DUBLIN--(BUSINESS WIRE)--The "AI (Software & Service Providers) in the Clinical Trials Market, 2023-2035" report has been added to ResearchAndMarkets.com's offering.
The global AI in clinical trials market is projected to grow from $1.4 billion in 2023 at a compounded annual growth rate (CAGR) of 16% during the forecast period (2023-2035). The drug development process is time and cost-intensive, with clinical trials accounting for nearly 50% of the time and capital expenditure. The success rate of drug candidates advancing through clinical trials to marketing approval has remained relatively constant at 10%-20% over the past few decades. To address challenges such as inadequate study design, patient recruitment issues, and high attrition rates, the pharmaceutical industry is exploring innovative solutions, and AI integration in drug development, particularly in clinical trials, is gaining traction.
Key Market Insights:
- Benefits and Growing Demand: AI solutions in clinical trials improve accuracy, efficiency, patient recruitment, and retention, resulting in reduced trial time and cost. These AI tools enable personalized medicine, real-time patient monitoring, and data analysis, driving demand for AI in clinical trials.
- Current Market Landscape: Around 130 companies provide AI software and services for clinical trials, with 80% focusing on machine learning and deep learning algorithms to minimize data-based errors. Artificial intelligence companies in clinical trials are upgrading capabilities to meet the growing demand.
- Partnership and Collaboration Trends: Stakeholders in the AI in clinical trials market have engaged in numerous partnerships since 2018, with product/technology utilization and integration agreements being common. Big pharma companies have also invested in AI software and service providers.
- Key Trends: Over 600 completed/ongoing clinical trials have used AI tools for evaluating drugs and therapies, with oncological disorders leading in adoption. Approximately $2.5 billion has been invested in AI software and services for clinical trials in the last five years.
- Market Size and Forecast: The global AI in clinical trials market is expected to grow at a significant pace, with a CAGR of 16% during the forecast period. Oncological disorders are likely to be the primary target therapeutic area, with biotechnology and pharmaceutical companies being the major end-users.
Key Artificial Intelligence Companies Supporting Clinical Trials
The report features a list of key companies in the AI in clinical trials domain, including Acclinate, AiCure, Ancora.ai, Antidote Technologies, Beacon Biosignals, Curify, Deep 6 AI, ICON, Innoplexus, Owkin, and Viz.ai, among others.
Scope of the Report
The comprehensive report presents an in-depth analysis of companies engaged in the AI in clinical trials market, their capabilities, and offerings across different geographical regions. It includes an executive summary, an overview of AI and its applications in clinical trials, analysis of current market landscape, partnership trends, investment analysis, clinical trial analysis, and more. The report provides estimates on the market size and growth potential of AI in clinical trials, along with historical trends and future projections.
Frequently Asked Questions (FAQs):
- How is AI used in clinical trials? AI is used to enhance various aspects of clinical trials, including patient recruitment, trial design, data analysis, and event detection. It automates processes, improves decision-making, and identifies patterns in complex datasets.
- What challenges are associated with AI integration in clinical trials? Challenges include data quality and availability, interpretability of AI algorithms, regulatory compliance, and logistic complexities in existing workflows.
- What are the upcoming trends in AI in clinical trial market? Trends include the integration of advanced technologies like blockchain, big data analytics, real-world evidence, digital twins, cloud computing, and IoT for streamlining clinical trials.
- What is the global market size of AI in clinical trials market? The market is estimated to be worth $1.4 billion in 2023 and projected to grow at a CAGR of 16% during 2023-2035.
- Which region captures the largest share in the AI in clinical trials market? North America dominates with approximately 35% of the overall market size, followed by Asia-Pacific.
- What is the likely growth rate (CAGR) for AI in clinical trial market? The market is expected to grow at a CAGR of 16% during 2023-2035.
- Which are the leading artificial intelligence companies in clinical trials market? Key players include Acclinate, AiCure, Beacon Biosignals, Labcorp, Owkin, and SiteRx, among others.
Key Topics Covered
1. Preface
2. Executive Summary
3. Introduction
4. Market Landscape
5. Company Profiles
6. Clinical Trial Analysis
7. Partnerships and Collaborations
8. Funding and Investment Analysis
9. Big Pharma Initiatives
10. AI in Clinical Trials: Use Cases
11. Value Creation Framework: A Strategic Guide to Address Unmet Needs in Clinical Trials
12. Cost Saving Analysis
13. Market Sizing and Opportunity Analysis
14. Conclusion
15. Executive Insights
16. Appendix I: Tabulated Data
17. Appendix II: List of Companies and Organizations
Companies Mentioned (517 Total)
- AbbVie
- Accelmed
- Accenture
- Acclinate
- Actelion Pharmaceuticals
- Adara Ventures
- AG Mednet
- Agent Health
- A.I. VALI
- AiCure
- Aidar Health
- AITIA
- AKESOgen
- AKRN Scientific Consulting (acquired by NAMSAN)
- Alexandria Venture Investments
- Alira Health
- AliveCor
- AllianceBernstein
- Alliance for Clinical Trials in Oncology
- Allucent
- Alpha MD
- ALS Association
- Alter Venture Partners
- Amadeus Capital Partners
- Amber Specialty Pharmacy
- American Society of Clinical Oncology (ASCO)
- Amgen
- Amgen Ventures
- Amplify
- Ancora.ai
- Anthem
- Anthemis Exponential Ventures
- Antidote Technologies
- Aperio
- APEX Digital Health
- APEX Ventures
- Arondor
- Artificial Intelligence in Medicine (AIM) (a subsidiary of Inspirata)
- ArtiQ
- Arvinas
- Asahi Kasei
- Ascension Ventures
- Aspen Insights
- Assistance Publique Hopitaux de Paris
- AstraZeneca
- and many more!
For more information about this report visit https://www.researchandmarkets.com/r/akvm2s
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