LONDON, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to The Business Research Company’s Artificial Intelligence (AI) In Clinical Trials Global Market Report 2023, the global artificial intelligence (AI) in clinical trials market is undergoing an extraordinary transformation with a projected growth from $1.19 billion in 2022 to $1.52 billion in 2023, representing an impressive Compound Annual Growth Rate (CAGR) of 28.3%. This robust growth is anticipated to continue, propelling the artificial intelligence (AI) in clinical trials market to a valuation of $3.89 billion by 2027, maintaining a remarkable CAGR of 26.4%.
Curbing Clinical Trial Costs: A Game-Changer
The primary impetus behind this exceptional market surge is the urgent necessity to control the skyrocketing costs of clinical trials. Drug development and clinical trial processes are inherently costly, but artificial intelligence is revolutionizing the landscape by facilitating more efficient drug discovery, safer clinical trials, and better patient outcomes, all while reducing overall costs. A recent report from Genetic Engineering and Biotechnology News revealed a staggering 15% increase in the cost of developing new drugs among the top 20 global biopharma companies, soaring from $298 million in 2022 to approximately $2.3 billion in 2023, which includes clinical trial expenses. These compelling figures underscore the growing necessity to contain clinical trial costs, setting the stage for the ascent of artificial intelligence in clinical trials.
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Major Players Shaping the AI in Clinical Trials Market
Key players in the AI in clinical trials market include Medable Inc., PathAI inc., Saama Technologies Inc., Apellis Pharmaceuticals Inc., TriNetX LLC, SymphonyAI Summit Inc., Aktana, Nference Inc., Insilico Medicine Inc., Vineti Inc., Innoplexus AG, Healx, AiCure Inc.
Revolutionizing Clinical Trials with Innovative Products
The AI in clinical trials market is witnessing a significant trend toward innovative product offerings. Leading companies in this sector are introducing groundbreaking products to maintain their competitive edge. For example, in January 2023, Elligo Health Research Inc., a US-based healthcare-enabling research organization, unveiled DataAI Connect, a cutting-edge data and technology platform designed to facilitate data-driven clinical research. This comprehensive platform simplifies data collection, management, analysis, and sharing of real-world patient data.
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Regional Dynamics and Market Segmentation
In 2022, North America emerged as the largest region in the AI in clinical trials market and is expected to be the fastest-growing region in the forecast period. The global artificial intelligence (AI) in clinical trials market is meticulously segmented across various dimensions:
- By Offering: Software, Services
- By Process: Trial Design, Patient Selection, Site Selection, Patient Monitoring
- By Application: Oncology, Neurological Disease and Condition, Cardiovascular Disease, Metabolic Disease, Infectious Disease, Immunology Disease, and Other Applications
- By End-User: Pharmaceutical and Biotechnology Companies, Contract Research Organizations, and Other End-Users
The Global AI in Clinical Trials Market Report 2023 is an invaluable resource for a diverse range of stakeholders. Businesses can leverage the insights within the report to make informed strategic decisions, identify avenues for growth, and align their strategies with evolving market dynamics. Investors will find the report essential for pinpointing areas of potential investment and forecasting future market trends. In summary, the artificial intelligence (AI) in clinical trials market report empowers stakeholders from various sectors to navigate the complex landscape of AI in clinical trials with confidence.
Artificial Intelligence (AI) In Clinical Trials Global Market Report 2023 by The Business Research Company provides insights on the artificial intelligence (AI) in clinical trials market size, artificial intelligence (AI) in clinical trials market segments, artificial intelligence (AI) in clinical trials market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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