Global AI-based Clinical Trials Solution Provider for the Cancer Market Size (2024-2030)

The global AI-based Clinical Trials Solution Provider for Cancer Market size was valued at $344.94 million in 2023 and is projected to reach $1,486 million by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 23.2%.

Market Overview:

The global AI-based clinical trials solution provider market has a remarkable size and is anticipated to expand at a significant compound annual growth rate (CAGR) of 8.0% from 2023 to 2030. The growing adoption of AI-based platforms to improve the productivity and efficiency of clinical trials at various stages is driving the market for AI-based clinical trial solution providers for the cancer market. Also, the sympathetic initiatives by both the private and public sectors for different therapeutic areas are some of the factors fuelling the market growth. Furthermore, the increasing awareness and diversified applications provided by AI in the field of clinical trials for cancer such as designing cancer drug trials, improved patient selection, site selection, patient monitoring, etc. is boosting the market growth.  

COVID-19 Impact on the Global AI-based Clinical Trials Solution Provider for Cancer Market:

The outbreak of the coronavirus has broadly spread all over the world since the latter phase of 2019. Artificial intelligence with the use of deep learning technology has witnessed great success in the medical sector due to its high ability of feature extraction through large data sets. Attempts have also been made to recognize and diagnose various imaging features resulting in the rise in the popularity of AI in the cancer market amid the pandemic. However, the rising COVID-19 cases across the world and emerging AI technologies it has boosted the demand for AI-based clinical trial solution providers and telehealth by providing remote access to reports and insights. It also highlights the importance of expanding the use of AI and machine learning with the goal of improving.

Market Drivers:

The rising prevalence of cancer as a major cause of death among people may boost the global market growth for the AI-based clinical trials solution provider for the cancer market:

Cancer has always had a critical social impact across the world. It is one of the major causes of death, with established and developing economic markets at higher risk and having a higher prevalence. This trend of rising cancer prevalence augments and encourages healthcare providers to look into their treatment facilities and place a greater emphasis on the prevention and cure of these diseases. This would require oncology diagnostics that are not only critical and sensitive but also capable of early detection and treatment.

The increasing inclination of doctors and medical experts towards AI is boosting the market growth:

The growing recognition of the advantages offered by AI technologies and their widescale utilization areas has led to the increased adoption of AI in the healthcare and medical sectors as well. Several key operators in the medical market are beginning to collaborate with leading AI technology providers to innovate AI-based solutions for applications in healthcare. Such approaches offer lucrative and advanced solutions to their consumers and establish their dominance in this dynamic market space. The escalating demand for AI-based techniques and advancements is encouraging companies to gain momentum from it in terms of developing more advanced products and technologies. This in return is likely to generate new opportunities for the players in the AI-based clinical trials solution provider for the cancer market.

The surging investments in the healthcare sector are likely to boost the global AI-powered Computed Tomography diagnostic imaging market:

The increasing awareness about the benefits offered by AI technologies, and their widespread applications in the healthcare sector has led to a steep rise in the adoption of AI technologies for medical purposes, thus augmenting the AI-based clinical trials solution provider for the cancer market. Several healthcare facilities and hospitals have adopted artificial intelligence as a more desirable and efficient solution for clinical use. Major leading companies in AI in the medical market are hugely investing in AI technologies to make more use of it. Companies and researchers are coming together to create effective AI-based clinical trial platforms.

Market Restraints: 

Lack of awareness in underdeveloped and developing countries is slowing down the market growth: 

The market size is restrained in developing nations as well as in some underdeveloped countries as health awareness remains lower. Many people in developing countries are known to neglect their regular health check-ups and have really low knowledge levels about mild pains and the complications associated with them. Also, advanced technologies like AI and ML require experts and a highly skilled workforce to function, and a lack of employees with relevant knowledge domain makes it difficult for all the players to have any profit in the developing regions narrowing down the scope and hindering the growth of the AI-based clinical trials solution provider for the cancer market. 

