According to FutureWise analysis the market for AI-based clinical trials solution provider in 2023 is US$ 1.96 billion, and is expected to reach US$ 9.74 billion by 2031 at a CAGR of 22.20%.
The integration of AI-based technologies in preclinical and clinical studies is increasingly being used. This offers companies the potential to improve the precision and efficiency of testing, accelerate drug development, and optimize results. Advanced algorithms can quickly analyze extensive databases of chemical compounds and determine those most likely to bind to a target. Algorithms can also indicate the toxicity of a compound and its potential side effects, permitting researchers to focus their efforts on promising candidates. AI also helps in patient interactions, as it can automate patient procurement and data collection. AI-based analysis can offer insight into participant behavior that tells how researchers design trials.
Patient recruitment is one of the most challenging steps in clinical trials, but by applying artificial intelligence, researchers could significantly improve efficacy and safety while reducing costs. About one in every five clinical trials does not complete its enrollment of participants, mostly due to the complex, stringent, and rigid inclusion criteria researchers must apply and adhere to. Challenges in subject enrollment and matching cause extension of enrollment deadlines to delay the submission of the trial protocols for regulatory approvals. This subsequently caused a deferment of the product launch beyond the initially planned dates. Additionally, selection bias can lead to results that are not generalizable because underrepresented populations may respond poorly to the intervention.
FutureWise Market Research has published a report that provides an insightful analysis AI- based clinical trials solution provider market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts, AI- based clinical trials solution provider market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.