Artificial Intelligence in Clinical Trials Market to Hit US$ 2.74 Billion by 2030 with 12.4% CAGR | MarketsandMarkets™.

DELRAY BEACH, Fla., Dec. 17, 2024 /PRNewswire/ -- The global artificial intelligence in clinical trials market is forecasted to grow steadily from US$1.20 billion in 2023 to US$1.35 billion in 2024, ultimately reaching an impressive US$2.74 billion by 2030, driven by a robust CAGR of 12.4%. Some of the key elements fueling the expansion of the AI in clinical trials market, are the high rate of clinical trial failures, the increasing need of anticipating drug pharmacokinetics, pharmacodynamics, and management of toxicity. According to a research article published by the National Library of Medicine in February 2022, the drug discovery and development process takes about 10-15 years for a new drug to be approved for clinical use. And 90% of the drug candidates fail during the phases I, II, and III of clinical trials and drug approvals. The reasons that may result in failure include but not limited to effectiveness in a clinical setting, high levels of toxicity that cannot be managed, suboptimal drug-like characteristics, a lack of real commercial drivers, and poor strategic design. AI in clinical trials seeks to help resolve these issues to enhance drug approval prospects and ease the pace of drug trials.

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Another driver is the high cost of clinical trials, which AI can reduce by predicting outcomes and coming in to optimize the design of such trials. Using AI, companies can simulate trial scenarios by assessing their potential risks, minimizing the cost of trials, and increasing the success rates of trials. For example, companies like Unlearn. AI use digital twins or virtual models of patients to conduct virtual trials to forecast how drugs will perform before undertaking extensive in-person testing.

Further, regulatory authorities such as the FDA encourage the use of AI to increase trial accuracy and patient safety, hence increasing market acceptance. AI-powered technologies can examine real-world evidence (RWE) from electronic health records and other sources, thereby increasing trial data validity and assisting regulatory submissions.

By indication, the oncology segment is expected to capture the largest share of the AI in clinical trials market. The reason for this dominance can be attributed to the global burden of cancer which is widespread and complicated -- calling for extensive analysis of data, predictive analysis, and most importantly treatment. The use of AI in oncology trials is directed towards enhancing patient recruitment, trial design, and monitoring, thus ensuring better efficiency and focusing the trials. Corporations are also pouring in excess funds on the tools of artificial intelligence, towards the treatment of cancer and its recent biomarker-driven precision medicine developments, because these advancements in the treatment of cancer can make a difference in patient outcomes and more importantly, these are commercially attractive.

Among the applications, cell & gene therapy is expected to dominate the AI in clinical trials market. This is attributed to the need for AI integration because of the intricacy involved with these innovative therapies, such as CAR-T cell therapy that have various levels of detail from patient selection, trial set-up to their conduct which is often monitored in real time. These processes are enhanced by AI with its predictive models, advanced forms of data analysis and developments of treatment plans for individual patients therefore its great importance in advancing cell and gene therapies in clinical research.

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The major players in the AI in clinical trials market with a significant global presence are IQVIA Inc. (US), Saama. (US), Dassault Systèmes (Medidata) (France), Phesi (US), PathAI, Inc. (US), Unlearn.ai, Inc. (US), Deep6.ai (US), Microsoft (US), IBM (US), NVIDIA Corporation (US), Insilico Medicine (US),  ConcertAI. (US), AiCure. (US), Median Technologies. (France), Lantern Pharma Inc. (US), Citeline, a Norstella Company (US), Tempus AI, Inc. (US), TriNetX, LLC (US), ReviveMed Inc. (US), Euretos. (Netherlands), VeriSIM Life. (US), Triomics (US),  Ardigen (Poland), QuantHealth Ltd. (Israel), and DEEP GENOMICS. (Canada). The market players have adopted strategies such as acquisitions, collaborations, partnerships, mergers, product/service launches & enhancements, and approvals to strengthen their position in the biosimulation market. The product and technology innovations have helped the market players expand globally by providing biosimulation and modeling solutions.

IQVIA Inc.

IQVIA Inc. has a strong presence in the healthcare business and is a market leader in life sciences research and commercial outsourcing. The company focusses on expanding its eClinical solutions portfolio, which helps IQVIA gain a competitive advantage. This concept decentralises the operations of the individual organisation, which promotes data quality, improves patient experience, and shortens clinical trials. IQVIA's dominant position in the eClinical solutions industry was strengthened by acquisitions and collaborations: the firm increased its R&D expenditure to provide a service portfolio focused on expanding and launching in China, India, Russia, Turkey, and Japan.  For example, in May 2021, IQVIA announced further growth of IQVIA Biotech in Japan and APAC to provide integrated clinical and commercial solutions and support to biotech and emerging biopharma companies. More recent acquisitions include Q2 Solutions, which broadens its service offerings in the Research & Development Solutions business division.

Dassault Systèmes (Medidata) 

Medidata (a Dassault Systèmes company) provides end-to-end worldwide clinical data gathering and management with extensive capability. This provides an additional set of features for a wide range of clinical study requirements, ensuring a strong market position and high industry expertise. The company focuses on organic growth with better innovation and upgrade in solutions. MyMedidata: Introduction of a native mobile application by the company in December 2022. The MyMedidata app utilizes single sign-on to provide a common entry for several functionalities, such as electronic diaries, patient-reported outcomes, and informed consent. This will help make patient experiences much simpler by allowing them to access trial-related activities directly on mobile devices. Medidata also uses inorganic means, such as partnerships, collaborations, and acquisitions, to solidify its market standing.

Tempus AI, Inc.

Tempus is a technology company advancing clinical trials through the practical application of AI in healthcare. It has both a clinical and molecular data library that enables physicians to make real-time and data-driven decisions to deliver personalized care and targeted patient therapies.

Tempus partners with end users to establish, design, and deliver enhanced therapeutic choices. The firm offers a variety of products and services that involve genomic profiling, data licensing, trial alignment, and companion diagnostics. Tempus does a wide spectrum of genomic and molecular tests in cancer patients. These include essential tests for the diagnosis of genetic mutation.

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