The AI-based clinical trials industry is projected to rise and generate $7,073.9 million revenue in 2030. It is led by the shift in conventional drug development practices to technology-based approaches and rising AI-based technologies penetration in numerous healthcare subsectors.
The industry is projected to experience a gradual rise in the short term, with advanced growth. The advancements in AI-based solutions designed for the research sector and drug development will facilitate lucrative opportunities for IT vendors in the future.
The rising adoption of smart technologies in the R&D sector for numerous diseases by pharma firms, and academic institutes, with surging AI popularity propels the industry. Moreover, the rising awareness of diverse applications of AI in clinical trials boosts industry growth.
The global pandemic has positively influenced industry growth, which drives AI usage for an array of healthcare-relevant purposes, from population health management to drug discovery. Researchers are utilizing advanced technologies to collect the data from recruited patients and analyze it. Therefore, it boosts the adoption of AI-based clinical trial solutions.
The government initiatives and strict regulations in the U.S. adheres to clinical trials, and they are projected to propel AI-based tools, technologies, and solutions.
Developed countries such as Canada, Australia, the U.S., and the U.K. spend a significant proportion of their GDP on healthcare. In these countries, the cost and demand for healthcare are rising. It thus propels the requirement for digital technologies, including AI.
Over the past few years, the U.K. and the U.S have adopted AI technologies to reduce therapeutics costs, and improve clinical services. Moreover, Germany and France are major countries operating in the AI-based clinical trials solution.
AI aids in the synthesizes and analysis of ever-expanding data. The AI-powered capabilities, such as pattern recognition, evolutionary modeling, and interpretation are prominent for gathering, normalizing, analyzing, and harnessing the rising data masses to boost modern therapy development.
AI technologies aid the advancement in the transformation of clinical trials, seamlessly combining the clinical trials of phases I and II, gathering, and analyzing data, and developing patient-centered endpoints.
In the U.S., the OBC outcomes are utilized for a longer time as a measure to reward innovation, relying on the effectiveness of the actual treatment and intervening in the patient population.
Presently, the potential usage of artificial intelligence for predicting suitable patient outcomes is to eliminate the potential challenges. The major companies operating in the industry are; Deep Lens Inc., Accenture plc, Verily Life Sciences LLC, Koneksa, Deep6 ai, Antidote Technologies Inc., Mendel.ai, Euretos Services BV, and Antidote Technologies Inc.
Therefore, the wide potential of AI technology in clinical trials to provide treatment for various diseases propel the industry growth.
