This development can be credited to the growing occurrence of chronic illnesses and the rising need for progressive drugs. Amongst the numerous developing technologies in the healthcare industry with research and treatment, AI plays a vital role in trial designing, site selection, patient selection and recruitment, and patient nursing with the decisive target to fuel the number and success of medical trials.
Pharmaceutical businesses are spending a noteworthy amount to restock their respective pipelines utilizing AI, which is one of the main factors for the development of the market.
Furthermore, the rising size of public and private initiatives to boost the acceptance of artificial-intelligence-driven solutions in new medicament effectiveness studies, to quicken medication discovery, is boosting the market.
Drug discovery is an expansive and slow process. According to the studies, the capital expenditure needed for the whole cycle for a drug to be obtainable can be over USD 1.2 billion, and the research and development period could be over 10 years.
The acceptance of technologically enhanced solutions in the medication development procedure can be advantageous in decreasing the time and price and growing the well-being and accurateness of new medicinal combinations.
Browse detailed report - AI Based Clinical Trials Solution Market Analysis and Demand Forecast Report
In 2021, the phase II category led the clinical trial phase segment with a market share of 51%. This can be credited to the large count of registered validation incidence active in the second phase.
Furthermore, the category is growing mainly because of the thriving utilization of smart technologies for information gathering and the study of the instant results of the study on the wanted outcome in this stage.
Hence, the growing occurrence of chronic illnesses and the rising need for progressive drugs, are the major reasons behind the growth of the AI-based clinical trials solution market.
