Global AI in Clinical Trials Market is projected to reach a value of $9.65 billion by 2030

According to the report published by Virtue Market Research , In 2023, the Global AI in Clinical Trials Market was valued at $2.1 billion and is projected to reach a market size of $9.65 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 21%.

The use of artificial intelligence (AI) in clinical trials has been on the rise in recent years, and this trend is expected to continue in the long term. The market driver for AI in clinical trials is the need to improve the efficiency and efficacy of drug development. AI can help reduce the time and cost of clinical trials by identifying potential issues before they become major problems. It can also help optimize trial design and patient recruitment, as well as improve the accuracy and reliability of data analysis.

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The COVID-19 pandemic has had a significant impact on the AI in clinical trials market. With the need for rapid development and approval of COVID-19 vaccines and treatments, the use of AI in clinical trials has become even more critical. AI has been used to identify potential drug candidates, predict the efficacy of treatments, and analyze clinical trial data. The pandemic has also highlighted the importance of virtual and decentralized clinical trials, which can be facilitated by AI-powered platforms.

In the short term, the market driver for AI in clinical trials is the increasing demand for personalized medicine. With advances in genomics and other fields, there is a growing need for treatments that are tailored to the specific needs of individual patients. AI can help identify patient subgroups that may respond differently to treatments and develop personalized treatment plans.

An opportunity in the AI in clinical trials market is the use of machine learning algorithms to analyze real-world data. Real-world data, such as electronic health records, can provide valuable insights into the effectiveness and safety of treatments in a broader population. Machine learning algorithms can help identify patterns in this data that may not be apparent to human analysts.

One trend observed in the AI in clinical trials industry is the use of AI-powered virtual assistants to improve patient engagement and retention. Clinical trial participants often drop out of studies due to factors such as inconvenience, side effects, or lack of motivation. AI-powered virtual assistants can provide personalized support and guidance to participants, reminding them to take their medication, answering questions, and providing encouragement.

Segmentation Analysis:

The global AI in Clinical Trials Market segmentation includes:

By Clinical Trial Phase: Phase-I, Phase-II, Phase-III, Phase IV

The use of AI in clinical trials is increasing rapidly, and it is expected to have a significant impact on the drug development process. The AI in clinical trials market can be segmented by clinical trial phase into Phase-I, Phase-II, Phase-III, and Phase-IV. Phase-II is the largest segment in this market, as it is the most critical phase in drug development, where the safety and efficacy of the drug are evaluated in a larger group of patients. The use of AI in Phase-II clinical trials can help optimize trial design, patient selection, and data analysis, thereby reducing the time and cost of drug development.

The fastest-growing segment during the forecast period is Phase-I, which is the first phase of clinical trials, where the safety of the drug is evaluated in a small group of healthy volunteers. The use of AI in Phase-I clinical trials can help identify potential safety issues and reduce the risk of adverse events.

By Application: Oncology, Cardiovascular Diseases, Neurological Diseases or Conditions, Metabolic Diseases, Infectious Diseases, Others

The AI in clinical trials market can also be segmented by application into oncology, cardiovascular diseases, neurological diseases or conditions, metabolic diseases, infectious diseases, and others. Oncology is the largest segment in this market, as cancer is a major global health concern and there is a high demand for effective cancer treatments. The use of AI in oncology clinical trials can help identify patient subgroups that may respond differently to treatments, develop personalized treatment plans, and predict treatment outcomes. The fastest-growing segment during the forecast period is neurological diseases or conditions, as the prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, and multiple sclerosis is increasing globally. The use of AI in neurological diseases or conditions clinical trials can help identify potential biomarkers, predict disease progression, and evaluate the efficacy of treatments.

By Technologies: Machine Learning, Deep Learning, Supervised Learning, Other Technologies

The AI in clinical trials market can also be segmented by technologies into machine learning, deep learning, supervised learning, and other technologies. Deep learning is the largest segment in this market, as it has the ability to process large and complex datasets and identify subtle patterns that may not be apparent to human analysts. The use of deep learning in clinical trials can help identify potential drug candidates, optimize trial design, and predict treatment outcomes. The fastest-growing segment during the forecast period is also deep learning, as there is a growing demand for more accurate and efficient AI-powered clinical trial solutions. Other technologies, such as natural language processing and image recognition, are also being used in clinical trials to analyze unstructured data and improve the accuracy and reliability of data analysis.

By End User: Pharmaceutical Companies, Academia, Others

The use of artificial intelligence (AI) in clinical trials is becoming increasingly popular among end-users, which include pharmaceutical companies, academia, and others. Among these, pharmaceutical companies are the largest end-user segment in the AI in clinical trials market. This can be attributed to the increasing pressure on pharmaceutical companies to reduce the time and cost of drug development while improving the efficacy and safety of drugs. The use of AI in clinical trials can help pharmaceutical companies identify potential drug candidates, optimize trial design, and analyze data more efficiently. Moreover, AI can help reduce the risk of clinical trial failures, which can have a significant impact on the finances and reputation of pharmaceutical companies. The fastest-growing end-user segment during the forecast period is also pharmaceutical companies, as more companies are realizing the benefits of AI-powered clinical trial solutions.

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Regional Analysis:

North America is the largest region in this market, as it has a well-established healthcare infrastructure and a high demand for innovative healthcare solutions. Moreover, the presence of several leading pharmaceutical companies and technology companies in this region is contributing to the growth of the AI in clinical trials market.

The Asia-Pacific region is the fastest-growing segment during the forecast period, as there is a growing demand for effective and affordable healthcare solutions in countries such as China and India. Moreover, the presence of a large population base, increasing prevalence of chronic diseases, and growing investment in healthcare infrastructure are contributing to the growth of the AI in clinical trials market in this region.

Latest Industry Developments:

• In January 2021, Parexel, a leading clinical research organization, announced a strategic partnership with Saama Technologies, a leading AI-powered clinical analytics company. The partnership aims to provide AI-powered analytics solutions for clinical trials, with a focus on patient recruitment, site selection, and data quality

• In February 2021, Medidata, a leading provider of cloud-based solutions for clinical research, launched its AI-enabled virtual trial solution, Acorn AI Virtual Trial. The solution leverages AI and machine learning to facilitate decentralized clinical trials and improve patient engagement and data quality.

• In March 2021, Parexel announced the acquisition of healthcare consultancy firm Health Advances. The acquisition is expected to strengthen Parexel's capabilities in healthcare strategy consulting and expand its reach in the healthcare industry.

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This release was published on openPR.