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Chicago, Oct. 18, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Artificial Intelligence (AI) in Clinical Trials Market by Offering (Software, Services), Technology (Machine Learning, Deep Learning, Supervised), Application (Cardiovascular, Metabolic, Oncology), End User (Pharma, Biotech, CROs) - Global Forecasts to 2027", is projected to reach USD 4.8 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 25.6% during the forecast period.
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Scope of the Artificial Intelligence (AI) in Clinical Trials Market Report:
The growth of this market is driven by the growing need to control development costs & reduce time involved in drug development, and Increasing adoption of AI based platform to improve productivity and efficiency of clinical trials, On the other hand, a lack of data sets in the field of clinical trials and the inadequate availability of skilled labor are some of the factors challenging the growth of the market
Services segment is expected to grow at the highest rate during the forecast periodBased on offering, the AI in clinical trials market is segmented into software and services. In 2021, the services segment accounted for the largest market share of the global AI in clinical trials services market and also expected to grow at the highest CAGR during the forecast period. The benefits associated with AI services and the strong demand for AI services among end users are the key factors driving the growth of this market segment.
Machine learning technology segment accounted for the largest share of the global AI in clinical trials market
Based on technology, the Artificial Intelligence (AI) in Clinical Trials Market is segmented into machine learning and other technologies. The machine learning segment accounted for the largest share of the global market in 2021 and expected to grow at the highest CAGR during the forecast period. The machine learning technology segment further segmented into deep learning, supervised learning, and other machine learning technologies. Deep learning segment accounted for the largest share of the market in 2021, and this segment also expected to grow at the highest CAGR during the forecast period.
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The oncology application segment accounted for the largest share of the AI in clinical trials market in 2021
On the basis of application, the Artificial Intelligence (AI) in Clinical Trials Market is segmented into neurological diseases and condition, cardiovascular diseases, metabolic diseases, infectious disease, immunology diseases, and other applications. The oncology segment accounted for the largest share of the market in 2021, owing to the increasing demand for effective cancer drugs and a large number of drug trials in the field of oncology is contributing to the adoption of AI-enabled technologies in this application area. Also, many players are developing and adopting oncology-based AI tools for clinical trials, thus impelling the segment growth. The infectious diseases segment is estimated to register the highest CAGR during the forecast period, owing to the increasing number of clinical trials for vaccine and drugs for covid-19 and other infectious disease and rising investment in R&D for infectious diseases.
Pharmaceutical & biotechnology companies segment accounted for the largest share of the global AI in clinical trials market
On the basis of end user, the Artificial Intelligence (AI) in Clinical Trials Market is segmented into pharmaceutical & biotechnology companies, CROs, and other end users. The pharmaceutical & biotechnology companies segment accounted for the largest market share of Artificial Intelligence in Clinical Trials Market, in 2021. Factors such as increasing adoption of AI enabled technologies to improve productivity and efficiency of clinical trials. Furthermore, growing cross industry collaborations and partnership for leverging the AI solution for R&D and the overall development process. Hence driving the growth among this end user segment.
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Geographical Growth Scenario:
North America accounted for the largest share of the global AI in clinical trials market in 2021 and also expected to grow at the highest CAGR during the forecast period. North America, which comprises the US, and Canada forms the largest market for AI in clinical trials. These countries have been early adopters of AI technology in clinical trials and development. Presence of key established players, well-established pharmaceutical and biotechnology industry, and high focus on R&D & substantial investment are some of the key factors responsible for the large share and high growth rate of this market
Key Players:
Prominent players in this Artificial Intelligence in Clinical Trials Market are IBM corporation, Exscientia, Saama Technologies, Unlearn.AI, Inc., BioSymetrics, Euretos, Trials.Ai, Insilico Medicine, Ardigen, Pharmaseal, Koninklijke Philips N.V., Intel, Numerate, AiCure, LLC., Envisagenics, NURITAs, BioAge Labs, Inc., Symphony AI., Median Technologies, Innoplexus, Antidote Technologies, Inc., GNS Healthcare, Koneksa Health, Halo Health Systems, and DEEP LENS AI. Players adopted organic as well as inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
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Artificial Intelligence (AI) in Clinical Trials Market is Projected to Reach $4.8 billion by 2027- Exclusive Report by MarketsandMarkets -...
The industry's atomization and adoption of IoT, growing complex data sets, falling hardware costs, and increased computing power are driving Artificial Intelligence Adoption In Manufacturing Market.
JERSEY CITY, N.J., Oct. 18, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Artificial Intelligence In Manufacturing Market" By Component (Hardware, Software), By Technology (Deep Learning, Machine Learning), By End-User Industry (Healthcare, Manufacturing), and By Geography.
As per the deep research carried out by Verified Market Research, the global Artificial Intelligence In Manufacturing Market size was valued at USD 1.56 Billion in 2022 and is projected to reach USD 52.37 Billion by 2030, growing at a CAGR of 47.80% from 2023 to 2030.
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Browse in-depth TOC on "Artificial Intelligence In Manufacturing Market"
202 - Pages126 Tables37 Figures
Global Artificial Intelligence In Manufacturing Market Overview
Artificial intelligence (AI) technology enables machines to perform tasks that were previously performed by humans. It creates machines that can learn, plan, recognise speech, and solve problems. One of the primary goals of artificial intelligence is the development of intelligent machines and smart systems. It is useful in a variety of industries, such as gaming, expert systems, vision systems, intelligent robots, and natural language processing, to name a few. The robotics industry is being transformed by artificial intelligence (AI), which incorporates computer vision and machine learning. AI-powered automation has numerous potential applications in a variety of industries, including material processing, aviation, healthcare, agriculture, and energy. Artificial intelligence (AI) is used to detect and automate equipment issues.
