According to the latest market research study published by P&S Intelligence, the AI-based clinical trials solution market was valued at about $1,327 million in 2021, which will grow at a rate of over 20%, to reach about $7,074 million by 2030.
Phase II Clinical Trials Most Demanded
The phase II category dominated the industry, with a revenue share of 51%, in the past, because of the high count of drugs and other medical technologies in the second phase of clinical validation.
This category is also the largest because of the rising adoption of smart technologies for data gathering and the examination of the instant results of the product on the needed outcomes in this stage.
In the coming years, the phase I category will demonstrate the quickest development. The purpose of AI in phase I trials is usually trial design improvement and patient recruitment and retention.
Hence, a number of firms are using AI solutions during cancer drug trials, thus driving the oncology category of the therapeutic application segment at a 19% CAGR in the years to come.
North America was the industry dominator, with a 41% share, in 2021, because of the growing usage of technically advanced solutions, high R&D investments, existence of key pharma, biotech, and medical device manufacturers, and their initiatives for registering newer patents.
The U.S. was the leader in the region, with around 150,000 clinical trials taken up since 2008, due to the importance of its pharma sector.
The U.S. is one of the top spenders on healthcare, because of its substantial populace, expansive healthcare sector, and vast network of researchers.
APAC will showcase a significant growth rate in the future because of the rising adoption of AI-based tools and promising government initiatives for their acceptance in diverse healthcare fields.
Around the world, the industry growth is primarily because of the increasing incidence of chronic diseases and burgeoning demand for innovative drugs, as a result. Amongst the numerous developing technologies in the health sector, AI plays a key part in trial designing, site selection, patient selection and recruitment, and patient monitoring, with the motive of boosting the clinical trial count and success rate.
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