Pharmaceutical Companies

  • Academia

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • Italy

    • France

    • Spain

    • Russia

  • Asia Pacific

    • Australia

    • China

    • Japan

    • South Korea

    • India

  • Latin America

    • Mexico

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE