The AI-based clinical trials solution market size is expected to advance at a CAGR of 20.4% during 2021–2030, to reach $7,073.9 million by 2030. This is ascribed to the shift from the traditional practices of drug development to technology-based approaches and the growing penetration of AI-based technologies in various healthcare subsectors.
The industry is expected to witness gradual growth in the short term, with a much-robust growth toward the latter half of this decade. The rapid improvements in the AI-based solutions designed for the drug development and research sector will provide IT vendors opportunities in the near future.
The increasing penetration of smart technologies in the R&D sector for various diseases by pharma firms and academic institutes, with the growing popularity of AI, is the key factor that drives the market. Furthermore, the increasing awareness on the diverse applications of AI in clinical trials promoted this growth.
The COVID-19 pandemic has also driven the use of AI for an array of healthcare-related purposes, from population health management to drug discovery. During the pandemic, researchers turned to advanced technologies to gather data from the recruited patients and analyze it, thus propelling the penetration of AI-based clinical trial solutions.
The favorable government support and stringent regulations in the U.S. pertaining to clinical trials are expected to boost the demand for AI-based technologies, tools, and solutions.
For instance, in 2020, the FDA launched the Coronavirus Treatment Acceleration Program for determining the possible therapies, to lessen the global disease burden. The advantages provided by AI-based technologies in detection, enrollment, and management during clinical trials are set to fuel the market growth during the forecast period.
Developed countries, such as the U.S., Canada, Australia, and the U.K., spend a large proportion of their GDP on healthcare. In these economies, the cost of and demand for healthcare are growing rapidly, thus increasing the need for digital technologies, such as AI. In recent years, the U.S. and the U.K. have adopted AI technologies to reduce the cost of therapeutics and improve clinical services. Moreover, France and Germany are significant countries in the AI-based clinical trials solution market outlook.
The widespread incidence of cancer and the increasing number of oncology-related medication trials are driving the use of AI-enabled technology. Additionally, a sizable number of businesses are creating and utilizing AI technologies for oncologic clinical trials, which is fueling the category's expansion.
Additionally, the category of cardiovascular diseases is expected to grow at the highest CAGR, of 22.3%, during the forecast period, due to the increasing incidence of CVDs worldwide.
The most-significant AI-based clinical trials solution market players are Exscientia plc, nference Inc., GNS Healthcare, Deep Lens Inc., Accenture plc, Deloitte, Verily Life Sciences LLC, Trials.ai, Koneksa, Median Technologies SA, Mendel.ai, Deep6 ai, Euretos Services BV, and Antidote Technologies Inc.