Artificial Intelligence (AI) In Clinical Trials Market Size
The Artificial Intelligence (AI) In Clinical Trials Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Current Artificial Intelligence (AI) In Clinical Trials Market Size and Its Estimated Growth Rate?
The Artificial Intelligence (AI) In Clinical Trials Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Current Artificial Intelligence (AI) In Clinical Trials Market Size and Its Estimated Growth Rate?
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How Are Emerging Segments Shaping the Artificial Intelligence (AI) In Clinical Trials Market Landscape?
The artificial intelligence (AI) in clinical trials market 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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Which Growth Factors Are Influencing Artificial Intelligence (AI) In Clinical Trials Market Expansion?
The increasing necessity to reduce expenditures on clinical trials is projected to fuel the adoption of artificial intelligence (AI) in the clinical trial market. Clinical trials are research studies that evaluate the effectiveness of medical, surgical, or behavioral interventions in humans, with their associated costs encompassing research expenditures and patient care fees. Given that drug development and clinical trials inherently involve high expenses, AI is employed to enhance drug discovery, design safer and more efficient clinical trials, and improve patient results while minimizing costs. For example, the Genetic Engineering and Biotechnology News, a U.S.-based platform that delivers updated data on genetic engineering and biotechnology, reported in February 2023 that the cost of developing a new drug among the top 20 global biopharma companies escalated by 15%, rising from $298 million in 2022 to roughly $2.3 billion in 2023; these figures include the costs associated with advancing a drug through clinical trials. Furthermore, a study released by the National Bureau of Economic Research (NBER), a non-profit economic research institution based in the US, in January 2023, predicted AI adoption in the next five years could lead to significant cost reductions in healthcare, equating to approximately $200 billion to $360 billion in annual savings, or 5 to 10% of healthcare spending. Consequently, the urgent requirement to minimize clinical trial expenditures will act as a catalyst for the expansion of AI in the clinical trial market.
Who Are the Dominant Players Across Different Artificial Intelligence (AI) In Clinical Trials Market Segments?
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 Are the Latest Developing Trends in the Artificial Intelligence (AI) In Clinical Trials Market?
The trend of releasing innovative product ranges is evidently prominent in the field of artificial intelligence in clinical trials. To maintain their competitive edge in the market, leading companies in this industry have been creating and launching novel product offerings. An excellent example of this is the introduction of DataAI Connect by the US-based healthcare research organization, Elligo Health Research Inc., in January 2023. This state-of-the-art data and technology platform facilitates quick and data-backed clinical research. It seamlessly collects, manages, evaluates, and disseminates genuine patient data, offering a robust solution to overcome the challenges experienced in clinical trials rather than simply being an adjunct technology. The DataAI Connect is a flexible and enduring platform that provides a comprehensive solution to retrieve and analyze medical records. It skillfully converts data into useful insights and information on each patient’s progress by leveraging advanced technologies like NLP, ML, and clinical acumen.
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Which Geographic Regions Are Expected to Dominate the Artificial Intelligence (AI) In Clinical Trials Market in the Coming Years?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Artificial Intelligence (AI) In Clinical Trials Market?
2. What is the CAGR expected in the Artificial Intelligence (AI) In Clinical Trials Market?
3. What Are the Key Innovations Transforming the Artificial Intelligence (AI) In Clinical Trials Industry?
4. Which Region Is Leading the Artificial Intelligence (AI) In Clinical Trials Market?
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