Ai-enabled Clinical Trials Market Is Driven By Growing Demand For Personalized Medicine

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The AI in Clinical Trials Market allows for analysis of massive clinical trial datasets to identify previously unknown patterns, relationships and insights. It helps in optimizing clinical trial protocols, operations and helps in reducing the time taken for clinical trials. AI can analyze imaging data like CT scans and MRIs to detect anomalies or changes. It also assists in recruitment of suitable participants for clinical trials using their medical histories and genetic profiles.

The AI In Clinical Trials Market is estimated to be valued at US$ 1.42 Bn in 2024 and is expected to exhibit a CAGR of 29% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the AI in Clinical Trials are Aegle Therapeutics, Coya Therapeutics, Evox Therapeutics, Nano 24,ReNeuron. They are investing heavily in developing AI-powered tools and platforms for clinical trials.

The growing demand for precision medicine and personalized healthcare is expected to drive the demand for AI in clinical trials over the forecast period. AI can help identify specific treatments based on an individual's genetic profile.

Several ...
... pharmaceutical companies are partnering with AI firms to expand the use of AI beyond trial optimization and patient recruitment. They are leveraging AI to accelerate drug discovery and provide insights on complex patient datasets. This is expected to fuel the global expansion of the AI in clinical trials market during the forecast period.

Market Drivers

One of the key drivers for the AI in clinical trials market is the growing need to reduce costs and accelerate clinical trials. AI can streamline operations, ensure protocol compliance and identify eligible patients faster using predictive analytics. This results in shorter clinical trial timelines and significant cost savings for pharmaceutical companies. Further, the increasing investments by government organizations and private players in developing AI-based tools for clinical research is also expected to drive the AI in clinical trials market over the forecast period.

Current geopolitical uncertainties are impacting the growth of the AI in Clinical Trials Market. With rising geopolitical tensions between major economic powers such as the US, China and other countries, collaborations between pharmaceutical companies and academic institutes located in different geographies have become challenging. Stringent regulatory policies and data privacy laws enacted by some countries are discouraging cross-border partnerships in clinical research.

Moreover, political instability and conflicts in various regions have disrupted patient enrolment for clinical trials conducted therein. It is also difficult to gather and analyse patient data from conflict-hit areas. To tackle these challenges, companies must devise strategies focusing on regional and local clinical partnerships. Partnering with clinical research organisations based within countries can help circumvent geopolitical barriers. Leveraging virtual and decentralised clinical trial models can aid patient recruitment even in remotely located sites.

Collaborating with regional startups leveraging AI and facilitating transparent data sharing as per domestic laws of partner countries can aid geographically dispersed clinical research. Additionally, strategising clinical programs based on disease prevalence rather than geography can boost patient enrolment. Global alliances discussing harmonisation of data rules and fostering cross-country scientific collaborations can aid overcoming geopolitical headwinds for the AI in clinical trials industry over the long-term.

In terms of value, the North American region currently dominates the AI In Clinical Trials Market owing to presence of majority key players and higher adoption of AI tools for clinical research amongst pharmaceutical firms and hospitals in the US and Canada. The Asia Pacific region is poised to be the fastest growing market during the forecast period due to rising disease incidence, increasing clinical research outsourcing to China and India and growing investments by regional startups in developing AI driven clinical trial solutions.

In North America, the United States represents the most lucrative AI in clinical trials market and is expected to maintain its dominance during the forecast period. This is attributable to factors such as greater number of clinical trials conducted annually, presence of prominent CROs, clinical research centers and commercialization of AI solutions by startups based in the US. Amongst Asia Pacific countries, China and India collectively account for more than half of the AI in clinical trials market share currently due to low-cost operations and rapid digitization of the healthcare sector in these nations attracting global pharmaceutical firms to tap their clinical research talent pool.

Get more insights on this topic: https://www.timessquarereporter.com/news/ai-in-clinical-trials-market-will-grow-at-highest-pace-owing-to-reduced-clinical-trials-duration

Author Bio:

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. (LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )

What Are The Key Data Covered In This AI In Clinical Trials Market Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the AI In Clinical Trials Market's growth between 2024 and 2031.

:- Accurate calculation of the size of the AI In Clinical Trials Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- AI In Clinical Trials Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of AI In Clinical Trials Market vendors

FAQ’s

Q.1 What are the main factors influencing the AI In Clinical Trials Market?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top AI In Clinical Trials Market companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the AI In Clinical Trials Market’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it