NEW YORK, Oct. 18, 2022 /PRNewswire/ — According to the latest market research study published by P&S Intelligence, the AI-based clinical trials solution market was valued at about $1,327 million in 2021, which will grow at a rate of over 20%, to reach about $7,074 million by 2030.
Phase II Clinical Trials Most Demanded
The phase II category dominated the industry, with a revenue share of 51%, in the past, because of the high count of drugs and other medical technologies in the second phase of clinical validation.
This category is also the largest because of the rising adoption of smart technologies for data gathering and the examination of the instant results of the product on the needed outcomes in this stage.
In the coming years, the phase I category will demonstrate the quickest development. The purpose of AI in phase I trials is usually trial design improvement and patient recruitment and retention.
Get the sample pages of this report at: https://www.psmarketresearch.com/market-analysis/ai-based-clinical-trials-solution-provider-market/report-sample
Usage of Advanced Technology in Drug Development Is Notable
Drug discovery is a costly and lengthy procedure. According to studies, the whole cycle for a drug to be marketable could require over $1.2 billion in investment, with the R&D taking well over a decade.
The acceptance of technologically innovative solutions in drug development can plummet the cost and time and enhance the safety …