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AI in Clinical Trials Market Trends & Growth Analysis 2024-2033
AI in Clinical Trials Market Trends
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Technological advancements are a key trend gaining popularity in the AI in clinical trials market. Companies operating in the AI in clinical trials market are adopting new technologies to sustain their position in the market. For instance, in February 2023, Lantern Pharma, a US-based clinical-stage oncology company introduced its unique RADR artificial intelligence ('AI') and machine learning ('ML') platform to revolutionize the expense, speed, and timeframe of oncology medication discovery and development. These RADR developments would concentrate on additional cutting-edge AI and ML methods to create antibody-drug conjugates (ADCs), which are highly targeted antibodies for the treatment of cancer that are connected to effective anti-tumor small molecules.
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Major Key Players of the Market:
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
AI In Clinical Trials Market 2024 Key Insights:
• 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%.
• AI In Clinical Trials Market Surges With The Escalating Incidence Of Chronic And Infectious Diseases
• Lantern Pharma Unveils Radr AI And ML Platform, Elevating Ai In Clinical Trials For Accelerated Medication Discovery
• North America was the largest region in the AI in clinical trials market in 2023
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