| Title | Artificial Intelligence in Clinical Trials Market to Hit US$ 2.74 Billion by 2030 |
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| URL | https://www.marketsandmarketsblog.com/artificial-intelligence-in-clinical-trials-market-to-hit-us-2-74-billion-by-2030.html |
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| Category | Fitness Health --> Health Articles |
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| Meta Keywords | Artificial Intelligence in Clinical Trials Market |
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| Meta Description | AI in Clinical Trials Market by Function (Patient Recruitment, Site Optimization, Data Management, Quality, Regulatory), Phase (I, II, III), Indication (Cancer, CNS, CVS), Tool, End-User (Pharma/Biotech, CRO, Hospitals) - Global Forecast to 2030 |
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| Owner | Healthcare101 |
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| Description |
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| The global artificial intelligence in clinical trials market , valued at US$1.20 billion in 2023, is forecasted to grow at a robust CAGR of 12.4%, reaching US$1.35 billion in 2024 and an impressive US$2.74 billion by 2030. 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. |
