Overview and Scope
Artificial intelligence in clinical trials refers to using artificial intelligence to design more efficient and adequate clinical trials. Artificial intelligence is used in clinical trials to improve trial design and optimization through predictions about patient behavior and drug efficacy.
Sizing and Forecast
The artificial intelligence (ai) in clinical trials market size has grown exponentially in recent years. It will grow from $1.52 billion in 2023 to $1.95 billion in 2024 at a compound annual growth rate (CAGR) of 28.1%. The growth in the historic period can be attributed to increasing data complexity, rising costs and time constraints, regulatory demands, early ai applications, patient-centric approaches.
The artificial intelligence (ai) in clinical trials market size is expected to see exponential growth in the next few years. It will grow to $4.86 billion in 2028 at a compound annual growth rate (CAGR) of 25.6%. The growth in the forecast period can be attributed to personalized medicine emphasis, real-time monitoring solutions, remote trial execution, risk prediction and mitigation, expanded data sources integration. Major trends in the forecast period include adaptive trial design, natural language processing (nlp) in data analysis, ai-driven patient recruitment, blockchain integration for data security, predictive analytics for patient outcomes.
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Segmentation & Regional Insights
The artificial intelligence (ai) in clinical trials market covered in this report is segmented –
1) By Offering: Software, Services
2) By Process: Trial Design, Patient Selection, Site Selection, Patient Monitoring
3) By Application: Oncology, Neurological Disease And Condition, Cardiovascular Disease, Metabolic Disease, Infectious Disease, Immunology Disease, Other Applications
4) By End-User: Pharmaceutical And Biotechnology Company, Contract Research Organizations, Other End-Users
North America was the largest region in the artificial intelligence (AI) in clinical trials market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (ai) in clinical trials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing need to curb clinical trial costs is expected to propel the growth of artificial intelligence in the clinical trial market going forward. Clinical trials refer to research studies used to test medical, surgical, or behavioral intervention in people, and the costs of clinical trials include the cost of the research and the cost of patient care. Drug development and other clinical trial processes are costly by nature, and artificial intelligence is used to provide better drug discovery, better designed and safer clinical trials, and improved patient outcomes at lower costs. For instance, in February 2023, according to Genetic Engineering and Biotechnology News, a US-based platform that provides the latest information on genetic engineering and biotechnology, developing a new drug among the top 20 global biopharma companies rose by 15% from $298 million in 2022 to approximately $2.3 billion in 2023, and this includes the costs incurred from developing a drug through clinical trials. Furthermore, in January 2023, according to a report published by the National Bureau of Economic Research (NBER), a US-based non-profit economic research organization, the adoption of AI within the next five years is expected to generate substantial cost savings in healthcare, ranging from 5 to 10% of healthcare spending, equating to approximately $200 billion to $360 billion in annual savings. Therefore, the growing need to curb clinical trial costs will drive artificial intelligence in the clinical trial market.
Key Industry Players
Major companies operating in the artificial intelligence (ai) in clinical trials market report are Medable Inc., PathAI inc., Saama Technologies Inc., Apellis Pharmaceuticals Inc., TriNetX LLC, SymphonyAI Summit Inc., Aktana, Nference Inc., Insilico Medicine Inc., Vineti Inc., Innoplexus AG, Healx, AiCure Inc., MEDIAN Technologies SA, Owkin Inc., Science 37, Ardigen SA, Cyft Inc., Unlearn.AI Inc., Mendel AI, Deep Lens Inc., Antidote Technologies Inc., Arterys Inc., Euretos BV, Halo Health Systems Inc., Trials.Ai Inc., Transparency Life Sciences, BioAge Labs Inc., Wave Life Sciences Ltd., BioSymetrics Inc.
The artificial intelligence (ai) in clinical trials market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence (AI) In Clinical Trials Market Characteristics
3. Artificial Intelligence (AI) In Clinical Trials Market Trends And Strategies
4. Artificial Intelligence (AI) In Clinical Trials Market – Macro Economic Scenario
5. Global Artificial Intelligence (AI) In Clinical Trials Market Size and Growth
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32. Global Artificial Intelligence (AI) In Clinical Trials Market Competitive Benchmarking
33. Global Artificial Intelligence (AI) In Clinical Trials Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence (AI) In Clinical Trials Market
35. Artificial Intelligence (AI) In Clinical Trials Market Future Outlook and Potential Analysis
36. Appendix
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