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 facilitate lucrative opportunities for IT vendors in the coming 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.
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.
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.
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