The AI in Clinical Trials Market is anticipated to grow at a CAGR of ~16% till 2035, claims Roots Analysis
AI holds immense potential to overcome challenges related to poor patient recruitment, engagement, monitoring, study design and a myriad of other complexities associated with clinical trials
LONDON, Aug. 22, 2023 /PRNewswire/ -- Roots Analysis has announced the addition of "AI in Clinical Trials Market (2nd Edition): AI Software and Service Providers, 2023-2035" report to its list of offerings.
Driven by the diverse advantages and ongoing advancements in AI, the demand for AI software and services in clinical trials has increased in the healthcare industry. As a result, clinical trial sponsors have started utilizing AI to streamline clinical trials and obtain desired patient outcomes, resulting in a more patient-centric, time and cost-effective, and easy to manage approach.
To order this 300+ pages report, which features 120+ figures and 135+ tables, please visit https://www.rootsanalysis.com/reports/ai-based-clinical-trial-solutions.html
Key Market Insights
Close to 130 players currently claim to provide AI software and services for clinical trials to multiple end-users
The market landscape is highly fragmented, with 67% of the stakeholders headquartered in North America, followed by firms based in Europe (26%), and Asia-Pacific and Rest of the World (7%). Further, the current market is dominated by the presence of small players (11-50 employees), constituting around 40% of the total number of AI software and service providers.
Nearly 90% players claim to offer cloud-based AI software and services for a wide variety of applications in clinical trials
More than 85% of the players offer AI software and services for data analytics, followed by patient / trial monitoring and patient recruitment (71%, each). It is worth mentioning that around 95% of these players provide such software and services to pharmaceutical and biotechnology companies, followed by research institutes (over 60%).
Around 600 clinical trials have leveraged AI software and services, since 2018
The AI powered clinical trials are largely being conducted in North America (around 40%), followed by Europe (over 30%). Additionally, it is worth highlighting that over 35% of these clinical trials were focused on treatment of oncological disorders.
Partnership activity in this market has increased at a CAGR of 20% during the period 2018-2022
Most of the partnerships related to AI in clinical trials were inked in 2022 (22%), followed by 2020 (21%). It is worth highlighting that 40% of the deals were product / technology utilization agreements, followed by product / technology integration agreements (20%)
Nearly USD 2.5 billion was invested to advance AI focused clinical trial initiatives, globally
A significant rise in funding activity has been observed since 2019, with majority of the funding instances (24%) being reported in the year 2020. In fact, more than 85% of the total investment (in terms of the amount invested) was made in the last three years. Further, majority of the amount was raised through venture capital funding (72%), amounting to USD 1.6 billion.
Big Pharma initiatives in this domain have grown at a CAGR of ~70%, between 2019 and 2022
Around 75% of the initiatives were in the form of partnerships; of these, close to 55% of the big pharma initiatives were focused on clinical trial design, followed by patient recruitment (45%) and data analytics (32%).
Use of AI software and services in clinical trials is estimated to save more than 25% of the overall clinical trial cost
By 2035, we anticipate net annual cost savings of close to USD 30 million with the adoption of AI software and services in clinical trial processes. It is worth mentioning that most of the cost reduction is estimated to be reported in the process of patient retention (~50%).
North America is anticipated to capture around 40% of the market share by 2035
In terms of potential end-users, pharmaceutical and biopharmaceutical companies are expected to contribute around 85% of the total market share by 2035. Further, more than 15% of the market share is anticipated to be captured by academic research institutes and other end-users. In addition, it is worth highlighting that phase II clinical trials are likely to capture close to 45% of the total market share.
To request a sample copy / brochure of this report, please visit https://www.rootsanalysis.com/reports/ai-based-clinical-trial-solutions/request-sample.html
Key Questions Answered
- How is AI and ML used in clinical trials?
- What are the challenges associated with integrating AI in clinical trials?
- What is the role of AI in electronic health records of clinical trials data?
- What is the global market size of AI in clinical trials market?
- Which are the leading artificial intelligence companies in clinical trials market?
- How AI can improve clinical trials?
- What are the leading market segments in the global AI in clinical trials market ?
- Which region captures the largest share in the AI in clinical trials market?
- What are the upcoming trends in AI in clinical trial market?
- What is the likely growth rate (CAGR) for AI in clinical trial market?
The financial opportunity within the AI in clinical trials market has been analyzed across the following segments:
- Trial Phase
- Phase I
- Phase II
- Phase III
- Target Therapeutic Area
- Oncological Disorders
- Cardiovascular Disorders
- CNS Disorders
- Infectious Diseases
- Metabolic Disorders
- Other Disorders
- End-User
- Biotechnology and Pharmaceutical Companies
- Academic Research Institute and Other end-users
- Key Geographical Regions
- North America
- Europe
- Asia-Pacific
- Middle East and North Africa
- Latin America
The opinions and insights presented in the report were influenced by discussions held with senior stakeholders in the industry. The report features detailed transcripts of interviews and surveys held with the following experts:
- Danielle Ralic (Co-Founder, Chief Executive Officer and Chief Technology Officer, Ancora.ai)
- Wout Brusselaers (Founder and Chief Executive Officer, Deep 6 AI)
- Dimitrios Skaltsas (Co-Founder and Executive Director, Intelligencia)
- R.A. Bavasso (Founder and Chief Executive Officer, nQ Medical)
- Grazia Mohren (Head of Marketing), Michael Shipton (Chief Commercial Officer), Darcy Forman (Chief Delivery Officer), Troy Bryenton (Chief Technology Officer, Science 37)
The research also includes profiles of key players (listed below), engaged in providing AI software and services in clinical trials; each profile features an overview of the company, financial information (if available), details on its service portfolio, recent developments, and an informed future outlook:
- AiCure
- Antidote Technologies
- Deep 6 AI
- Innoplexus
- IQVIA
- Median Technologies
- Medidata
- Mendel.ai
- Phesi
- Saama Technologies
- Signant Health
- Trials.ai
For additional details, please visit https://www.rootsanalysis.com/reports/ai-based-clinical-trial-solutions.htm or email sales@rootsanalysis.com
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Contact:
Gaurav Chaudhary
+1 (415) 800 3415
+44 (122) 391 1091
Gaurav.chaudhary@rootsanalysis.com
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