AI Transforming Clinical Trials: Market Set for 20.4% CAGR Growth

NEW YORK - Oct. 4, 2024 - PRLog -- The AI-based clinical trials solution market is projected to reach USD 7,073.9 million by 2030, growing at a CAGR of 20.4%. This growth is largely driven by the rising incidence of chronic diseases and the demand for advanced medications.

Artificial intelligence (AI) is revolutionizing patient recruitment, trial design, monitoring, and site selection in clinical research, significantly enhancing trial success rates. Pharmaceutical companies are heavily investing in AI to accelerate drug discovery and optimize their development pipelines.

The increasing number of public and private initiatives promoting the use of AI for testing new drug efficacies is further boosting the market. AI solutions are especially useful in early-phase trials, like phase I, where they aid in trial design and patient recruitment, contributing to real-world data collection and patient-centered outcomes.

In recent years, phase II clinical trials have accounted for the largest market share, primarily due to the high number of validation cases and the growing use of smart technologies to assess outcomes.

Oncology has dominated the therapeutic application segment due to the high prevalence of cancer and the increasing number of AI-driven oncology trials. Meanwhile, the cardiovascular diseases segment is expected to grow the fastest, with a CAGR of 22.3%, due to the global rise in cardiovascular disease cases.

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North America led the market, owing to substantial R&D investments and technological advancements, while APAC is poised for significant growth due to increasing AI adoption and supportive government initiatives.

The rising prevalence of chronic diseases will continue to fuel the AI-based clinical trials solution market in the coming years.