Published: August 2023
According to a recently published report by Roots Analysis, AI based solutions are optimizing clinical trials process and mitigate challenges, which can be the key driver for the rising demand for AI in Clinical Trials
The global AI in clinical trials market is anticipated to grow at a CAGR of 16% from 2023-2035, reaching USD 8.5 billion by 2035.
AI models can aggregate and analyze large volumes of data for future therapy development. Nevertheless, the integration of clinical datasets with regulatory authorities and their databases is crucial for the widespread application of AI in clinical trials. It is worth mentioning that over the years, AI-based technologies have been explored to improve the efficiency of clinical trials for different biologics, with significant funding and partnership activity in this domain. Therefore, in the coming years’ AI in clinical trials based solutions are expected to strengthen. Additionally, with consistent innovation in the field, a significant improvement during clinical trials is anticipated by making the trials more efficient, cost-effective and patient-centric. The growing demand for accurate and effective AI-based platforms, driven by the benefits of AI in clinical trials and ongoing advancements, is expected to continue in the coming years as biopharmaceutical manufacturers and researchers strive for safe and efficient drug and biologics development.
Browse 115+ figures and 130+ market data tables spread across 310+ pages and detailed Table of Content on “AI in Clinical Trials Market by Trial Phase, Target Therapeutic Area, End-user and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035” here: https://www.rootsanalysis.com/reports/ai-based-clinical-trial-solutions.html
Several factors are propelling the growth of the AI in Clinical Trials market. AI software and services, when integrated into conventional clinical trials, can be used to curate, manage and analyze large volumes of valuable data. Such solutions have been used extensively by sponsors to mitigate challenges related to clinical trial design, patient recruitment and retention, trial monitoring, site selection, and other crucial steps of a trial. AI in clinical trials exhibit an overall improved clinical R&D productivity, both in terms of capital and time investment. Owing to the aforementioned advantages offered by AI in clinical trials, several companies have developed proprietary software and offer associated services to aid drug developers in accelerating the overall drug development process.
While the AI in clinical trials market is experiencing substantial growth, the adoption is not significant currently. The adoption rate of AI in clinical trials is around 30% due to several limitations related to quality and availability of data as well as regulatory concerns. Such challenges are contributing to lower implementation rate and hinder the widespread use of AI in clinical trials. Currently, majority of the implementation of AI in clinical trials is on study design and setup activities. However, the pilot studies are also going on in other application areas. As quality data becomes more available and the AI pilots prove effective, there is a vast potential for the widespread adoption of AI in clinical trials in the future.
Over the years, various big pharmaceutical companies have marked their presence in the field of AI in clinical trials. It is worth noting that these established companies entered the AI in Clinical Trials market by partnering with players offering AI in clinical trials-based software and services or by making strategic investments in such initiatives. Moreover, the clinical trials are most expensive in the drug development process, wherein these software and services can significantly enhance efficiency while simultaneously, reducing the overall cost and time required for conducting the clinical trials.
The AI in Clinical Trials market report also includes detailed profiles of key players (listed below) that offer AI based solutions and services:
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Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research / consulting services dedicated to serve our clients in the best possible way.
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