Global AI in Clinical Trials Market Size (2023 – 2030)

According to the research report, the Global AI in Clinical Trials Market was valued at $1.8 Billion in 2022, and is projected to reach a market size of $8.27 Billion by 2030. The market is projected to grow with a CAGR of 21% per annum during the period of analysis (2023 - 2030)

Industry Overview:

Artificial intelligence (AI) has emerged as a significant tool for improving clinical trial operating efficiency, speeding drug discovery and development, and lowering trial costs. This technology can assist pharmaceutical and biotech businesses in overcoming a variety of challenges in clinical trials and the drug development process. To collect and evaluate the enormous amounts of data that fuel current therapeutic development, AI-powered data integration and pattern recognition are required. Over the projected period, increasing awareness of the benefits of AI-based clinical trials is likely to drive global revenue growth. Wearable technology, along with AI approaches, may also be used to keep track of patients throughout clinical trials in a real-time, customized, and continuous manner. This can improve patient adherence to the procedure as well as the dependability of the system.

Other factors driving market revenue growth include an increase in the number of clinical studies and increased government and private attempts to improve healthcare facilities by adopting innovative AI technology and drugs. However, expensive research and development costs, a scarcity of trained experts, an understanding of how to employ complex AI algorithms, and strict government regulations on drug development are all issues that might limit the market's revenue growth throughout the projected period.

Impact of Covid-19 on the Industry:

Major pharmaceutical corporations are putting money into artificial intelligence-based technologies as part of strategic strategies to aid with drug development during and after a pandemic. AI-based solutions are useful not only for assessing the drug development process for a variety of therapeutic uses but also for detecting COVID-19 and developing a vaccine. As a result of the pandemic, AI applications for virtual screening of novel chemical entities and repurposed medication candidates have grown in popularity. The COVID-19 pandemic has shifted the focus of pharmaceutical companies, academia, contract research organizations (CROs), and others away from the traditional drug development process and toward the importance of AI-based solutions for improving clinical outcomes, lowering costs, and shortening clinical trial times. In this market, decentralized clinical trials (DCT) are gaining pace, owing to a move toward virtual or telehealth-based clinical trials in 2020. For example, concrete, a provider of AI-based clinical trial solutions, has seen an increase in the utilization of their solution for DCT cancer studies.

Market Drivers:

Artificial intelligence (AI) will continue to infiltrate the industry, propelling it forward:

The market for AI-based clinical trial solution providers is being propelled by factors such as rising artificial intelligence (AI) penetration, growing acceptance of AI-sourced machinery among academics and pharmaceutical manufacturing companies, and beneficial private and public sector projects for R&D on a variety of curative subjects. The expansion is further aided by raising awareness and the numerous services provided by artificial intelligence (AI) in the field of clinical trials. A shift in attitude by major pharmaceutical corporations from the traditional way of drug creation to a technology-based strategy is also propelling industry expansion.

Many companies are taking a positive approach toward AI adoption:

For the course of the projection, these organizations’ positive approach toward the deployment of AI-sourced equipment in clinical trials as well as in general medicine detection and improvement is predicted to boost the growth of the AI-based clinical trials solution provider market.

Market Restraints:

Lack of personal involvement leads to a rise in unemployment rates:

The increasing adoption of artificial intelligence will be leading to an increasing rate of unemployment in the nation. The development of artificial intelligence comes with increasing concern over the unemployment of both skilled and unskilled labor.

Possibilities of Defective Diagnosis will act as a market restraint:

Even though technological advancement has improved over the years, still we cannot rely on technology. Artificial Intelligence is still under development which makes it less reliable as compared to trained professional doctors who have years of experience in the field.

GLOBAL AI IN CLINICAL TRIALS MARKET REPORT COVERAGE:

This research report on the global digital migraine therapeutics market has been segmented and sub-segmented based on Offering, Application, Geography & region.

Global AI Clinical Trials Market- By Clinical Trial Phase

• Phase-I

• Phase-II

• Phase-III

In 2020, the phase-II sector dominated the AI-based clinical trials solution provider market with a 48.5 percent revenue share. The increased number of clinical trial actions in the second phase is responsible for this higher percentage. Furthermore, during the projected period, the Phase-I sector is predicted to develop at the fastest rate. Since the first phase, the use of AI-based solutions and technologies has been beneficial in terms of retention, enhanced test design, and patient enrolment. As a result, its adoption is predicted to increase during the projection period, implying a significant rate of expansion.

Global AI Clinical Trials Market- By Application

• Oncology

• Cardiovascular Diseases

• Neurological Diseases or Conditions

• Metabolic Diseases

• Infectious Diseases

• Others

Because of the increasing occurrences of cancer and the rising number of clinical trials, the oncology sector had the largest, 24.0 percent revenue share, and dominated the artificial intelligence-based clinical trials solution provider market, based on therapeutic applications, in 2020. Furthermore, during the projection period, the neurological illnesses or conditions area is expected to have the highest CAGR. The most important variables attributed to superior enlargement are the increased prevalence of neurological problems and the growing number of clinical studies in the arena.

Global AI Clinical Trials Market- By End User

• Pharmaceutical Companies

• Academia

• Others

Because of the increased acceptance of AI-sourced machinery for clinical trials and drug development by prominent pharmaceutical firms, the pharmaceutical businesses division led the market with a 66.9% revenue share in 2020. Tactical plans in the form of joint ventures, mergers and acquisitions, and alliances are also aiding market progress. In addition, throughout the predicted period, the others segment is anticipated to have the highest CAGR. The growing use of artificial intelligence (AI) by pharmaceutical businesses, as well as a rising trend of other institutions such as government organizations, Contract Research Organizations (CROs), and others, are driving the section's growth.

Global AI Clinical Trials Market- By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East and Africa

North America dominated the worldwide AI-based clinical trials solution provider market with a 43.6 percent revenue share in 2020. This growth can be attributed to several factors, including increased awareness of AI-sourced technologies and tools, an increase in the number of start-ups in the region that support artificial intelligence (AI) in drug development, and increased implementation of AI-sourced technologies, and an increase in the number of clinical trials. Furthermore, positive government policies and growing tactical programs by large corporations are driving the demand for AI-based clinical trial solutions in the area.

Furthermore, the market in the Asia Pacific is expected to expand profitably during the projected period, owing to the rising penetration of AI-based technologies inside the area. Furthermore, the government's encouraging leadership in raising awareness and adoption of artificial intelligence (AI) in many healthcare fields, as well as medication development and improvement, are likely to drive market expansion throughout the projection period.

Global AI Clinical Trials Market- By Companies

1. IBM Watson

2. Google-Verily

3. Euretos

4. Trials.Ai

5. Pharmaseal

6. DEEP LENS AI

7. AiCure, LLC

8. Symphony AI

9. Intelligencia

10. Innoplexus

11. Phesi

12. Saama Technologies

13. Exscientia

14. GNS Healthcare

NOTABLE HAPPENINGS IN THE GLOBAL AI IN CLINICAL TRIALS MARKET MARKET IN THE RECENT PAST.

• Business Partnership: - In March 2021, through Saama's Life Science Analytics Cloud, Datavant and Saama Technologies, Inc. have formed a partnership to map patient journeys across a variety of real-world and clinical datasets (LSAC). Over the projection period, such initiatives are projected to enhance the usage of AI-based solutions.