AI In Clinical Trials Market Anticipated To Witness High Growth Owing To Increasing Adoption Of AI Technologies In Drug Development



Artificial intelligence (AI) is transforming the clinical trials process by accelerating drug development, improving trial design and operations, and increasing patient access to trials. AI techniques such as machine learning and deep learning are enhancing clinical trial processes ranging from patient recruitment and retention to monitoring and analytics.

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 players operating in the AI in clinical trials market are Aegle Therapeutics, Coya Therapeutics, Evox Therapeutics, Nano 24,ReNeuron. These players are using AI and machine learning approaches to expedite drug development, make clinical trials smarter and more efficient, and improve patient outcomes. For instance, Aegle Therapeutics has developed an AI-powered platform to match cancer patients with optimal clinical trials based on their omics profiles.

The increasing adoption of AI solutions among biopharma companies and CROs presents significant growth opportunities in the market. AI technologies can help streamline clinical operations, optimize site selection and management, and power decentralized or virtual trials. The growing volumes of healthcare and clinical trial data also provide a huge opportunity to train machine learning models and gain insights.

Geographically, North America currently dominates the AI in clinical trials market owing to substantial investments in AI drug development by pharmaceutical giants and venture capital funds. However, Asia Pacific is anticipated to exhibit the fastest growth during the forecast period driven by growing R&D expenditure, presence of large patient pools, and government initiatives to promote digital health. Key players are expanding their geographical footprint through partnerships and acquisitions.

Key Drivers:

- Increasing R&D investments by biopharma companies in AI-powered drug development:

Major players are increasingly adopting AI to optimize trial design, patient recruitment and enrollment, and enable precision medicine approaches. This is expected to drive the demand.

- Advancements in machine learning and big data analytics capabilities:

Continued improvements in ML techniques, big data management platforms, and computing power allow for more sophisticated analytics of voluminous clinical data. This helps yield novel insights to improve trials.

Key Restraints:

- Lack of skilled AI expertise: Implementation of advanced AI requires a strong team of data scientists, AI engineers and clinicians with deep domain knowledge, which are currently lacking. This poses challenges for widespread adoption.

- Regulatory uncertainties: Unclear regulations around the use of AI/ML in clinical research and drug approval processes impact industry confidence. Strict guidelines are needed to assess AI/ML model validation and reproducibility.

Segment Analysis

The AI in clinical trials market can be segmented based on type into preclinical trials and clinical trials. Among these, the clinical trials segment is dominating currently as AI is proving crucial in all phases of clinical trials from patient recruitment and retention to monitoring trial protocol compliance. Tools powered by machine learning enable automating repetitive tasks, detecting patterns, and deriving insights from large volumes of complex patient data to optimize efficiencies in clinical trials. Another major segment is by application, which comprises segments like clinical data analytics, clinical decision support, identification of trial subjects, and trial monitoring. Among these, clinical data analytics is witnessing high growth as AI is allowing to analyze huge volumes of data from various sources like electronic medical records, medical images, patient demographics etc. to yield useful insights for clinical operations and decision making.

Global Analysis

From a geographical perspective, North America dominates the AI In Clinical Trials Market currently due to heavy investments in AI by pharmaceutical companies and supportive regulatory environment for adoption of digital health technologies. The Asia Pacific region is witnessing highest growth and is expected to grow at over 35% CAGR during the forecast period. This fast growth can be attributed to increasing R&D investments by pharmaceutical companies in countries like China and India along with large patient pool. Countries in Europe also present significant opportunities for AI vendors owing to stringent regulations in place for design and analysis of clinical trials. Overall, growing need for streamlining clinical research operations, rising burden of chronic diseases, and advancements in technologies like machine learning are some major factors fueling significant growth of AI in clinical trials market globally.

Get more insights on this topic: https://www.ukwebwire.com/ai-in-clinical-trials-market-is-estimated-to-witness-high-growth-owing-to-increasing-investments-in-digital-health/

  

Author Bio:

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: www.linkedin.com/in/alice-mutum-3b247b137 )

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

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