Overview and Scope
AI in clinical trials refers to the application of artificial intelligence (AI) technologies and techniques in the planning, design, execution, and analysis of clinical trials. Clinical trials are rigorous research studies that evaluate the safety and effectiveness of medical interventions, such as new drugs, medical devices, or treatment protocols, in human subjects.
Sizing and Forecast
The ai in clinical trials market size has grown exponentially in recent years. It will grow from $4.74 billion in 2023 to $6.69 billion in 2024 at a compound annual growth rate (CAGR) of 41.1%. The growth in the historic period can be attributed to data accumulation in healthcare, computing power advancements, fda support for ai, rise of wearable devices, early ai algorithms development.
The ai in clinical trials market size is expected to see exponential growth in the next few years. It will grow to $26.77 billion in 2028 at a compound annual growth rate (CAGR) of 41.5%. The growth in the forecast period can be attributed to real-world data integration, ai-powered patient recruitment, ai-driven biomarker identification, ai-driven trial design optimization, continuous monitoring technology. Major trends in the forecast period include federated learning approaches, ai in adaptive trials, ai-supported outcome prediction, ai-driven drug development, ai-powered drug repurposing.
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Segmentation & Regional Insights
The 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 Technology: Machine Learning, Deep Learning, Supervised Learning, Other Technologies
4) By Application: Oncology, Neurological Diseases And Condition, Cardiovascular Diseases, Metabolic Diseases, Infectious Diseases, Immunology diseases, Other Applications
5) By End-User: Pharmaceuticals And Biotechnology Companies, Contract Research Organizations, Other End-Users
North America was the largest region in the AI in clinical trials market in 2023. The regions covered in the 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
Rising incidences of chronic and infectious diseases are expected to propel the growth of the AI in clinical trials market going forward. Chronic disease refers to a form of illness that lasts for three months or more and can deteriorate with time. Artificial intelligence in clinical trials is helpful to develop various drugs for treating chronic diseases. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least one chronic condition would increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Therefore, the rising incidences of chronic and infectious diseases are driving the growth of the AI in the clinical trials market.
Key Industry Players
Major companies operating in the ai in clinical trials market report are Intel, The International Business Machines Corporation (IBM), Koninklijke Philips N.V., ConcertAI, Saama Technologies LLC, Samaa Technologies, Owkin Inc., Numerate, Neuroute, AiCure, Ardigen, Unlearn AI, PathAI, Exscentia, Aitia Infotech Pvt Ltd., Euretos, VeriSIM Life, Envisagenics, NURITAs, BioSymetrics, BioAge Labs Inc, Trials.Ai, Pharmaseal, Caylx, IQVIA
The ai in clinical trials market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……….
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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