CHICAGO, Oct. 25, 2022 /PRNewswire/ -- Artificial Intelligence (AI) in Clinical Trials Market is projected to reach USD 4.8 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 25.6% during the forecast period according to a new report by MarketsandMarkets. The growth of this market is driven by the growing need to control development costs & reduce time involved in drug development, and Increasing adoption of AI based platform to improve productivity and efficiency of clinical trials, On the other hand, a lack of data sets in the field of clinical trials and the inadequate availability of skilled labour are some of the factors challenging the growth of the market
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"Services segment is expected to grow at the highest rate during the forecast period"
Based on offering, the AI in clinical trials market is segmented into software and services. In 2021, the services segment accounted for the largest market share of the global AI in clinical trials services market and also expected to grow at the highest CAGR during the forecast period. The benefits associated with AI services and the strong demand for AI services among end users are the key factors driving the growth of this market segment.
"Machine learning technology segment accounted for the largest share of the global AI in clinical trials market"
Based on technology, the AI in clinical trials market is segmented into machine learning and other technologies. The machine learning segment accounted for the largest share of the global market in 2021 and expected to grow at the highest CAGR during the forecast period. The machine learning technology segment further segmented into deep learning, supervised learning, and other machine learning technologies. Deep learning segment accounted for the largest share of the market in 2021, and this segment also expected to grow at the highest CAGR during the forecast period.
"The oncology application segment accounted for the largest share of the AI in clinical trials market in 2021"
On the basis of application, the AI in clinical trials market is segmented into neurological diseases and condition, cardiovascular diseases, metabolic diseases, infectious disease, immunology diseases, and other applications. The oncology segment accounted for the largest share of the market in 2021, owing to the increasing demand for effective cancer drugs and a large number of drug trials in the field of oncology is contributing to the adoption of AI-enabled technologies in this application area. Also, many players are developing and adopting oncology-based AI tools for clinical trials, thus impelling the segment growth. The infectious diseases segment is estimated to register the highest CAGR during the forecast period, owing to the increasing number of clinical trails for vaccine and drugs for covid-19 and other infectious disease and rising investment in R&D for infectious diseases.
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"Pharmaceutical & biotechnology companies segment accounted for the largest share of the global AI in clinical trials market"
On the basis of end user, the AI in clinical trials market is segmented into pharmaceutical & biotechnology companies, CROs, and other end users. The pharmaceutical & biotechnology companies segment accounted for the largest market share of AI in clinical trials market, in 2021. Factors such as increasing adoption of AI enabled technologies to improve productivity and efficiency of clinical trials. Furthermore, growing cross industry collaborations and partnership for leverging the AI solution for R&D and the overall development process. Hence, driving the growth among this end user segment.
"North America is expected to dominate the AI in clinical trials market in 2022"
North America accounted for the largest share of the global AI in clinical trials market in 2021 and also expected to grow at the highest CAGR during the forecast period. North America, which comprises the US, and Canada forms the largest market for AI in clinical trials. These countries have been early adopters of AI technology in clinical trials and development. Presence of key established players, well-established pharmaceutical and biotechnology industry, and high focus on R&D & substantial investment are some of the key factors responsible for the large share and high growth rate of this market
Prominent players in this market are IBM corporation, Exscientia, Saama Technologies, Unlearn.AI, Inc., BioSymetrics, Euretos, Trials.Ai, Insilico Medicine, Ardigen, Pharmaseal, Koninklijke Philips N.V., Intel, Numerate, AiCure, LLC., Envisagenics, NURITAs, BioAge Labs, Inc., Symphony AI., Median Technologies, Innoplexus, Antidote Technologies, Inc., GNS Healthcare, Koneksa Health, Halo Health Systems, and DEEP LENS AI. Players adopted organic as well as inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
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