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AI In Clinical Trials Market Size, Growth, In-depth Analysis, Research Report Forecast up to 2028: Key Players are Owkin Inc and Aitia.
AI In Clinical Trials Market is expected to grow at a CAGR of 43.21% to reach a market size worth US$37.093 billion by 2028.Key determinants contributing to the global market expansion for artificial intelligence in clinical trials include the growing demand for rapid, efficient, and pocket-friendly drug development processes. In addition, the increasing adoption of cloud-based healthcare services and rising healthcare expenditure is also positively contributing to the market prospects.
According to the analysis, the growing demand for efficient, economical, and rapid drug development processes is boosting the Artificial Intelligence in Clinical Trials market expansion.
Artificial intelligence algorithms and software collect, interpret, and manage data to make the drug delivery process faster, more efficient, and budget-friendly with lower human intervention. AI-driven clinical trials could help in the optimization and acceleration of patient-centric study designs. This will help in minimizing errors, raise the chances of success, and improve overall efficiency. Artificial intelligence offers various possible uses in clinical studies, such as seamlessly merging phase I and II studies, establishing unique patient-centered outcomes, and gathering & analyzing real-time data. The rising prevalence of rare and genetic diseases and growing stem cell research have boosted the demand for AI-driven clinical trials.
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The global market for artificial intelligence in clinical trials is analyzed into process, application, and geographical region.
Based on the type of process, the market is segmented into Trial Design, Patient Selection, Site Selection, and Patient Monitoring. The trial design segment is expected to hold a significant market share among the abovementioned factors. AI, ML, and NLP tools help healthcare professionals assess and select optimal primary and secondary endpoints in trial design. AI-enabled study design leads to predictable results, reduces protocol development cycle time, and higher efficiencies.
The market classification has been done based on Biosensors, Smartphone Applications, and Wearables applications. Out of all these types, the wearables segment is expected to hold a significant market share during the analysis period. Wearables such as bracelets, heart monitors, patches, and sensor-enabled clothing are incorporated into clinical trials to remotely gain data on metrics such as blood sugar, heartbeat, and oxygen levels in a less invasive way. In addition, AI algorithms combined with wearable technology can give researchers access to real-time data and insights on trial execution.
Out of all the geographical regions, North America is expected to hold a significant market share in the global artificial intelligence in clinical trials market. The market in this region is expanding quickly because of a well-established healthcare industry in countries such as the USA and Canada. In addition, the growing demand for rapid and accurate drug development processes, along with high healthcare investment, is also supporting the regional market's growth during the analysis period. The North American AI in clinical trials market is also predicted to rise significantly due to the presence of prominent market players in the region. In addition, the high adoption rate of advanced technologies such as AI, ML, and IoT also supports regional market growth.
As a part of the report, the major players operating in the global artificial intelligence clinical trials market are ConcertAI, Saama Technologies LLC, PathAI, Owkin Inc, Aitia, Neuroute, AiCure, Unlearn AI, and VeriSIM Life.
This global Artificial Intelligence in Clinical Trials Market has been analyzed into the following segments:
• By Process
o Trial design
o Patient selection
o Site selection
o Patient Monitoring
• By Application
o Biosensors
o Smartphone applications
o Wearables
• By Geography
o North America
• United States
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• United Kingdom
• Germany
• France
• Spain
• Others
o Middle East and Africa
• UAE
• Israel
• Saudi Arabia
• Others
o Asia Pacific
• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others
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Knowledge Sourcing Intelligence
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E-Mail: info@knowledge-sourcing.com
Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies across ten industry verticals. KSI has a team of experienced and young professionals who focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports annually centering on the niche and latest technologies. In addition, we engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird's-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers, and challenges, and strategic recommendations for making informed decisions. Our success lies in our analysts' efforts to meet client expectations by delivering quality work within the stipulated deadlines.
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