Global Artificial Intelligence (AI)-based Clinical Trials Market – Industry Trends and Forecast to 2029

Global Artificial Intelligence (AI)-based Clinical Trials Market, By Clinical Trial Phase (Phase-I, Phase-II, Phase-III), Application (Oncology, Cardiovascular Diseases, Neurological Diseases or Conditions, Infectious Diseases, Others), End-use (Pharmaceutical Companies, Academia, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

The market for artificial intelligence (AI)-based clinical trials will expand by 21.7 percent over the next five years. The demand for AI-based clinic trial is anticipated to see a solid recovery soon and expand favourably over the long term. In the near future, the Artificial Intelligence (AI)-based clinical trials market business will present rewarding opportunities.

Data Bridge Market Research analyses that the artificial intelligence (AI)-based clinical trials market which was USD 1.3 billion in 2021, would rocket up to USD 5.55 billion by 2029, and is expected to undergo a CAGR of 19.90% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

Artificial intelligence can be used to identify disease, provide healthcare services, and even develop new treatments, while improving clinical trials. The scale and speed of AI are significantly superior to any system that depends just on human activity. In many ways, this will be the biggest problem moving forward because we haven't yet reached an AI level that can run totally autonomously.

Artificial Intelligence (AI)-based Clinical Trials Market Dynamics

Drivers

• Increasing research and development activities

In recent years, numerous organizations from the public and private sectors have increased their efforts to assist various R&D activities related to therapeutic fields. In the coming years, it is projected that this aspect would open up new growth opportunities in the market for for AI-based clinical trials.

• Technological developments

Several companies in the global market for AI-based clinical trials are making significant investments in R&D. The relocation is helping them with the tasks related to new product development and, ultimately, new product launch. The market for providers of AI-based clinical trials is anticipated to grow at a promising rate in the years to come as a result of these factors.

• Growing usage of AI-based platform

The growing usage of AI-based platforms is driving the market for AI-based clinical trials to enhance the efficiency and efficacy of trials at various stages. Some of the other reasons boosting the market expansion include the supportive activities by the governmental and private sectors for various therapeutic areas. Additionally, the market is being supported by the growing awareness of AI's applications in clinical trials, such as drug trial design, better patient selection, location selection, patient monitoring, etc.

Opportunities

AI can also be used to lessen the bias in medical data. For instance, Genentech and Stanford University worked together to develop an open-source AI system to combat bias in drug studies. Additionally, prominent pharmaceutical companies are heavily incorporating AI-based technologies in clinical trials, which is helping the market growth. This is owing to the trend of moving away from old procedures and toward technology-based approaches.

Restraints/Challenges

On the other hand, the high cost associated with drug development and distribution will obstruct the market's growth rate.

This Artificial Intelligence (AI)-based clinical trials market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Artificial Intelligence (AI)-based clinical trials market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Artificial Intelligence (AI)-based Clinical Trials Market

The COVID-19 epidemic contributed to an increase in the use of AI-based technology. One reason for the rise in the use of AI-based drug research and drug trial solutions is the increasing adoption of technologically enhanced drug discovery and development solutions, as well as the analysis of recruited patient data. To improve clinical outcomes and reduce the cost and time needed for drug trials, pharmaceutical companies, CROs, and academics have switched their attention away from the conventional drug development process and toward the AI-based solution. Decentralized drug trials also saw a result of the COVID-19 trial suspensions, which led several major players to focus on gathering patient data.

Global Artificial Intelligence (AI)-based Clinical Trials Market Scope

The Artificial Intelligence (AI)-based clinical trials market is segmented on the basis of clinical trial phase, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Clinical Trial Phase
 

• Phase-I
• Phase-II
• Phase-III

Application

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

End-user

• Pharmaceutical Companies
• Academia
• Others

Artificial Intelligence (AI)-based Clinical Trials Market Regional Analysis/Insights

The Artificial Intelligence (AI)-based clinical trials market is analysed and market size insights and trends are provided by country, clinical trial phase, application and end-user as referenced above.

The countries covered in the Artificial Intelligence (AI)-based clinical trials market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the Artificial Intelligence (AI)-based clinical trials market. This growth can be attributed to many factors including surge in the number of clinical trials carried out in the region.

Asia-Pacific is expected to grow exhibit lucrative growth over the forecast period due to the rising penetration of AI-based tools and favourable government initiatives for the adoption of AI in different healthcare fields.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure growth Installed base and New Technology Penetration

The Artificial Intelligence (AI)-based clinical trials market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for AI-based clinical trials market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Artificial Intelligence (AI)-based clinical trials market. The data is available for historic period 2010-2020.

Competitive Landscape and Artificial Intelligence (AI)-based Clinical Trials Market Share Analysis

The Artificial Intelligence (AI)-based clinical trials market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Artificial Intelligence (AI)-based clinical trials market.

Some of the major players operating in the Artificial Intelligence (AI)-based clinical trials market are:

• Phesi (India)
• CONSILX (Singapore)
• DEEP LENS Inc. (U.S.)
• Unlearn.AI, Inc. (U.S.)
• Saama Technologies, LLC (U.S.)
• Antidote Technologies, Inc. (U.K.)
• Innoplexus (Germany)
• Mendel.ai (U.S.)
• Median Technologies (France)
• Symphony AI (U.S.)
• BioAge Labs, Inc. (U.S.)
• AiCure (U.S.)
• Halo Health Systems (U.S.)