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AI in Clinical Trials Market Share

Report ID: GMI9965
Published Date: Jun 2024
Report Format: PDF

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AI in Clinical Trials Market Share

IBM, NVIDIA Corporation, and Insilico Medicine held significant market share of over 10% market share in 2023. The major players are leveraging their technological expertise and vast resources to drive innovation and efficiency in drug development processes. Companies like IBM and NVIDIA are utilizing advanced machine learning algorithms and data analytics to enhance patient recruitment, streamline data management, and predict clinical trial outcomes with greater accuracy. These technologies enable more efficient trial designs, reduced costs, and accelerated timelines, making the drug development process more effective and responsive to emerging healthcare needs.

Additionally, these companies are developing sophisticated AI-driven tools to analyze real-world evidence and genomic data, thereby improving patient stratification and treatment personalization. Through strategic partnerships and acquisitions, like IBM’s recent partnership with Bristol Myers, these major players are expanding their capabilities and strengthening their portfolios.

AI in Clinical Trials Market Companies

Major players operating in the AI in clinical trials industry are:

Exscientia Ltd.
International Business Machines Corporation (IBM)
Insilico Medicine, Inc.
IQVIA Holdings Inc.
Medidata Solutions, Inc.
Nuance Communications, Inc.
NVIDIA Corporation
Owkin Inc.
Saama Technologies, Inc.
Sensyne Health plc
TrialTrove Inc.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of AI in clinical trials reached USD 1.3 billion in 2023 and will witness 14% CAGR between 2024 and 2032, owing to the growing adoption of AI for improving trial efficiency, accuracy, and speed, increased healthcare data availability and advancements in machine learning algorithms.

AI in clinical trials industry from the drug development segment will record 12% CAGR through 2032, attributed to its critical role in accelerating the discovery and optimization of new therapies, increasing investment in biopharmaceutical R&D, and the necessity for personalized medicine.

North America market captured 40% share in 2023, driven by the radvanced healthcare infrastructure, substantial R&D investments, and early adoption of innovative technologies.

Exscientia Ltd., International Business Machines Corporation (IBM), Insilico Medicine, Inc., IQVIA Holdings Inc., Medidata Solutions, Inc., Nuance Communications, Inc., NVIDIA Corporation, Owkin Inc., Saama Technologies, Inc., Sensyne Health plc, and TrialTrove Inc., among others.