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Artificial Intelligence (AI) In Clinical Trials Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Artificial Intelligence (AI) In Clinical Trials Global Market Report 2024
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According to The Business Research Company's, The artificial intelligence (ai) in clinical trials market size has grown exponentially in recent years. It will grow from $1.52 billion in 2023 to $1.95 billion in 2024 at a compound annual growth rate (CAGR) of 28.1%. The growth in the historic period can be attributed to increasing data complexity, rising costs and time constraints, regulatory demands, early ai applications, patient-centric approaches.
The artificial intelligence (ai) in clinical trials market size is expected to see exponential growth in the next few years. It will grow to $4.86 billion in 2028 at a compound annual growth rate (CAGR) of 25.6%. The growth in the forecast period can be attributed to personalized medicine emphasis, real-time monitoring solutions, remote trial execution, risk prediction and mitigation, expanded data sources integration. Major trends in the forecast period include adaptive trial design, natural language processing (nlp) in data analysis, ai-driven patient recruitment, blockchain integration for data security, predictive analytics for patient outcomes.
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Market Drivers and Trends:
The growing need to curb clinical trial costs is expected to propel the growth of artificial intelligence in the clinical trial market going forward. Clinical trials refer to research studies used to test medical, surgical, or behavioral intervention in people, and the costs of clinical trials include the cost of the research and the cost of patient care. Drug development and other clinical trial processes are costly by nature, and artificial intelligence is used to provide better drug discovery, better designed and safer clinical trials, and improved patient outcomes at lower costs. For instance, in February 2023, according to Genetic Engineering and Biotechnology News, a US-based platform that provides the latest information on genetic engineering and biotechnology, developing a new drug among the top 20 global biopharma companies rose by 15% from $298 million in 2022 to approximately $2.3 billion in 2023, and this includes the costs incurred from developing a drug through clinical trials. Furthermore, in January 2023, according to a report published by the National Bureau of Economic Research (NBER), a US-based non-profit economic research organization, the adoption of AI within the next five years is expected to generate substantial cost savings in healthcare, ranging from 5 to 10% of healthcare spending, equating to approximately $200 billion to $360 billion in annual savings. Therefore, the growing need to curb clinical trial costs will drive artificial intelligence in the clinical trial market.
Innovative product offerings are a key trend in artificial intelligence in the clinical trial market. Major companies in the artificial intelligence in clinical trials market have introduced innovative product offerings to sustain their position in the market. For instance, in January 2023, Elligo Health Research Inc., a US-based healthcare-enabling research organization, launched DataAI Connect, an innovative data and technology platform that enables rapid, data-driven clinical research. The platform effortlessly gathers, manages, evaluates, and shares real-world patient data, presenting a comprehensive strategy to overcome clinical trial obstacles instead of acting as an accessory technology. This adaptable and sustainable platform includes an all-in-one solution for retrieving and evaluating medical records. It adeptly transforms data into practical insights and individual patient progress information, leveraging cutting-edge technologies such as NLP, ML, and clinical acumen.
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Major Key Players of the Market:
Medable Inc., PathAI inc., Saama Technologies Inc., Apellis Pharmaceuticals Inc., TriNetX LLC, SymphonyAI Summit Inc., Aktana, Nference Inc., Insilico Medicine Inc., Vineti Inc., Innoplexus AG, Healx, AiCure Inc., MEDIAN Technologies SA, Owkin Inc., Science 37, Ardigen SA, Cyft Inc., Unlearn.AI Inc., Mendel AI, Deep Lens Inc., Antidote Technologies Inc., Arterys Inc., Euretos BV, Halo Health Systems Inc., Trials.Ai Inc., Transparency Life Sciences, BioAge Labs Inc., Wave Life Sciences Ltd., BioSymetrics Inc.
Artificial Intelligence (AI) In Clinical Trials Market 2024 Key Insights:
• The artificial intelligence (ai) in clinical trials market size is expected to see exponential growth in the next few years. It will grow to $4.86 billion in 2028 at a compound annual growth rate (CAGR) of 25.6%.
• Ai's Crucial Role In Reducing Clinical Trial Expenditure Fuels The Artificial Intelligence In The Clinical Trial Market Growth
• Innovative Products Reshapes The Artificial Intelligence In The Clinical Trial Market
• North America was the largest region in the artificial intelligence (AI) in clinical trials market in 2023
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