5 Key Takeaways From The Artificial Intelligence (AI) In Clinical Trials Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Artificial Intelligence (AI) In Clinical Trials Global Market Report 2023, the artificial intelligence (AI) in clinical trials market is expected to show significant growth in the forecast period.
Key insights from the artificial intelligence (AI) in clinical trials market forecast include:
- Market Size
As per The Business Research Company’s Artificial Intelligence (AI) in Clinical Trials Global Market Report 2023, the worldwide AI in clinical trials market is projected to expand from $1.19 billion in 2022 to $1.52 billion in 2023, reflecting a CAGR of 28.3%. Furthermore, it is anticipated that the AI in clinical trials market will attain $3.89 billion in 2027 at a CAGR of 26.4%.
- Major Driver
The increasing imperative to reduce clinical trial expenses is anticipated to drive the growth of artificial intelligence in the clinical trial market. For example, as reported in February 2023 by Genetic Engineering and Biotechnology News, the cost of developing a new drug within the top 20 global biopharma companies surged by 15%, rising from $298 million in 2022 to approximately $2.3 billion in 2023, encompassing clinical trial expenses. Furthermore, a report from the US-based non-profit economic research organization, the National Bureau of Economic Research (NBER), in January 2023, indicated that the adoption of AI in healthcare within the next five years could result in significant cost reductions, accounting for 5% to 10% of healthcare expenditures, amounting to an estimated $200 billion to $360 billion in annual savings. Hence, the escalating need to control clinical trial costs is poised to stimulate the artificial intelligence in the clinical trial market.
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- Key Trend
Innovative product offerings stand as a prominent trend within the artificial intelligence in clinical trial market. Major companies within this domain have introduced inventive product offerings to maintain their market position. For example, Elligo Health Research Inc., a US-based healthcare-enabling research organization, launched DataAI Connect in January 2023. This pioneering data and technology platform streamlines the utilization of real-world patient data in clinical research, offering a comprehensive approach to address trial challenges. Unlike accessory technologies, this flexible and sustainable platform serves as an all-in-one solution for retrieving and analyzing medical records. It efficiently translates data into actionable insights and individual patient progress data, leveraging advanced technologies like NLP, ML, and clinical expertise.
- Major Players
Major players in the artificial intelligence (AI) in clinical trials market are 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., MEDIAN Technologies SA, Owkin Inc., Science 37, Ardigen SA, Cyft Inc., Unlearn.AI Inc., Mendel AI, Deep Lens Inc., Antidote Technologies Inc., Arterys Inc., Euretos BV, Halo Health Systems Inc., Trials.Ai Inc., Transparency Life Sciences, BioAge Labs Inc., Wave Life Sciences Ltd., and BioSymetrics Inc.
- Top Market Segments
The global artificial intelligence (AI) in clinical trials market is segmented –
1) By Offering: Software, Services
2) By Process: Trial Design, Patient Selection, Site Selection, Patient Monitoring
3) By Application: Oncology, Neurological Disease And Condition, Cardiovascular Disease, Metabolic Disease, Infectious Disease, Immunology Disease, Other Applications
4) By End-User: Pharmaceutical And Biotechnology Company, Contract Research Organizations, Other End-Users
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The Artificial Intelligence (AI) In Clinical Trials Global Market Report 2023 provides an in-depth analysis on the artificial intelligence (AI) in clinical trials market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the artificial intelligence (AI) in clinical trials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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