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.
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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.
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%).
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.
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%)
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.
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%).
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%).
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.
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The financial opportunity within the AI in clinical trials market has been analyzed across the following segments:
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:
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:
For additional details, please visit https://www.rootsanalysis.com/reports/ai-based-clinical-trial-solutions.html or email sales@rootsanalysis.com
Contact:
Gaurav Chaudhary
+1 (415) 800 3415
+44 (122) 391 1091
Gaurav.chaudhary@rootsanalysis.com
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