by The growing adoption of artificial intelligence (AI) in clinical trials is transforming research through enhanced automation and efficiency. AI tools can streamline processes like patient recruitment, site selection, and monitoring of trials. Machine learning algorithms examine vast amounts of medical data to identify potential candidates for trials and predict adverse events. This reduces duplication of efforts and saves researchers’ time by automating repetitive tasks. AI has also enabled personalized clinical trials using real-world evidence to tailor treatments based on individual patient profiles.
The AI In Clinical Trials Market is estimated to be valued at US$ 1.42 Bn in 2024 and is expected to exhibit a CAGR of 29. % over the forecast period 2024-2031.
Key Takeaways
Key players operating in the AI in Clinical Trials are Aegle Therapeutics,Coya Therapeutics, Evox Therapeutics, Nano 24, ReNeuron. Key players are utilizing artificial intelligence to transform various stages of clinical research from protocol design to patient recruitment and monitoring.
The growing demand for accelerated clinical research and development is boosting the adoption of AI in clinical trials. AI tools help reduce trial costs and timelines by streamlining processes. This is expected to drive higher uptake of AI solutions across pharmaceutical and biotech companies.
Increasing strategic collaborations between AI companies and clinical research organizations is enabling global expansion of the AI in clinical trials market. Several markets like North America, Europe, Asia Pacific are witnessing high adoption of AI due to supportive regulatory guidelines and investments in healthcare AI.
Market Key Trends
One of the major trends in the AI in clinical trials market is the use of machine learning models with real-world data to facilitate decentralized or virtual clinical trials. By leveraging data from electronic health records, wearables, and other real-time sources, machine learning can recruit suitable patients quickly and remotely monitor them. This allows trials to reach more diverse patient populations without physical site restrictions. Such decentralized virtual trials are expected to be the future of clinical research with the help of AI.
Porter’s Analysis
Threat of new entrants: Artificial intelligence technologies require significant investments in research and development which acts as a barrier for new players.
Bargaining power of buyers: Buyers have moderate bargaining power as they have options to choose from major pharmaceutical companies focusing on AI for clinical trials
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of alternative suppliers and commoditization of technologies.
Threat of new substitutes: Risk of substitutes is low as AI is still evolving and no direct substitute exists.
Competitive rivalry: Intense competition exists among major players to gain market share through innovative solutions and strategic collaborations.
Geographical Regions
North America dominates the market for AI in clinical trials in terms of value owing to presence of major pharmaceutical companies and technological advancements. Asia Pacific is expected to witness highest growth during the forecast period supported by increasing research funding, outsourcing of clinical trials, and development of healthcare infrastructure in emerging economies.
Europe accounts for a significant share in the global market on account of ongoing research projects and initiatives by regulatory bodies to support advancements in drug development. Several universities and research institutions are extensively exploring applications of artificial intelligence across various stages of clinical trials. Countries like the UK, Germany, and France are pioneering research in this domain.
What Are The Key Data Covered In This AI In Clinical Trials Market Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the AI In Clinical Trials Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the AI In Clinical Trials Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- AI In Clinical Trials Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of AI In Clinical Trials Market vendors
FAQ’s
Q.1 What are the main factors influencing the AI In Clinical Trials Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top AI In Clinical Trials Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the AI In Clinical Trials Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
