Al in Clinical Trials Market Size Worth $16.7 Billion by 2033; Rising Trend Towards Personalized Medicine to Bolster Growth

Al in clinical trials market size from USD 1.9 billion in 2023 to USD 16.7 billion in 10 years. The increasing demand to reduce clinical trials costs with the help of AI drives the market’s growth. North America emerged as the largest global Al in clinical trials market, with a 43% market revenue share in 2023.

Newark, April 11, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 1.9 billion Al in clinical trials market will reach USD 16.7 billion by 2033. In addition to enhancing clinical trials, artificial intelligence can diagnose illnesses, offer medical services, and even create novel remedies. AI is far more efficient in scale and speed than any system that relies on human activity. This will likely be the largest issue in the future because AI is still too primitive to function independently. AI provides secure data sharing and analysis environments, facilitating collaboration between academics and businesses. The need for safety and data protection creates a growth factor for artificial intelligence in the clinical trials sector. AI divides patients into categories based on genetic and clinical characteristics, enabling customized treatment regimens. The market is growing because of the growing need for customized medication.

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Key Insight of the Al in Clinical Trials Market

AI systems can predict patients’ responses to treatments, which helps to improve the efficiency and precision of clinical trial design. By identifying potential responders and non-responders early in the process, trial resources can be optimized, speeding up and saving costs associated with drug development. By tailoring the regimen to each patient’s demands, artificial intelligence (AI) is utilized in clinical trials to expedite the development of new medications and enhance treatment precision and efficacy. Combining AI with personalized medicine powers clinical trial advancements, leading to more effective and customized therapeutic approaches.

North America will account for the largest market size during the forecast period.

Particularly in terms of artificial intelligence developments, North America has led the world in technical advancements. Numerous prestigious IT firms, academic institutes, and startups that concentrate on creating cutting-edge AI solutions for various industries, including clinical trials and healthcare, call the area home. It has made significant financial and resource commitments to AI startups and research projects. Governments, private investors, and venture capital organizations have demonstrated a strong interest in developing and applying AI technology in healthcare, including clinical trials.

The services segment dominated the market with the most significant revenue of USD 1.10 billion.

The services segment dominated the market with the most significant revenue of USD 1.10 billion. Service providers are crucial in navigating the regulatory landscape around clinical trials. They provide stakeholders with assurance and lower risk by promising that AI applications comply with relevant healthcare legislation and commercial conventions.

The deep learning segment dominated the market with the most significant revenue of USD 0.79 billion.

The deep learning segment dominated the market with the most significant revenue of USD 0.79 billion. Deep learning algorithms make Adaptive trial designs possible, enabling real-time clinical trial data monitoring. In reaction to the data collected, clinical trials can be more responsive and effective by employing adaptive trials to change key factors, including treatment plans or patient recruitment requirements.

The infectious diseases segment dominated the market with the most significant revenue of USD 0.66 billion.

The infectious diseases segment dominated the market with the most significant revenue of USD 0.66 billion. Real-time infectious disease monitoring is made feasible by artificial intelligence (AI) technology, which aids in identifying outbreaks and preparing responses. During pandemics or epidemics, this ability is crucial for clinical investigations to be successful.

The pharma segment dominated the market with the most significant revenue of USD 0.77 billion.

The pharma segment dominated the market with the most significant revenue of USD 0.77 billion. The pharmaceutical industry uses artificial intelligence to identify and mitigate potential risks associated with clinical trials. Predictive analytics estimates the likelihood of undesirable events, which helps with proactive risk management and patient safety.

Report Scope

Report Attribute Details
Projected Market Size in 2030 USD 16.7 billion
CAGR Growth Rate 24.3%
Base Year 2023
Forecast Years 2024-2033
Key Market Players Antidote Technologies, Mendel.ai, Saama Technologies, Trials.ai, IQVIA, Medidata, AiCure, Deep 6 AI, Phesi, Signant Health, Innoplexus, Median Technologies
Key Segment by Offering, Technology, By End-User
Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Market Dynamics:

Drivers: Increasing recognition of AI in clinical trials by regulatory agencies

Regulatory agencies, such as the FDA and other international counterparts, are increasingly conscious of how artificial intelligence (AI) might expedite and enhance specific phases of clinical research. This acknowledgement stems from AI technology’s ability to streamline and improve clinical trial processes, boosting output, sustainability, and data quality. Artificial intelligence (AI) applications in clinical trials can greatly enhance adverse event monitoring, data analysis, predictive modelling, and patient recruiting.

Restraint: Challenges associated with AI

Clinical trial applications for artificial intelligence are still in their infancy despite this technology being revolutionary in several industries. The clinical development procedure in the pharmaceutical business is well-established and has been used for many years. It takes time for any new technology to become the standard in the field. Drug makers must contend with the high expenses of developing new drugs, but as effective use cases emerge, AI-based tools and services will progressively gain traction. Ensuring data availability and quality, improving the interpretability and transparency of AI algorithms, handling ethical and regulatory issues, and depending on human expertise to validate and interpret AI-generated insights are just a few of the challenges associated with integrating AI in clinical trials. Moreover, organizational and logistical challenges may arise from integrating AI technologies into current clinical trial routines and processes.

Opportunity: Democratizing clinical trial participation

Artificial intelligence (AI) helps locate and attract more participants by matching qualified individuals with massive datasets. By doing this, clinical trials are guaranteed to reflect the range of patients in real-world settings. Clinical trials can more easily incorporate real-world data owing to artificial intelligence (AI), which provides researchers with a more comprehensive understanding of how well a treatment performs across various demographics and real-world scenarios. To identify potential participants, AI systems may quickly search through electronic health records and other healthcare data. This expedites the hiring process and reduces trial periods and associated costs.

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Some of the major players operating in the Al in clinical trials market are:

● Antidote Technologies
● Mendel.ai
● Saama Technologies
● Trials.ai
● IQVIA
● Medidata
● AiCure
● Deep 6 AI
● Phesi
● Signant Health
● Innoplexus
● Median Technologies

Key Segments cover in the market:

By Offering:

● Services
● Software

By Technology:

● Supervised
● Deep Learning
● Machine Learning

By Application:

● Metabolic
● Infectious Diseases
● Cardiovascular
● Oncology

By End-User:

● CROs
● Biotech
● Pharma

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About the report:

The global Al in clinical trials market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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