Artificial Intelligence is a set of smart technologies that develop and learn from data and perform tasks based on previous experience. The process, clinical trials are crucial that enable both innovators and regulators to assess the efficacy of a candidate drug. The use of AI in clinical trial saves time and cost efficiencies by providing faster insights to form the decision. AI helps investigators to answer some questions, including how to construct study design, site identification & patient recruitment for clinical research, and digitize adverse drug reaction (ADR) documents in pharmacovigilance. Successfully developing a novel therapeutic intervention required around 10 years of time and cost around USD 2.5 billion. However, the use of technology like artificial intelligence in a clinical trial help to save a huge amount of money and time.
Increasing the number of strategic alliances in deployment of Artificial Intelligence (AI) in clinical trials aims to reduce time and expenditure during clinical developmental phases is expected to create lucrative growth in market in the near future. Additionally, regulators worldwide have released guidelines that encourage biopharma companies to use real-world evidence strategies. For instance, US FDA has passed the 21st Century Cures Act, in 2016, that was designed to help bring new innovations and advances to patients more efficiently and faster.
Global AI-Based Clinical Trial Solution Provider market is segmented on the basis of target therapeutic area, trial phase, end users and region. Based on the therapeutic area, the market is divided into cardiovascular disorders, cns disorders, infectious disorders, metabolic disorders, oncological disorders and other disorders. Based on the trial phase, the market is divided into early phase 1, phase 1, phase 2, phase 3 and phase 4. Based on the end users, the market is divided into pharmaceutical companies, academia and other users. Based on region, the market is studied across North America, Asia-Pacific, Europe, and LAMEA. Among that Europe held the largest share of the market, followed by America and Asia Pacific. On the other hand, North America is expected to dominate the market during the analysis of forecast period.
The key players of this market include Antidote Technologies, Inc., AiCure, LLC, Deep 6 AI, Deep Lens Inc., Innoplexus, Intelligencia.ai, MEDIAN Technologies, Mendel.ai, Phesi, Saama Technologies, Unlearn.AI, Inc. and Trials.ai