• Health Tech

AI in Clinical Trials Market is projected to be worth a whopping $4.8 billion by 2027

January 25, 2023

According to a MarketsandMarkets study, the AI in Clinical Trials Market is forecasted to be worth an astounding $4.8 billion by 2027!

The need to manage development costs, reduce drug development timelines, and increase usage of AI-based platforms to improve clinical trial productivity and efficiency are driving market growth. However, market expansion is hampered by restrictions such as a lack of data sets in the clinical trials business and a skilled personnel shortage.

According to the analysis, the services sector would develop at the fastest pace throughout the predicted period. Offerings in the clinical trials industry are classified as software and services. In 2021, the services sector held the most market share and is predicted to expand at the quickest compound annual growth rate (CAGR) during the forecast period. The key factors driving the growth of this market segment are the need for AI services as well as the advantages they provide.

Machine learning technology represents the largest share of the global AI in the clinical trials market. Machine learning and other technologies are the two primary technology segments in the market. Machine learning accounted for the largest share in 2021 and is expected to experience the highest CAGR during the forecast period. The machine learning technology segment further includes deep learning, supervised learning, and other machine learning technologies. Deep learning, specifically, held the largest market share in 2021 and is projected to maintain its growth trajectory in the coming years.

In terms of application, oncology dominated AI in the clinical trials market in 2021. The market is segmented into various applications, including neurological diseases, cardiovascular diseases, metabolic diseases, infectious diseases, immunology diseases, and others. The oncology segment accounted for the largest market share due to the rising demand for effective cancer drugs and a substantial number of drug trials in this field. Furthermore, several players are developing and adopting AI tools specifically for oncology-based clinical trials. The infectious diseases segment is expected to register the highest CAGR during the forecast period, primarily driven by the increasing number of clinical trials for vaccines and drugs targeting COVID-19 and other infectious diseases.

The pharmaceutical and biotechnology companies segment held the largest market share among end users in the AI in clinical trials market in 2021. Factors such as the adoption of AI-enabled technologies to improve clinical trial productivity and efficiency, cross-industry collaborations, and partnerships for leveraging AI solutions in research and development processes contribute to the growth of this segment.

North America is expected to dominate the AI in clinical trials market in 2022. The area, which includes the United States and Canada, is the most important market for AI in clinical trials. These nations were among the first to use AI technology in clinical trials, and they have thriving pharmaceutical and biotechnology businesses. The presence of prominent players, large investments in R&D, and a strong focus on innovation all contribute to the region’s leading market share and fast growth rate.

In the end, AI in Clinical Trials Market is expected to increase significantly in the future years. With the rising demand for cost management and quicker drug development, the use of AI-based platforms and services is increasingly critical for improving clinical trial efficiency and efficacy. Overcoming data availability and skilled labor constraints will be critical to realizing AI’s full potential in transforming the clinical trials scene.