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AI in Clinical Trials Market Trends

Report ID: GMI9965 Published Date: June 2024Report Format: PDF
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AI in Clinical Trials Market Trends

Regulatory bodies, such as the FDA and EMA, are becoming more receptive to the use of AI in clinical trials. Efforts are underway to develop frameworks and guidelines for integrating AI technologies while ensuring patient safety and data integrity. The use of wearable devices and remote monitoring technologies is increasing, allowing continuous data collection outside of clinical settings. AI algorithms process this data to monitor patient health in real time and detect any adverse event promptly.

AI-driven predictive analytics are increasingly used to forecast patient responses to treatment and potential side effects, optimizing the decision-making process. Natural Language Processing (NLP) techniques are being used to extract valuable information from unstructured data sources such as clinical notes, research papers, and patient records. AI is facilitating the shift toward decentralized clinical trials, where participants can contribute data from their homes via wearable devices and tele-health services. Advanced AI algorithms are being used to analyze medical images for better diagnostics and monitoring in clinical trials.

Author: Preeti Wadhwani,
Frequently Asked Question(FAQ) :

What is propelling the demand for AI in drug development clinical trials?+

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.

What is the size of the AI in clinical trials market?+

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.

How substantial is the AI in clinical trials market in North America?+

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

Who are the major AI in clinical trials industry players?+

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.

AI in Clinical Trials Market Scope

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