AI in Clinical Trials Market Analysis

AI in Clinical Trials Market Analysis

Based on component, the market is divided into software and service. The software segment was valued at over USD 800 million in 2023. AI software provides sophisticated tools that can process and interpret large volumes of clinical data efficiently, automating repetitive tasks, such as data entry, monitoring, and reporting, thereby reducing human errors. It integrates diverse data sources, including genomic data, medical images, and patient records and works with wearable devices and remote monitoring technologies, allowing continuous data collection outside of clinical settings.
 

AI enables real-time monitoring of trial data and patient health metrics, facilitating the development of personalized treatment plans based on genetic, phenotypic, and lifestyle information. For instance, in April 2024, BioXcel announced the success of its AI-driven platform in analyzing clinical trial data for its neuroscience drug candidates. The AI software helped identify patterns and biomarkers, enabling more precise patient stratification and improving trial outcomes.
 

Based on application, the AI in clinical trials market is categorized into drug development, drug discovery, clinical trial management, and others. The drug development segment is anticipated to register a CAGR of over 12% from 2024 to 2032. AI accelerates drug development by automating tasks such as data analysis, target identification, and clinical trial design, reducing development time and enabling faster time-to-market for new drugs. It also reduces costs by automating labor-intensive processes, optimizing trial designs, and improving patient recruitment and monitoring, making drug development more feasible and attractive.
 

Generative AI, an emerging subset, has the potential to create novel drug compounds, enhancing the R&D process of companies. For instance, in June 2024, Recursion announced the launch of BioHive-2, a supercomputer powered by NVIDIA's DGX AI technology. This new infrastructure significantly enhances Recursion's capabilities in AI-based drug development by training larger and more advanced AI models that accelerate the drug discovery process.
 

North America dominated the global AI in clinical trials market with a major share of over 40% in 2023. North America, particularly the U.S., hosts many of the leading pharmaceutical and biopharmaceutical companies, which are heavily investing in AI technologies to streamline clinical trials.
 

The region has a robust infrastructure and a high rate of adoption for advanced AI tools. There are substantial investments in R&D within the region, aimed at developing innovative AI solutions for clinical trials. This is further supported by governmental and private sector funding, enhancing the region’s capacity for cutting-edge clinical research. For instance, in January 2024, Accenture invested in QuantHealth, which uses AI to design and conduct clinical trials in the cloud, significantly accelerating the drug development process and reducing costs.
 

The AI in clinical trials market in Europe is experiencing significant growth due to several factors. Programs, such as the Horizon Europe framework, provide funding for AI and digital health projects. Europe has advanced digital infrastructure and widespread adoption of AI technologies in healthcare. European Medicines Agency (EMA) is actively promoting AI integration with guidelines for use in clinical trials, focusing on data quality, transparency, and ethical use.
 

In the Asia Pacific region, there is an increasing demand for efficient clinical trials due to the increase in chronic diseases and an aging population. Countries, such as China and India, are investing heavily in AI technology and healthcare innovation to reduce the burden of chronic diseases. Lower operational costs and a large patient pool make Asia Pacific an attractive destination for clinical trials.