AI in Clinical Trials Market Growth

AI in clinical trials market growth is anticipated at a CAGR of 16% during the period 2023-2035

 

According to a recently published report by Roots Analysis, AI based solutions are optimizing clinical trials process and mitigate challenges, which can be the key driver for the rising demand for AI in Clinical Trials

AI in Clinical Trials Industry Overview

The global AI in clinical trials market is anticipated to grow at a CAGR of 16% from 2023-2035, reaching USD 8.5 billion by 2035.

AI models can aggregate and analyze large volumes of data for future therapy development. Nevertheless, the integration of clinical datasets with regulatory authorities and their databases is crucial for the widespread application of AI in clinical trials. It is worth mentioning that over the years, AI-based technologies have been explored to improve the efficiency of clinical trials for different biologics, with significant funding and partnership activity in this domain. Therefore, in the coming years’ AI in clinical trials based solutions are expected to strengthen. Additionally, with consistent innovation in the field, a significant improvement during clinical trials is anticipated by making the trials more efficient, cost-effective and patient-centric. The growing demand for accurate and effective AI-based platforms, driven by the benefits of AI in clinical trials and ongoing advancements, is expected to continue in the coming years as biopharmaceutical manufacturers and researchers strive for safe and efficient drug and biologics development.

Browse 115+ figures and 130+ market data tables spread across 310+ pages and detailed Table of Content on “AI in Clinical Trials Market by Trial Phase, Target Therapeutic Area, End-user and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035” here: https://www.rootsanalysis.com/reports/ai-based-clinical-trial-solutions.html

Market Drivers

Several factors are propelling the growth of the AI in Clinical Trials market. AI software and services, when integrated into conventional clinical trials, can be used to curate, manage and analyze large volumes of valuable data. Such solutions have been used extensively by sponsors to mitigate challenges related to clinical trial design, patient recruitment and retention, trial monitoring, site selection, and other crucial steps of a trial. AI in clinical trials exhibit an overall improved clinical R&D productivity, both in terms of capital and time investment. Owing to the aforementioned advantages offered by AI in clinical trials, several companies have developed proprietary software and offer associated services to aid drug developers in accelerating the overall drug development process.

Market Restraints

While the AI in clinical trials market is experiencing substantial growth, the adoption is not significant currently. The adoption rate of AI in clinical trials is around 30% due to several limitations related to quality and availability of data as well as regulatory concerns. Such challenges are contributing to lower implementation rate and hinder the widespread use of AI in clinical trials. Currently, majority of the implementation of AI in clinical trials is on study design and setup activities. However, the pilot studies are also going on in other application areas. As quality data becomes more available and the AI pilots prove effective, there is a vast potential for the widespread adoption of AI in clinical trials in the future.

Growth Factors

Over the years, various big pharmaceutical companies have marked their presence in the field of AI in clinical trials. It is worth noting that these established companies entered the AI in Clinical Trials market by partnering with players offering AI in clinical trials-based software and services or by making strategic investments in such initiatives. Moreover, the clinical trials are most expensive in the drug development process, wherein these software and services can significantly enhance efficiency while simultaneously, reducing the overall cost and time required for conducting the clinical trials.

AI in Clinical Trials Market Segments

Based on the trial phase, the AI in Clinical Trials market is segmented into Phase I, Phase II and Phase III.

• Phase II led the market for AI in clinical trials, capturing the largest market share of over 40% in 2035.
• Phase III is anticipated to show the highest growth potential in AI in Clinical Trials market during the forecast period of 17% annually.

Based on the target therapeutic area, the AI in Clinical Trials market is segmented into oncological disorders, infectious diseases, CNS disorders, metabolic disorders, cardiovascular disorders and other disorders.

• Oncological disorders led the market for AI in Clinical Trials, capturing the largest revenue share of 44% in 2035.
• Oncological disorders is anticipated to show the highest growth potential in AI in Clinical Trials market during the forecast period of over 19% annually.

Based on the End-user, the AI in Clinical Trials market is segmented into pharmaceutical and biotechnology companies and other end-users.

• Pharmaceutical and biotechnology companies are likely to acquire a maximum share (75%) in the global AI in clinical trials market in 2023. 
• Pharmaceutical and biotechnology companies is anticipated to show the highest growth potential in AI in Clinical Trials market during the forecast period of close to 17% annually. 

Based on the Regional Insights, the AI in Clinical Trials market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & North Africa

• North America is anticipated to hold the maximum share (35.2%) of the global AI in clinical trials market in 2023.
• In Asia Pacific, the AI in clinical trials market is anticipated to demonstrate lucrative growth during the forecast period.

Key Companies Profiled

The AI in Clinical Trials market report also includes detailed profiles of key players (listed below) that offer AI based solutions and services:

• AiCure 
• Antidote Technologies
• Deep 6 AI
• Innoplexus
• IQVIA
• Median Technologies
• Medidata
• Mendel.ai
• Phesi
• Saama Technologies
• Signant Health
• Trials.ai

You Can Download Free Sample PDF Copy Of This Report At:
https://www.rootsanalysis.com/reports/ai-based-clinical-trial-solutions/request-sample.html

About Roots Analysis

Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research / consulting services dedicated to serve our clients in the best possible way.

Contact Details

Gaurav Chaudhary
Email: Gaurav.chaudhary@rootsanalysis.com or sales@rootsanalysis.com