Dublin, Nov. 15, 2024 (GLOBE NEWSWIRE) -- The "AI-Powered Clinical Trial Management Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The AI-powered clinical trial management market is expected to grow at a CAGR of 22.50%, reaching a market size of US$4.950 billion in 2029 from US$1.794 billion in 2024.
The market for using AI in healthcare has experienced a significant boom with a rise in the adoption of AI by the major players. The AI-driven clinical trial management market speeds up and improves various stages of clinical trials via patient recruitment, data analysis, and protocol optimization. AI makes drug development more efficient, cheaper, and quicker by automating repetitive tasks and providing predictive insights.
This revolutionary technology can change the entire process of medical research, enabling more accurate, swift decisions. Due to increasing uptake by pharmaceutical companies, research institutions, and healthcare providers of AI-based solutions, this market is expected to grow substantially, transforming its landscape and eventually improving patient care.
The market for providers of AI-based clinical trial solutions is being driven by the growing adoption of AI-based platforms to enhance the efficiency and effectiveness of trials at different stages. One factor driving the market expansion is the public and private sectors' supportive initiatives for various therapeutic areas. Additionally, the market is growing due to the increased awareness and various uses of AI in clinical trials, including better patient selection, site selection, drug trial design, patient monitoring, and more.
AI-powered Clinical Trial Management Market Drivers:
Increased demand for drug trials is anticipated to increase the market demand
As a result of the growing application of artificial intelligence to drug trials and the availability of different AI solutions designed specifically for pharmaceutical research, such as medication compliance, trial design, selection of investigators or sites, patient monitoring, etc., the area offering AI-based clinical trial solutions is widening. Enrollment and patient eligibility are two crucial processes for the overall success of the medication trial. According to studies, 30% of medication trials end early because of patient recruitment failure, and 85% of trials are postponed during patient recruitment. Platforms with an AI component are helping to lower this barrier. In turn, the market for AI-based clinical trial solution providers is driven by several researchers utilizing AI in drug trials.
AI-powered Clinical Trial Management Market Geographical Outlook
North America is witnessing exponential growth during the forecast period
Regarding technological progress and innovation concerning artificial intelligence, North America, particularly the United States, has been at the forefront of the world. Numerous premier information technology organizations, learning institutions, and start-ups focused on preparing state-of-the-art AI answers for various industries, such as medical research or the health sector, are found in this region. A lot of funds and materials have been allocated to AI companies as well as research projects. More capital ventures, public sectors, and individual financiers have expressed their interest in creating and utilizing AI technologies in healthcare services, including clinical trials.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $1.79 billion |
| Forecasted Market Value (USD) by 2029 | $4.95 billion |
| Compound Annual Growth Rate | 22.5% |
| Regions Covered | Global |
Report Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments)
- Medidata Solutions (Acquired by Dassault Systemes)
- Oracle Corporation
- IBM Corporation
- Veeva Systems
- Clinerion
- Saama Technologies
- Bioclinica
- Arisglobal
- Aicure
- Medable
The AI-powered clinical trial management market is segmented and analyzed as follows:
By Type of AI solution
- Clinical Trial Planning and Design
- Patient Recruitment and Enrolment
- Data Management and Analysis
- Monitoring And Oversight
- Safety And Pharmacovigilance
By Function
- Predictive Analytics
- Natural Language Processing (NLP)
- Machine Learning
- Robotic Process Automation (RPA)
- Image And Signal Processing
By End-User
- Pharmaceutical Companies
- Contract Research Organizations (Cros)
- Academic And Research Institutions
- Biotechnology Companies
- Medical Device Manufacturers
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/modtlk
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