AI technology's expanding applications and simple deployment methods have piqued the government's interest, resulting in increased government investment in AI and related technologies. Artificial intelligence (AI) has been adopted by a variety of industries, including aerospace, healthcare, manufacturing, and automotive, as a result of advancements in deep learning and Artificial Neural Networks (ANN). There is a growing demand for artificial intelligence industrial solutions as more data must be examined and interpreted. The development of more dependable cloud computing infrastructures, as well as advances in dynamic artificial intelligence solutions, have a significant impact on the market's potential for growth. AI is being used to accelerate commercial processes, automate risky jobs, and supplement or replace skilled labour across the board.
Key Developments
Key Players
The major players in the market are Google LLC, Microsoft, Advanced Micro Devices, Arm Limited, Atomwise, Inc., Clarifai, Inc, Enlitic, Inc., International Business Machines Corporation, IBM Watson Health, and Intel Corporation.
Verified Market Research has segmented the Global Artificial Intelligence In Manufacturing Market On the basis of Component, Technology, End-User Industry, and Geography.
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AI is not going to replace physicians, but physicians who use AI will replace those who don't.
MIAMI, Oct. 18, 2022 /PRNewswire/ --The new book "How AI Can Democratize Healthcare" by Michael Ferro and Robin Farmanfarmaian dives into the cutting edge of technology moving care from the clinic to where the patient is located, including their home, office, or even traveling. Predictive software, AI voice technology, and digital therapeutics are just some of the innovations detailed in this provocative new title that will shape tomorrow's future today.
Whether people are sick or well, AI-based software programs can monitor conditions in a real-world environment and can be a daily presence in someone's life, delivering personalized interventions precisely when needed. The incremental cost to provide an AI software program to each additional person is negligible so it can scale quickly, and has no geographical boundaries, making worldwide adoption almost effortless.
New ways to improve patient outcomes are in high demand and the major healthcare stakeholders are innovating to bring much needed improvements. AI advancements across Vocal Biomarkers, Remote Patient Monitoring, Digital Therapeutics, Voice Recognition, Decision Support Tools, Virtual Reality, and Predictive Care are converging together to create Ambient Healthcare Computing: the ever-present healthcare assistant that monitors, analyzes, and provides the right interventions to the right person at the right time.
Simply put, AI is revolutionizing the Where, When, What, and How people access healthcare. Legacy systems composed of trained healthcare professionals and physical clinics are a limited and expensive resource. With location removed from the equation, shifting care to the point of the patient increases access and affordability, in effect democratizing healthcare. Further, the negligible incremental cost to provide an AI-based software program per person makes AI infinitely scalable and accessible.
About the Authors:
Healthcare tech entrepreneur and author Michael Ferro is the Founder and CEO Merrick Ventures, a Miami-based PE Firm focused on AI and democratizing healthcare. Michael has built multiple companies that he took public or were acquired for over $1B, including Merge Healthcare and Click Commerce. With the Michael and Jacqueline Ferro Foundation, he has donated millions, including $2M to Northwestern for entrepreneurship and $1M to theMelanoma Research Alliance(MRA). Ferro has won more than 15 awards, including Forbes Tech's 100 Highest Rollers, the Technology Entrepreneur of the Year from Ernst & Young, and was a Nominee for an Emmy Award for Best Documentary.
Professional speaker and entrepreneur Robin Farmanfarmaian has given over 180 talks in 15 countries on technology in healthcare. As an entrepreneur, she has worked with over 20 companies in pharma, device, and AI focused on major diseases including oncology, neuro, diabetes, and more. A misdiagnosis as a teenager led to 43 hospitalizations, six major surgeries, and multiple organs removed. At age 26, Robin fired her healthcare team and took control of her health, including taking herself off high dose opioids. She rebuilt her care team, was diagnosed correctly, and went into remission overnight with the right medication. "How AI Can Democratize Healthcare" is a followup book to Robin's 2015 book, "The Patient as CEO: How Tech Empowers the Healthcare Consumer."
Advance Praise for "How AI Can Democratize Healthcare"
"Artificial Intelligence is going to very rapidly transform medicine, along with ubiquitous cameras and all kinds of sensors. If you want to understand this disruption to our healthcare, Michael and Robin will explain how this will impact you as well as positively impacting billions of lives." Ray Kurzweil, inventor, author, and futurist
"How AI Can Democratize Healthcare'' by Michael Ferro and Robin Farmanfarmaian is easy to read and chock-full of great examples of startups in healthcare AI. We're in the first inning of AI in healthcare, and this book points to a very exciting future. Congratulations on a great book!" John E. Kelly III, PhD, IBM EVP - Retired
"There is overwhelming complexity at the intersection of artificial intelligence, medical technology, human factors and regulatory context. There are almost too many new health care products, services and companies to sort through. Thankfully, How AI Can Democratize Healthcare gives us the old-fashioned sort of intelligence enhancement, clear prose, that makes our collective future both understandable and optimistic. A must read for citizens, investors and policy-makers alike." Bing Gordon, General Partner & Chief Product Officer, Kleiner Perkins
SOURCE Robin Farmanfarmaian
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New Book Heralds a New Era in Healthcare with Artificial Intelligence Already Transforming the Patient Experience - PR Newswire
