Global AI-Based Clinical Trial Solution Providers Market

Report ID : 1082 | Published : 2021-07-23 | Pages: 140 | Format:

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

  • Antidote Technologies, Inc.
  • AiCure, LLC
  • Deep 6 AI
  • Deep Lens Inc.
  • Innoplexus
  • Intelligencia.ai
  • MEDIAN Technologies
  • Mendel.ai
  • Phesi
  • Saama Technologies
  • Unlearn.AI, Inc.
  • Trials.ai

Global AI-Based Clinical Trial Solution Provider Market Segmentation:

Global AI-Based Clinical Trial Solution Provider Market Revenue (US$ Mn) by Target Therapeutics

  • Cardiovascular Disorders
  • CNS Disorders
  • Infectious Disorders
  • Metabolic Disorders
  • Oncological Disorders
  • Other Disorders

Global AI-Based Clinical Trial Solution Provider Market Revenue (US$ Mn) Based on Trial Phase

  • Early Phase 1
  • Phase 1
  • Phase 2
  • Phase 3
  • Phase 4

Global AI-Based Clinical Trial Solution Provider Market Revenue (US$ Mn) Based on end users

  • Pharmaceutical Companies
  • Academia and Other Users

Global AI-Based Clinical Trial Solution Provider Market Revenue (US$ Mn) Based on Region

Europe AI-Based Clinical Trial Solution Provider Market Revenue (US$ Mn) by Country

  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe

North America AI-Based Clinical Trial Solution Provider Market Revenue (US$ Mn) by Country

  • U.S.
  • Canada

Asia Pacific AI-Based Clinical Trial Solution Provider Market Revenue (US$ Mn) by Country

  • India
  • China
  • Japan
  • South Korea
  • Australia & New Zealand

Latin America AI-Based Clinical Trial Solution Provider Market Revenue (US$ Mn) by Country

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa AI-Based Clinical Trial Solution Provider Market Revenue (US$ Mn) by Country

  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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