Market Size of AI In Clinical Trials Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.7 Billion |
| Market Size (2029) | USD 5.5 Billion |
| CAGR (2024 - 2029) | 25.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
AI In Clinical Trials Market Analysis
The AI In Clinical Trials Market size is estimated at USD 1.7 billion in 2024, and is expected to reach USD 5.5 billion by 2029, growing at a CAGR of 25.70% during the forecast period (2024-2029).
AI in clinical trials refers to the use of artificial intelligence technologies to enhance and streamline various aspects of clinical research and drug development. This encompasses a range of applications, including patient recruitment, data management and analysis, predictive modeling, monitoring and safety, and operational optimization. Overall, AI in clinical trials aims to improve the speed, accuracy, and efficiency of the drug development process, ultimately leading to faster delivery of new therapies to patients.
Several factors are expected to drive the growth of AI in the clinical trials market during the forecast period. The growing number of cross-industry collaborations and partnerships, the growing trend toward personalized medicine, and the rising demand to control drug discovery and development costs and timelines are major drivers for market growth. Many companies are using AI to speed up the clinical trial process and reduce completion time. For instance, in January 2024, Accenture made a strategic investment, through Accenture Ventures, in QuantHealth, an Israel-based AI-powered clinical trial design company that simulates clinical trials in the cloud, allowing pharmaceutical and biotech companies to more quickly and cost-effectively develop treatments for patients. Such investments undertaken by key players in the market are expected to drive the growth of AI in the clinical trials market during the forecast period.
Furthermore, key players are focused on launching digital health solutions owing to the increasing use of AI in drug trials to improve drug trial design, patient enrichment and enrollment, selection of investigators and sites, patient monitoring, medication adherence, and other applications, which is boosting the growth of the market. For instance, in November 2023, AstraZeneca launched Evinova, a health technology business focused on bringing digital health solutions already in use globally by the pharma company to clinical research organizations (CROs), trial sponsors and care teams, and patients. The new company uses established digital technology solutions to streamline clinical trial design and delivery to reduce time and costs in medicine development. Additionally, the initiative explores digital remote patient monitoring and therapeutics.
Similarly, in September 2024, Massive Bio, a US-based oncology software firm, launched Patient Connect, a free portal in the United States designed to personalize access to global cancer clinical trials. Using AI, the platform matches patients with suitable clinical trials based on their medical profiles. Patients can provide consented access to their medical records and make use of Massive Bio’s AI-powered system to identify the most relevant clinical trial options.
Hence, the adoption of AI as an asset to accelerate the healthcare process is projected to grow in the future, driving the growth of the market over the forecast period.
Despite the positive factors, standardization of AI models and stringent regulatory guidelines for medical software are expected to hinder the growth of the market during the forecast period.
