Global AI in Clinical Trials Market Research Report Segmented By Clinical Trial Phase (Phase-I, Phase-II, Phase-III); By Application (Oncology, Cardiovascular Diseases, Neurological Diseases or Conditions, Metabolic Diseases, Infectious Diseases, Others); By End User (Pharmaceutical Companies, Academia, Others); and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

Market Size and Overview:

According to the research report, the Global AI in Clinical Trials Market was valued at USD 2.18 Billion in 2023 and is projected to reach a market size of USD 8.27 Billion by 2030. The market is projected to grow with a CAGR of 21% per annum during the period of analysis (2024 - 2030)

Industry Overview:

Artificial intelligence (AI) has emerged as a pivotal tool for enhancing the operational efficiency of clinical trials, accelerating drug discovery and development, and reducing trial expenditures. It aids pharmaceutical and biotech enterprises in addressing diverse challenges encountered in clinical trials and the drug development process. The integration of AI-powered data and pattern recognition is essential for managing the extensive data involved in current therapeutic development. The anticipated rise in awareness regarding the advantages of AI-based clinical trials is expected to drive global revenue growth. Additionally, the utilization of wearable technology, coupled with AI methodologies, can monitor patients in real-time, providing a customized and continuous approach, thereby enhancing patient adherence and system reliability.

Factors contributing to market revenue growth encompass an upsurge in clinical studies, increased governmental and private initiatives to enhance healthcare facilities through the adoption of innovative AI technology and drugs. Nevertheless, obstacles such as high research and development costs, a shortage of skilled professionals, challenges in deploying intricate AI algorithms, and stringent government regulations on drug development may impede the market's revenue growth throughout the forecasted period.

Impact of Covid-19 on the Industry:

Prominent pharmaceutical entities are investing in AI-based technologies strategically to support drug development during and post-pandemic. AI solutions prove beneficial not only in evaluating drug development processes for various therapeutic applications but also in detecting COVID-19 and developing vaccines. The pandemic has redirected attention from traditional drug development towards the significance of AI-based solutions in enhancing clinical outcomes, cost reduction, and shortening clinical trial durations. Decentralized clinical trials (DCT) are gaining momentum in response to the shift towards virtual or telehealth-based trials in 2020. Notably, companies like Concrete, a provider of AI-based clinical trial solutions, have witnessed increased adoption of their solution for DCT cancer studies.

Market Drivers:

The integration of artificial intelligence (AI) will persist in advancing the industry, driving growth:

Factors such as increased AI penetration, growing acceptance of AI-derived tools among academia and pharmaceutical manufacturers, and supportive private and public sector initiatives for R&D across therapeutic domains propel the market for AI-based clinical trial solution providers. The industry's expansion is further facilitated by heightened awareness and the diverse services offered by AI in clinical trials. Major pharmaceutical corporations shifting from traditional drug development methods to technology-based strategies also contribute to industry growth.

Positive adoption of AI by numerous companies is evident:

The optimistic stance of these organizations towards deploying AI-driven tools in clinical trials and general medical applications is anticipated to contribute to the growth of the AI-based clinical trial solution provider market throughout the forecast period.

Market Restraints:

Reduced personal involvement leads to increased unemployment rates:

The rising adoption of artificial intelligence is associated with a surge in unemployment rates, impacting both skilled and unskilled labor.

Potential for defective diagnoses acts as a market restraint:

Despite technological advancements, reliance on AI is hindered by its ongoing development, making it less dependable compared to experienced medical professionals with years of expertise.

Global AI in Clinical Trials Market Segmentation:

Global AI Clinical Trials Market - By Clinical Trial Phase

• Phase-I
• Phase-II
• Phase-III

In 2020, the phase-II category dominated the market for AI-based clinical trial solution providers, capturing a 48.5 percent share of revenue. The higher percentage is attributed to an increased volume of clinical trial activities in the second phase. Moreover, during the forecasted period, the Phase-I sector is anticipated to experience the fastest growth. The adoption of AI-based solutions and technologies has proven advantageous in terms of retention, improved test design, and patient enrollment since the first phase. Consequently, an expansion at a significant rate is projected during the forecast period.

Global AI Clinical Trials Market - By Application

• Oncology
• Cardiovascular Diseases
• Neurological Diseases or Conditions
• Metabolic Diseases
• Infectious Diseases
• Others

Due to the escalating incidence of cancer and the growing number of clinical trials, the oncology segment secured the largest revenue share at 24.0 percent, dominating the AI-based clinical trials solution provider market based on therapeutic applications in 2020. Additionally, the neurological diseases or conditions sector is anticipated to achieve the highest Compound Annual Growth Rate (CAGR) during the projection period. Key factors contributing to this robust growth include an increased prevalence of neurological problems and a rising number of clinical studies in the field.

Global AI Clinical Trials Market - By End User

• Pharmaceutical Companies
• Academia
• Others

With a 66.9 percent revenue share in 2020, the pharmaceutical businesses segment led the market, propelled by the increased acceptance of AI-derived machinery for clinical trials and drug development by major pharmaceutical firms. Market progress is further supported by strategic initiatives in the form of joint ventures, mergers and acquisitions, and alliances. Additionally, during the projected period, the others segment is expected to achieve the highest CAGR. The rising adoption of artificial intelligence (AI) by pharmaceutical businesses, coupled with a growing trend among other institutions such as government organizations, Contract Research Organizations (CROs), and others, is fueling the segment's growth.

Global AI Clinical Trials Market - By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

In 2020, North America dominated the global AI-based clinical trials solution provider market, capturing a 43.6 percent revenue share. This growth is attributed to various factors, including increased awareness of AI-derived technologies and tools, a surge in startups supporting artificial intelligence (AI) in drug development, heightened implementation of AI-derived technologies, and an increase in the number of clinical trials. Additionally, positive government policies and strategic initiatives by large corporations are driving the demand for AI-based clinical trial solutions in the region.

Furthermore, the Asia Pacific market is expected to witness profitable expansion during the forecasted period, driven by the increasing penetration of AI-based technologies in the region. The government's proactive stance in raising awareness and promoting the adoption of artificial intelligence (AI) across various healthcare sectors, including medication development and improvement, is likely to fuel market expansion throughout the projection period.

Key Players:

• IBM Watson
• Google-Verily
• Euretos
• Trials.Ai
• Pharmaseal
• DEEP LENS AI
• AiCure, LLC
• Symphony AI
• Intelligencia
• Innoplexus
• Phesi
• Saama Technologies
• Exscientia
• GNS Healthcare

Recent Developments in the Global AI in Clinical Trials Market

Corporate Collaboration: In March 2021, Saama Technologies, Inc. and Datavant joined forces in a business partnership utilizing Saama's Life Science Analytics Cloud (LSAC) to chart patient journeys across diverse real-world and clinical datasets. This collaborative effort is anticipated to contribute to the increased adoption of AI-based solutions throughout the projected period.