The high technological costs and budget may restrict the growth of the market in some developing and under-developed economies:

Due to the relatively high costs and budget constraints, many hospitals and clinics in developing and under-developed nations are unable to invest massively in the technology. However, owing to its high demand in these countries, the hospitals are purchasing and inclining toward new and advanced clinical trial systems and preferring to use these systems for maximum operational efficiency.

AI-BASED CLINICAL TRIALS SOLUTION PROVIDER FOR CANCER MARKET REPORT COVERAGE:

This research report on the Global AI-based Clinical Trials Solution Provider for Cancer Market has been segmented and sub-segmented based on Clinical Trial Phase, End-User, Regions, and Key Companies.

AI-based Clinical Trials Solution Provider for Cancer Market – By Clinical Trial Phase

• Phase-I

• Phase-II

• Phase-III

Based on the application, the AI-based Clinical Trials Solution Provider for Cancer Market has been segmented into 3 segments – Phase-I, Phase-II, and Phase-III. The phase-II segment dominates the market for AI-based clinical trial solution providers for the cancer market and accounts for approximately a revenue share of 47.2% in 2022, due to the presence of a massive number of registered clinical trials present in the second phase. Moreover, the growing adoption of AI-based tools for the collection of data sets and the analysis of immediate outcomes of the overall desired outcome through the drug trials in this phase is contributing largely to segment growth. The phase-I segment is anticipated to witness the fastest growth during the forecasted years. The adoption of AI-based solutions is predicted to increase, as their utilization since phase I can be useful for patient recruitment, retention, and better trial design.

AI-based Clinical Trials Solution Provider for Cancer Market – By End-User

• Pharmaceutical Companies

• Academia

• Others

Based on the end-user, the AI-based Clinical Trials Solution Provider for Cancer Market has been segmented into 3 segments – Pharmaceutical Companies, Academia, and Others. In 2022, the pharmaceutical companies segment comprised the highest revenue share of almost 66.0%. The increasing adoption of AI-based technologies for the better development of diagnostic and biomarkers to identify the new drug, and the overall drug development process and clinical trials by major pharmaceutical companies is one of the major factors contributing to the overall segment growth. Moreover, these major pharmaceutical players are heavily collaborating with the AI vendors for leveraging AI technology for research and development purposes and the overall drug discovery process, thereby, fuelling the growth. 

AI-based Clinical Trials Solution Provider for Cancer Market – By Region.

• North America

• Europe

• Asia-Pacific

• South America

• Middle-East and Africa

Based on region, the AI-based Clinical Trials Solution Provider for Cancer Market has been segmented into 5 major regions – North America, Europe, Asia-Pacific, South America, Middle-East, and Africa. North America dominates the global AI-based clinical trial solution providers for the cancer market and accounts for a revenue share of 43.8% in 2022. It can be attributed to the presence of a number of AI-based start-ups in the region. Furthermore, the increasing awareness of AI-based technologies and their adoption to enhance clinical trial outcomes is propelling market growth in the region. However, in the Asia Pacific region, the market for AI-based clinical trial solution providers for the cancer market is anticipated to showcase lucrative growth over the forecast period due to the growing penetration of AI-based tools and favourable government initiatives for the adoption of AI in different healthcare fields.

AI-based Clinical Trials Solution Provider for Cancer Market – By Companies.

1. Unlearn.AI, Inc.

2. Saama Technologies

3. Antidote Technologies, Inc.

4. Phesi

5. Deep 6 AI

6. Innoplexus

7. Mendel.ai

8. Intelligencia

9. Median Technologies

10. Symphony AI

11.  BioAge Labs, Inc.

12. AiCure, LLC

The AI-based Clinical Trials Solution Provider for Cancer Market is highly fragmented and extremely competitive with key players involved in R&D and constant technological innovation done by the vendors.