Published: November 2023
On 21 November 2023, AstraZeneca established a health-technology division, named Evinova, aimed at integrating digital solutions and artificial intelligence into clinical trials. The initiative seeks to reduce both the cost and duration of clinical trials.Collaborative efforts have been confirmed with Parexel and Fortrea, two prominent entities in the domain of drug testing. AstraZeneca predicts that the digital health market, growing at an approximate rate of 14% annually, will surpass $900 billion by the year 2032.
Primarily, this market comprises research solutions and remote patient monitoring, with additional contributions from screening, diagnostics, disease prevention, and digital pharmacies. Evinova's implementation holds the potential to accelerate the pace of clinical trials, typically spanning more than 7 years on average, with 80% of trials failing to meet recruitment criteria, as highlighted by Astra.
According to Roots Analysis, the AI in Clinical Trials Market is estimated to be worth USD 8.5 billion by 2035 and anticipated to grow at a CAGR of 16% during the forecasted period.
For detailed insights about this domain, check out our report on AI in Clinical Trials Market or email email@example.com
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