by Artificial intelligence (AI) in clinical trials refers to the implementation of machine learning and deep learning algorithms to analyze complex medical data and help accelerate drug development. AI can assist in various stages of clinical trials ranging from patient recruitment and retention, optimizing trial design, protocol development, real-time monitoring, and personalized treatment. The technology offers benefits such as improved data quality, minimized noise in datasets, reduction in costs, and faster trials. With global stakeholders increasing investments in digital health and advanced technologies, the demand for AI integration in clinical research processes is witnessing a significant upsurge.
The AI In Clinical Trials Market is estimated to be valued at US$ 1.42 Bn in 2024 and is expected to exhibit a CAGR of 29% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the AI in Clinical Trials market include Aegle Therapeutics, Coya Therapeutics, Evox Therapeutics, Nano 24, ReNeuron. These players are focusing on new product launches, collaborations, and expansion strategies to strengthen their market presence.
The increasing adoption of virtual/decentralized clinical trials due to the pandemic has opened up opportunities for AI applications in remote monitoring, diagnosis, and analysis of trial participants. Advanced technologies are also finding increasing applicability in studying rare diseases with limited patient pools.
North America dominates the AI In Clinical Trials Market owing to the presence of major pharmaceutical companies and supportive regulatory environment. However, Asia Pacific is expected to exhibit the fastest growth over the forecast period due to growing R&D expenditure, increasing clinical research outsourcing to China and India, and government initiatives to promote digital healthcare.
Market Drivers:
The key driver boosting the AI in clinical trials market is the increasing investments by pharmaceutical and biotech companies to integrate novel digital technologies into their research & development processes. AI and machine learning can help accelerate various stages of drug discovery from target identification and validation to clinical development. This is prompting more organizations to collaborate with AI companies. Additionally, growing patient pools, emphasis on reducing healthcare costs, and supportive regulatory frameworks are also fueling the adoption of AI across the clinical trial continuum.
PEST Analysis
Political: Government regulations play an important role for AI in clinical trials market. Regulations need to ensure data privacy, safety, and transparency in use of AI applications.
Economic: Rising healthcare costs are encouraging use of AI to improve efficiency and outcomes of clinical trials. AI helps speed up drug development processes and lower costs for pharmaceutical companies.
Social: Acceptance of new technologies like AI among patients and healthcare providers is critical for this market. Education is needed to build trust that AI augments rather than replaces human experience and expertise.
Technological: Advancements in machine learning, deep learning, and natural language processing allow AI platforms to identify patterns in huge biomedical datasets. This helps match patients to clinical trials, monitor participants, and streamline other trial processes. AI also enables simulation of clinical trial scenarios for planning purposes.
Geographical Regions With High Market Concentration
North America accounts for the largest share of the AI in clinical trials market currently due to presence of major pharmaceutical players, growing AI adoption, and supportive regulatory environment. The U.S. is at the forefront of using AI-powered clinical trial solutions.
Fastest Growing Region
Asia Pacific region is expected to grow at the fastest rate during the forecast period. This is attributed to rising R&D expenditure, growing clinical trial activity in countries like China and India, and increasing government initiatives to promote digital technologies in healthcare.
What Are The Key Data Covered In This AI In Clinical Trials Market Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the AI In Clinical Trials Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the AI In Clinical Trials Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- AI In Clinical Trials Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of AI In Clinical Trials Market vendors
FAQ’s
Q.1 What are the main factors influencing the AI In Clinical Trials Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top AI In Clinical Trials Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the AI In Clinical Trials Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
