Global AI in clinical Trials Market By Type (Artificial Narrow Intelligence,Artificial General Intelligence,Artificial Super Intelligence), By Application (Drug Discovery,Drug Manufacturing,Drug Marke...

The Global AI in clinical Trials Market was valued at USD 1.48 billion in 2023 and it is poised to grow beyond USD 4.90 billion by the end of 2030; registering a CAGR of 18.65% during the forecast period of 2024-2030.

Clinical trials are research studies that verifies the safety of the medical strategy, treatment, or device for humans. Artificial Intelligence (AI) is revolutionizing the landscape of clinical trials by strengthen various aspects of the process, from design to data analysis, and patient recruitment to regulatory compliance. The growth of the global AI in clinical trials market is booming pharmaceutical industry coupled with increasing demand to cut clinical trial expenses and time.

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Global AI in clinical Trials Market Dynamics

Market Drivers

The booming pharmaceutical industry

-          The pharmaceutical industry has grown exponentially since COVID-19. The pharmaceutical industry has benefited from the growing population as well as the emphasis on improving healthcare. Furthermore, a number of developing nations, including India, are emerging as significant and prospective hubs for the global pharmaceutical sector, contributing to its rapid expansion.

Increasing demand to cut clinical trial expenses and duration;

-          The increasing need to develop new drugs is primarily driven by spanning demographics, disease prevalence, technological advancements, and economic considerations. An aging population and an increase in chronic illnesses necessitate the development of new drugs that can enhance quality of life and better control symptoms.

-          Addressing this need requires a concerted effort from the pharmaceutical industry, regulatory bodies, healthcare providers, and researchers. AI and machine learning enhance drug discovery processes, optimize clinical trials, and improve patient care through analytics.

Market Restraint

Lack of AI workforce;

AI is an advance technology which is upgrading daily with high competition. Implementing AI technologies in clinical trials requires specialized knowledge not only related to AI but also requires expertise in clinical research. The lack of a skilled AI workforce poses significant challenges to the AI in clinical trials market. It affects the adoption, implementation, and optimization of AI technologies, leading to higher costs, delayed timelines, quality risks, and a competitive disadvantage.

Market Opportunities

Government funding in AI;

Many governments are taking major initiatives to improved its healthcare infrastructure by taking interest in pharmaceutical sector and clinical trials. This funding helps companies to implement the AI in clinical trials. For instance, the National Cancer Institute (NCI) is the federal government's principal agency funds and supports extramural research to advance the use of AI in cancer research. In addition, recently in August 2023, UK Research and Innovation (UKRI) has announced the USD 16.52 million funding for artificial intelligence in health.

AI in clinical Trials Market by Application Insights:

Based on application, the AI in clinical Trials market is segmented into Cardiovascular, Metabolic, Oncology and Infectious diseases. Infectious diseases dominate the AI in clinical trials since pandemic mainly due to the accelerated clinical trials and drug discovery during the pandemic. Infectious disease research generates vast amounts of genomic and epidemiological data. AI helps in analyzing this large dataset, and identifying patterns. 

AI in clinical Trials Market by End-user Insights:

On the basis of end-users of AI in clinical trials, the market is segmented into Pharma & Biotech Companies, Contract Research Organizations (CROs) and Others. Pharma & Biotech Companies segment hold the largest i.e., more than 65% share of the total market. Accelerated drug discovery, government funding and awareness are some of the factors driving the dominance of AI in clinical trials in pharma & biotech companies.

Market By region Insights

Based on the regional coverage, the global AI in clinical Trials market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America dominates the AI in clinical Trials market, due to the established pharmaceutical industry in the region.  

Competitive Scenario:

Major players operating in the global AI in clinical Trials market include AiCure, Antidote Technologies, Deep 6 AI, Mendel.ai, Phesi, Saama Technologies, Signant Health, Trials.ai, Innoplexus, IQVIA, Median Technologies, Medidata.

Scope of Work – Global AI in clinical Trials Market

Market Segmentation

·         By Offering

o   Software

o   Services

·         By Technology

o   Machine learning

o   Deep learning

o   Supervised

·         By Application

o   Cardiovascular

o   Metabolic

o   Oncology

o   Infectious diseases

·         By End-user

o   Pharma & Biotech Companies

o   Contract Research Organizations (CROs)

o   Others

·         Based on region

o   North America (U.S., Canada)

o   Europe (Germany, France, Italy, Spain, UK, Rest of Europe)

o   Asia-Pacific (China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia-Pacific)

o   Latin America (Brazil, Argentina, Mexico, and Rest of LAMEA)

o   Middle East & Africa (Saudi Arabia, UAE, Qatar Bahrain, South Africa, Rest of MEA)

Frequently Asked Question

Q. What is the current market size of the Global AI in clinical Trials Market?

Answer. The global AI in clinical Trials market size was estimated at USD 1.48 billion in 2023 and is expected to grow beyond USD 4.90 billion in 2030, registering a CAGR of 18.65% during the forecast period of 2023-2030.

Q. What is the major growth driver of the Global AI in clinical Trials Market?

Answer. The growth of the global AI in clinical Trials market is mainly driven by increasing demand to cut clinical trial expenses and duration.

Q. Which is the largest region during the forecast period in the Global AI in clinical Trials Market?

Answer.  North America region accounted for largest market share in the global AI in clinical Trials market in 2023.

Q. Which segment accounted for the largest market share in Global AI in clinical Trials Market?

Answer. Based on end-user, Pharma & Biotech Companies segment is expected to be the fastest growing segment.

Q. Who are the key market players in the Global AI in clinical Trials Market?

Answer. AiCure, Antidote Technologies, Deep 6 AI, Mendel.ai, Phesi, Saama Technologies, Signant Health, Trials.ai, Innoplexus, IQVIA, Median Technologies, Medidata are the key players in this market that are shaping the growth trajectory of this market