Market Trends of AI In Clinical Trials Industry
Software Segment Expected to Witness Significant Growth Over the Forecast Period
The software segment is expected to gain a significant market share during the forecast period owing to data complexity and volume, the need for efficiency in patient recruitment, and increased research and development activities within the pharmaceutical industry.
AI in clinical trials software refers to advanced applications that leverage artificial intelligence technologies to improve various aspects of the clinical trial process. Traditional patient recruitment methods can be time-consuming and resource-intensive. AI software streamlines this process by quickly identifying eligible participants based on extensive criteria and reducing trial timelines.
Moreover, regulatory agencies, such as the US Food and Drug Administration (FDA), are increasingly recognizing and encouraging the use of AI in clinical trials. For example, FDA is actively involved in areas such as clinical trial design, digital health technologies, and the analysis of real-world data. This support creates a favorable environment for pharmaceutical companies to adopt these technologies, ensuring compliance while enhancing operational efficiency. For instance, in April 2024, Research Solutions, a trusted US partner providing cloud-based workflow solutions to accelerate research for R&D-driven organizations, launched its new Clinical Trial Landscape software solution, making clinical trial information more insightful, accessible, and actionable. This new software simplifies the discovery and synthesis of clinical trial information to accelerate innovation in the medical field. Such developments are anticipated to boost the segmental growth over the forecast period.
Moreover, partnerships between technology companies and pharmaceutical firms foster innovation in AI software, combining expertise from both industries to develop more effective clinical trial solutions. For instance, in February 2023, ZS, a management consulting and technology firm, acquired Trials.ai, a company specializing in intelligent study design. The ZS uses Trials.ai's artificial intelligence (AI) tools to help clinical development teams create better studies, improve participant experiences, and speed up the delivery of pharmaceutical therapies to the market. Such strategic agreements are expected to drive the growth of the software segment over the forecast period.
Overall, new product launches and new cross-industry collaborations are key factors driving the usage of the software segment, which is likely to propel the market during the forecast period.
North America Expected to Dominate the AI in Clinical Trials Market
North America is expected to dominate the market owing to factors such as increasing research and development costs, the complexity of managing large datasets, and a focus on personalized medicine. Companies in North America are leveraging AI to enhance patient recruitment, streamline operations, and improve data analysis and monitoring.
The presence of numerous market players and a growing number of cross-industry collaborations and partnerships are also majorly impacting the growth of the AI pharmaceutical industry in North America. For instance, in February 2024, US-based Castor partnered with Microsoft to use Microsoft Azure, aiming to bring advanced artificial intelligence (AI) into clinical trials. Castor, with its modular and patient-centric clinical trial platform, is dedicated to creating technologies that reduce the burden for patients, sponsors, and study teams.
Additionally, in August 2023, Deep 6 AI partnered with Texas Tech University Health Sciences Center (TTUHSC) to boost patient access to clinical trials. TTUHSC plans to leverage AI to improve patient access to its electronic medical record (EMR) system. With key players consistently engaging in strategic initiatives, the market's growth in the region is projected to accelerate during the forecast period.
Furthermore, the increasing government focus on funding to use AI to improve patient screening at cancer clinical trial sites is another significant factor expected to drive the market for AI in clinical trials. For instance, in October 2022, researchers funded by the National Cancer Institute (NCI) worked with AI experts from ConcertAI LLC to improve diversity in cancer clinical trials in the Gulf South region of the United States. Since 2014, NCI has funded Louisiana State University Health New Orleans, an NCI Community Oncology Research Program (NCORP) site, to set up and grow a clinical trials network in the region, focusing on minority and underserved patients. This project aims to use AI to better screen patients at cancer clinical trial sites, studying its impact on reducing health inequities and thereby boosting market growth in the region.
In summary, the growing government focus on funding and cross-industry collaborations is likely to increase the usage of AI in the healthcare industry in North America and drive the market's growth during the forecast period.
