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Artificial Intelligence (AI) In Clinical Trials Market on Track for Strong Growth, Estimated to Grow at 39.2% CAGR Through 2029
Artificial Intelligence (AI) In Clinical Trials
What Is the Expected CAGR for the Artificial Intelligence (AI) In Clinical Trials Market Through 2025?
In recent times, the market size for artificial intelligence (AI) in clinical trials has seen a rapid expansion. The market is predicted to escalate from a value of $7.19 billion in 2024 to $10.14 billion in 2025, at an impressive compound annual growth rate (CAGR) of 41.1%. The significant growth observed during the historic period can be credited to factors such as the escalating complexity of data, rising expenses and time limitations, increased regulatory requirements, the initial phase of AI applications, and a more patient-focused approach.
What's the Projected Size of the Global Artificial Intelligence (AI) In Clinical Trials Market by 2029?
The market size of artificial intelligence (AI) in clinical trials is projected to experience robust expansion in the forthcoming years, elevating to $38.03 billion by 2029, with a compound annual growth rate (CAGR) of 39.2%. The increase over the forecast period can be assigned to factors such as the focus on personalized medicine, solutions for real-time monitoring, conducting trials remotely, prediction and minimization of risks, and integration of wider data sources. Key market trends for the anticipated period encompass adaptative trial design, the use of natural language processing (NLP) for data analysis, patient recruitment driven by AI, incorporation of blockchain for data protection and the use of predictive analytics to forecast patient outcomes.
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Top Growth Drivers in the Artificial Intelligence (AI) In Clinical Trials Industry: What's Accelerating the Market?
The increasing necessity to control expenses related to clinical trials is anticipated to stimulate the expansion of artificial intelligence within the clinical trial market. Clinical trials, which are research studies evaluating medical, surgical, or behavioral interventions in individuals, encompass both research expenses and patient care costs. Since the processes of drug development and other clinical trials are inherently expensive, artificial intelligence is employed to enhance drug discovery, construct better and more secure clinical trials, and improve patient results at lower costs. For example, Genetic Engineering and Biotechnology News, a US-based platform sharing the most recent data on genetic engineering and biotechnology, stated in February 2023 that the cost of creating a new drug among the top 20 global biopharma corporations increased by 15% from $298 million in 2022 to roughly $2.3 billion in 2023, which incorporates the costs incurred during the conduct of clinical trials. Moreover, a study released by the National Bureau of Economic Research (NBER), a US-based non-profit economic research agency, in January 2023 predicted that adopting AI in the next five years would yield substantial cost savings in healthcare, approximating 5 to 10% of healthcare spending, which translates to around $200 billion to $360 billion in yearly savings. Consequently, the escalating requirement to control clinical trial expenses will propel the use of artificial intelligence in the clinical trial market.
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What Trends Will Shape the Artificial Intelligence (AI) In Clinical Trials Market Through 2029 and Beyond?
One dominant trend in the artificial intelligence in clinical trials market is the launch of innovative products. Leading firms in the sector are introducing groundbreaking product offerings as a strategy to maintain market dominance. To exemplify, Elligo Health Research Inc., a healthcare-enabling research institution based in the US, launched its innovative DataAI Connect in January 2023. This advanced data and technology platform facilitates quick, data-driven clinical research by easily collecting, managing, assessing, and sharing real-world patient data. Rather than merely being an accessory technology, DataAI Connect provides comprehensive strategies to tackle clinical trial challenges. This flexible and long-lasting platform features an all-inclusive solution for retrieving and evaluating medical records, proficiently translating data into actionable insights and information on individual patient progress. It does this using advanced technologies such as NLP, ML, and clinical acumen.
What Are the Main Segments in the Artificial Intelligence (AI) In Clinical Trials Market?
The artificial intelligence (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 Application: Oncology, Neurological Disease And Condition, Cardiovascular Disease, Metabolic Disease, Infectious Disease, Immunology Disease, Other Applications
4) By End-User: Pharmaceutical And Biotechnology Company, Contract Research Organizations, Other End-Users
Subsegments:
1) By Software: AI-driven Analytics Platforms, Data Management Tools, Patient Recruitment Solutions, Predictive Modeling Software
2) By Services: Consulting Services, Data Annotation And Labeling Services, Custom AI Model Development, Implementation And Integration Services
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Which Top Companies are Driving Growth in the Artificial Intelligence (AI) In Clinical Trials Market?
Major companies operating in the artificial intelligence (AI) in clinical trials market include Medable Inc., PathAI inc., Saama Technologies 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.
Which Regions Will Dominate the Artificial Intelligence (AI) In Clinical Trials Market Through 2029?
North America was the largest region in the artificial intelligence (AI) in clinical trials market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in clinical trials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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