AI In Clinical Trials Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 8, 2024 /EINPresswire.com/ -- The AI in clinical trials market size has grown exponentially in recent years, from $4.74 billion in 2023 to $6.69 billion in 2024 at a compound annual growth rate (CAGR) of 41.1%. This growth can be attributed to data accumulation in healthcare, advancements in computing power, FDA support for AI, the rise of wearable devices, and early AI algorithm development. The market size is projected to further escalate, reaching $26.77 billion by 2028 at a CAGR of 41.5%, driven by real-world data integration, AI-powered patient recruitment, AI-driven biomarker identification, AI-driven trial design optimization, and continuous monitoring technology.
Growing Pharmaceutical Industry Drives Market Growth The pharmaceutical industry is a significant driver of the AI in clinical trials market, involving the discovery, development, and production of drugs and medicines by both governmental and private entities. AI technologies enhance efficiency, accelerate drug development, and improve decision-making processes in clinical trials by analyzing large datasets, predicting patient responses, identifying suitable participants, and optimizing trial protocols . For instance, the European Federation of Pharmaceutical Industries and Associations (EFPIA) reported that the total pharmaceutical production in Europe reached $384,200 million (€340,000 million) in 2022, marking a 4.95% increase from 2021. This growing pharmaceutical industry is propelling the AI in clinical trials market forward.
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Major Players and Market TrendsKey players in the AI in clinical trials market include Intel, The International Business Machines Corporation (IBM), Koninklijke Philips N.V., ConcertAI, Saama Technologies LLC, Owkin Inc., Numerate, Neuroute, AiCure, Ardigen, Unlearn AI, PathAI, Exscientia, Aitia Infotech Pvt Ltd., Euretos, VeriSIM Life, Envisagenics, NURITAs, BioSymetrics, BioAge Labs Inc., Trials.Ai, Pharmaseal, Caylx, and IQVIA. Technological advancements are a key trend, with companies adopting new technologies to sustain their market positions . For instance, in February 2023, Lantern Pharma introduced its RADR AI and machine learning platform to revolutionize oncology medication discovery and development by creating highly targeted antibody-drug conjugates (ADCs) for cancer treatment.
Segments:• By Offering: Software, Services • By Process: Trial Design, Patient Selection, Site Selection, Patient Monitoring • By Technology: Machine Learning, Deep Learning, Supervised Learning, Other Technologies • By Application: Oncology, Neurological Diseases and Conditions, Cardiovascular Diseases, Metabolic Diseases, Infectious Diseases, Immunology Diseases, Other Applications • By End-User: Pharmaceuticals and Biotechnology Companies, Contract Research Organizations, Other End-Users
North America Leading the MarketNorth America was the largest region in the AI in clinical trials market in 2023, with significant contributions from key players and technological advancements. Detailed insights into regional dynamics, market trends, and growth opportunities are provided in the comprehensive report.
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AI In Clinical Trials Global Market Report 2024 from TBRC covers the following information:• Market size data for the forecast period: Historical and Future• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The AI In Clinical Trials Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on AI in clinical trials market size, AI in clinical trials market drivers and trends, AI in clinical trials market major players, competitors' revenues, market positioning, and market growth across geographies. The AI in clinical trials market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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August 08, 2024, 13:52 GMT
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Originally published at https://www.einpresswire.com/article/733953791/ai-in-clinical-trials-market-size-share-revenue-trends-and-drivers-for-2024-2033
