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Artificial Intelligence (AI) In Clinical Trials Market Poised to Hit $36.12 Billion by 2029 with Accelerating Growth Trends
Artificial Intelligence (AI) In Clinical Trials Market
Artificial Intelligence (AI) In Clinical Trials Market Size Growth Forecast: What to Expect by 2025?
The market size for artificial intelligence (AI) in clinical trials has experienced a massive expansion in the past few years. It is projected to surge from $7.19 billion in 2024 to $10.11 billion in 2025, indicating a Compound Annual Growth Rate (CAGR) of 40.6%. A number of factors have triggered the growth seen in the historic period, such as the escalating complexity of data, increasing costs and time limitations, stringent regulatory requirements, initial AI applications, and patient-focused strategies.
How Will the Artificial Intelligence (AI) In Clinical Trials Market Size Evolve and Grow by 2029?
The market size of artificial intelligence (AI) in clinical trials is projected to witness remarkable growth in the upcoming years. It is anticipated to reach $36.12 billion by 2029, with a compound annual growth rate (CAGR) of 37.5%. This growth during the forecast period is a result of factors such as the focus on personalized medicine, real-time monitoring solutions, the ability to execute clinical trials remotely, and the prediction and mitigation of risks, alongside the incorporation of comprehensive data sources. Key trends shaping this forecast period include the modification of trial design, the incorporation of natural language processing (NLP) in data analysis, recruitment of patients driven by AI, the use of blockchain technology for secure data, and predictive analytics for patient outcomes.
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What Drivers Are Propelling the Growth of Artificial Intelligence (AI) In Clinical Trials Market Forward?
The escalating necessity to cut down expenses related to clinical trials is anticipated to stimulate the growth of artificial intelligence in the clinical trial market. Clinical trials, research studies that test medical, surgical, or behavioral intervention in human beings, encompass both the research cost and patient care cost. The inherently high cost of drug creation and other clinical trial procedures can be mitigated using AI, leading to enhanced drug discovery, well-designed safer clinical trials, and enhanced patient results at reduced costs. For example, Genetic Engineering and Biotechnology News, a US-based platform that offers the recent news on genetic engineering and biotech, revealed in February 2023 that the cost of developing a new drug surged by 15% from $298 million in 2022 to nearly $2.3 billion in 2023 across the top 20 global biopharma companies, which includes the costs incurred throughout the clinical trials. Additionally, as per a report by the National Bureau of Economic Research (NBER), a US-based non-profit economic research institution, in January 2023, the implementation of AI in the next half-decade is projected to result in considerable cost reductions in healthcare, between 5 and 10% of healthcare expenditure, equivalent to an annual saving of around $200 billion to $360 billion. Consequently, the increasing requirement to reduce the costs of clinical trials is likely to boost the role of artificial intelligence in the clinical trial market.
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Which Emerging Trends Are Transforming the Artificial Intelligence (AI) In Clinical Trials Market in 2025?
A prominent trend currently shaping the artificial intelligence in clinical trials market is the introduction of innovative product offerings. As a way to maintain their market dominance, numerous leading companies in this sector have launched inventive products. A case in point is Elligo Health Research Inc., a healthcare research enabler in the US, which in January 2023 launched DataAI Connect. This disruptive data and technology platform empowers fast, data-centric clinical studies. It smoothly accumulates, organizes, analyses, and disseminates patient data from the real world, embodying a comprehensive plan to surmount clinical trial challenges rather than merely serving as a supplemental technology. This flexible and enduring platform encompasses a comprehensive solution for extracting and scrutinizing medical records. It skillfully converts data into actionable insight and personal patient progress reports, utilizing advanced technologies such as NLP, ML, and clinical discernment.
What Are the Key Segments in the Artificial Intelligence (AI) In Clinical Trials Market?
The artificial intelligence (ai) in clinical trialsmarket 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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Who Are the Key Players Shaping the Artificial Intelligence (AI) In Clinical Trials Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth in the Artificial Intelligence (AI) In Clinical Trials Market?
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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