Emphasis on Phase (Early Phase 1, Phase 1, Phase 2, Phase 3, and Phase 4); Therapeutic Application (Oncology, Cardiovascular Diseases, Neurological Diseases, Metabolic Diseases, Infectious Diseases, Respiratory Diseases, and Others); End-User (Pharmaceutical Companies, Academia, and Others); Country
The AI-Based Clinical Trials Solution Provider Market was valued at USD 228.35 Million in 2022 and is expected to grow at a CAGR of 28.09% during the forecast period (2023-2030) with the increasing need for faster and more accurate clinical trials.
AI-based solutions offer a range of capabilities that streamline and optimize various aspects of clinical trials, from protocol design and patient recruitment to data analysis and regulatory compliance. The rising prevalence of chronic diseases in the MENA region is fueling the demand for innovative and effective therapies driving the growth of AI-based clinical trial solution providers. Conditions such as cardiovascular diseases, diabetes, cancer, and respiratory disorders are placing a significant burden on healthcare systems and necessitating the development of targeted treatments. As per the report of GCC Healthcare report, in 2023, CHE in the GCC is estimated to have grown at a CAGR of 9.5% between 2020 and 2022 to reach US$ 104.1 billion. Healthcare expenditure in the GCC is further projected to reach US$ 135.5 billion in 2027, growing at a CAGR of 5.4% from 2022. By harnessing AI technologies, clinical researchers can uncover novel insights into disease mechanisms, validate therapeutic targets, and design more efficient and personalized clinical trials. Moreover, the growing demand for efficient clinical trials is a significant driver propelling the growth of AI-based clinical trials solution providers in the MENA (Middle East and North Africa) region. Pharmaceutical companies, research organizations, and healthcare providers are under increasing pressure to accelerate the drug development process, reduce costs, and bring innovative therapies to the market faster.
Blockchain technology is another key driver propelling the growth of AI-based clinical trial solution providers in the MENA region, particularly in terms of data security and integrity. Blockchain offers a decentralized and immutable ledger that securely records transactions and data exchanges across a network of nodes. Additionally, blockchain enables transparent and traceable data provenance, enhancing trust among stakeholders including patients, researchers, regulators, and sponsors. As data privacy and security concerns continue to escalate globally, the integration of blockchain technology provides a robust foundation for AI-based clinical trials solution providers to deliver secure, compliant, and ethical trials in the MENA region, fostering innovation and collaboration in the healthcare ecosystem.
Oncology Transforming Industry
Oncology trials are inherently complex, involving diverse patient populations, multiple treatment modalities, and intricate biomarker analyses. AI technologies offer significant advantages in this domain by enabling advanced data analytics, predictive modeling, and personalized medicine approaches and the rising demand for precision oncology solutions drives the growth of the market. Furthermore, the MENA region is witnessing a surge in cancer incidence and prevalence that demands innovative approaches to accelerate drug development and improve clinical trial efficiencies. As per the National Institute of Health, in 2022, around 463,675 new cancer cases are estimated to be in Arab countries, corresponding to 2.4% of the global incidence. Females’ cancers accounted for 52.9% of that number, compared with 47.8% worldwide. The ASIR for Arab females was 137.7/100,000, compared with the 186/100,000 population rate of WFCs. AI-based clinical trial solution providers offer scalable, cost-effective solutions that leverage machine learning algorithms, natural language processing, and data integration techniques to streamline trial processes, reduce time-to-market, and enhance research collaboration among stakeholders that drive the growth of AI adoption in oncology clinical trials.
Saudi Arabia is Expected to Grow with Significant CAGR During Forecast Period
Saudi Arabia is expected to grow with a significant CAGR during the forecast period (2023-2030). The rising government’s investment in transforming the healthcare sector through digitalization and AI adoption. Furthermore, Saudi Arabia’s large population, high prevalence of chronic diseases, and increasing healthcare expenditure underscore the need for efficient and cost-effective clinical trial solutions. Additionally, collaborations between Saudi universities, research institutions, and international partners contribute to knowledge exchange and technology transfer, further driving the growth of AI-based Clinical Trials Solution Providers in the country.
For instance, on May 10, 2021, The Saudi Data and Artificial Intelligence Authority (SDAIA), represented by its innovative arm, the Center for Artificial Intelligence signed a memorandum of understanding (MOU) with IQVIA exploring opportunities of mutual interest to advance innovation in the field of healthcare data in the Kingdom.
The AI-Based Clinical Trials Solution Provider Market is competitive and fragmented, with the presence of several MENA and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are IQVIA Inc, Merck KGaA, Pfizer Inc., Saama, Renalytix, Florence Healthcare, Geneyx Genomex, Insilico Medicine, NVIDIA Corporation, AiCure.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Mena Ai-based Clinical Trials Solution Provider Market Revenue, 2020-2030f
6. Market Insights By Phase
7. Market Insights By Therapeutic Application
8. Market Insights By End-user
9. Market Insights By Country
10. Mena Ai-based Clinical Trials Solution Provider Market Dynamics
11. Mena Ai-based Clinical Trials Solution Provider Market Opportunities
12. Mena Ai-based Clinical Trials Solution Provider Market Trends
13. Demand And Supply-side Analysis
14. Pricing Analysis
15. Value Chain Analysis
16. Competitive Scenario
17. Company Profiled
18. Disclaimer
Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA AI-based clinical trials solution provider market were the three major steps undertaken to create and analyze the adoption of AI-based clinical trials solution provider in major regions MENA. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the MENA AI-based clinical trials solution provider market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the AI-based clinical trials solution provider market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the AI-based clinical trials solution provider market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as phase, therapeutic application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the AI-based clinical trials solution provider market. Further, we conducted factor analysis using dependent and independent variables such as phase, therapeutic application, and end-user of the AI-based clinical trials solution provider market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the AI-based clinical trials solution provider market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the MENA AI-based clinical trials solution provider market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets MENA. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the MENA AI-based clinical trials solution provider market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the phase, therapeutic application, and end-user in the MENA AI-based clinical trials solution provider market.
The current & future market trends of the MENA AI-based clinical trials solution provider market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the AI-based clinical trials solution provider market?
Q2: What are the driving factors for the growth of the AI-based clinical trials solution provider market?
Q3: Which segment has the largest share of the AI-based clinical trials solution provider market by therapeutic application?
Q4: What are the emerging technologies and trends in the AI-based clinical trials solution provider market?
Q5: Which region will dominate the AI-based clinical trials solution provider market?
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