AI-based Clinical Trials Solution Providers Market Trends

Growth Drivers

• Increasing Adoption of AI-based Platforms to Enhance Accuracy and Productivity at Different Stages - There is an increase in AI-based clinical trials for accuracy and productivity. Clinical trials are carefully designed, reviewed, and completed and need to be approved before they can start, which in turn requires higher accuracy, which AI-based platforms can easily do. According to the World Health Organization, the United States of America had the highest total number of trials registered during 1999–2021 (157,618), followed by China (80,333) and Japan (57,754). According to the same article, of trials categorized into a disease or condition, 81% were for non-communicable diseases, 15% for communicable, maternal, perinatal, and nutritional conditions, and 4% for injuries.
• Increasing Prevalence of Cancer Globally - There is an increase in the number of cancer cases globally, directly increasing the need for new drug development and treatment procedures for cancer. The higher drug development procedures increase clinical trials across the globe. According to the WHO, each year, approximately 400, 000 children develop cancer. The most common cancer varies among countries. Cervical cancer is the most common in 23 countries. Also, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or almost one in six deaths.
• Increasing Initiatives by Public and Private Sectors – Globally, numerous governments are driving initiatives to enhance the region's clinical trial environment. The Australian Government, for instance, is promoting initiatives to enhance the clinical trial environment in Australia, enhance health results, and boost foreign investment in the nation. The Clinical Trials Project Reference Group (CTPRG), formerly known as the Clinical Trials Jurisdictional Working Group (CTJWG), brings together senior officials from Commonwealth, State, and Territory health departments, as well as the National Health and Medical Research Council (NHMRC). In order to identify and implement actions and system redesigns that will enable a streamlined and consistent national approach to clinical trials in Australia, to improve health outcomes and enhance productivity.
• Presence of a Large Number of Registered Clinical Trials – Prevalence of large number of registered clinical trials is expected to drive the growth of this market in the forecast period.  According to the World Health Organization, 59,964 clinical trials were conducted worldwide in 2021.

Challenges

• Strict Regulations Across the Globe – These solutions come with multiple strict codes of conduct that need to be followed and they are not the same in all regions. The strict regulations associated with them is considered to hamper the growth of the market in the upcoming times.
• Privacy Related Concerns
• Lack of AI Implementation Framework