Generative AI In Clinical Trials Market Size

Generative AI In Clinical Trials Market Analysis

The Generative AI In Clinical Trials Market size is estimated at USD 199.35 billion in 2024, and is expected to reach USD 565.18 billion by 2029, growing at a CAGR of 23.20% during the forecast period (2024-2029).

Factors such as enhanced drug discovery and development through AI-driven innovation, the role of AI in clinical research, and growing technological advancements are expected to boost market growth over the forecast period.

The rising global prevalence of chronic diseases highlights the urgent demand for sophisticated clinical trial management systems. These systems are essential for efficiently navigating and optimizing the increasingly intricate processes of clinical trials, thereby driving growth in the generative AI in clinical trials market.

For instance, an article from ClinicalTrials.gov in January 2024 noted a significant increase in registered clinical trial studies, globally, from 399,484 in 2022 to 478,855 in 2024. This increase underscores the expanding scale and importance of clinical research. Given this exponential rise in clinical trials, a surge is anticipated in demand for AI generative tools. These tools are pivotal in streamlining various clinical trial phases, such as patient recruitment, data analysis, and trial design. As the volume of trials increases, the urgency for these efficiencies amplifies, further fueling market expansion.

Rapid advancements in artificial intelligence, especially generative AI (GenAI), are accelerating technology adoption and transforming the healthcare industry. This widespread accessibility of AI capabilities paves the way for innovation in clinical trials and drug development, marking a shift from previous technological advancements.

For instance, a July 2024 article in Clinical Research highlighted the value of GenAI in expediting trial design and execution. By analyzing historical trial data, GenAI can rapidly draft protocols, automate document creation, and adjust trials in real time based on new data. Furthermore, it promotes informed, data-driven decisions throughout the clinical trial lifecycle. Given these advantages, the anticipated surge in GenAI adoption in clinical research and trials is set to drive significant market growth in the coming years.

Moreover, the growing adoption of generative AI in drug discovery and development is set to drive market growth during the forecast period. For instance, in June 2023, Insilico Medicine, a clinical-stage biotechnology company harnessing generative AI, administered the first dose in the Phase II clinical trial of INS018_055. This milestone marked the debut of the first anti-fibrotic small molecule inhibitor, both discovered and designed through generative AI, entering Phase II clinical trials for further assessment.

Furthermore, the same source reported that Insilico's AI-discovered and AI-generated drug, INS018_055, is undergoing multi-regional Phase II clinical trials in both the United States and China. Hence, the advancements of generative AI in drug discovery and development are poised to significantly enhance the market for generative AI in clinical trials during the forecast period.

Therefore, owing to the rising burden of chronic diseases creating a need for generative AI tools for managing large amounts of clinical trial data and growing adoption of Gen-AI in clinical trials for new drug discovery and development, clinical trial design is expected to boost the growth of the market. However, the requirements for data privacy, security, and regulatory compliance are likely to hinder the growth of the generative AI in clinical trials market over the forecast period.