AI in Clinical Trials Market

The AI in clinical trials market is projected to reach USD 2.74 billion by 2030 from USD 1.35 billion in 2024, at a CAGR of 12.4 % from 2024 to 2030. Some of the key elements fueling the expansion of the AI in clinical trials market, are the high rate of clinical trial failures, the increasing need of anticipating drug pharmacokinetics, pharmacodynamics, and management of toxicity. According to a research article published by the National Library of Medicine in February 2022, the drug discovery and development process takes about 10-15 years for a new drug to be approved for clinical use. And 90% of the drug candidates fail during the phases I, II, and III of clinical trials and drug approvals. The reasons that may result in failure include but not limited to effectiveness in a clinical setting, high levels of toxicity that cannot be managed, suboptimal drug-like characteristics, a lack of real commercial drivers, and poor strategic design. AI in clinical trials seeks to help resolve these issues to enhance drug approval prospects and ease the pace of drug trials.

The major players in the AI in clinical trials market with a significant global presence are IQVIA Inc. (US), Saama. (US), Dassault Systèmes (Medidata) (France), Phesi (US), PathAI, Inc. (US), Unlearn.ai, Inc. (US), Deep6.ai (US), Microsoft (US), IBM (US), NVIDIA Corporation (US), Insilico Medicine (US), ConcertAI. (US), AiCure. (US), Median Technologies. (France), Lantern Pharma Inc. (US), Citeline, a Norstella Company (US), Tempus AI, Inc. (US), TriNetX, LLC (US), ReviveMed Inc. (US), Euretos. (Netherlands), VeriSIM Life. (US), Triomics (US), Ardigen (Poland), QuantHealth Ltd. (Israel), and DEEP GENOMICS. (Canada). The market players have adopted strategies such as acquisitions, collaborations, partnerships, mergers, product/service launches & enhancements, and approvals to strengthen their position in the biosimulation market. The product and technology innovations have helped the market players expand globally by providing biosimulation and modeling solutions.

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IQVIA Inc.

IQVIA Inc. has a strong presence in the healthcare business and is a market leader in life sciences research and commercial outsourcing. The company focusses on expanding its eClinical solutions portfolio, which helps IQVIA gain a competitive advantage. This concept decentralises the operations of the individual organisation, which promotes data quality, improves patient experience, and shortens clinical trials. IQVIA's dominant position in the eClinical solutions industry was strengthened by acquisitions and collaborations: the firm increased its R&D expenditure to provide a service portfolio focused on expanding and launching in China, India, Russia, Turkey, and Japan. For example, in May 2021, IQVIA announced further growth of IQVIA Biotech in Japan and APAC to provide integrated clinical and commercial solutions and support to biotech and emerging biopharma companies. More recent acquisitions include Q2 Solutions, which broadens its service offerings in the Research & Development Solutions business division.

Dassault Systèmes (Medidata)

Medidata (a Dassault Systèmes company) provides end-to-end worldwide clinical data gathering and management with extensive capability. This provides an additional set of features for a wide range of clinical study requirements, ensuring a strong market position and high industry expertise. The company focuses on organic growth with better innovation and upgrade in solutions. MyMedidata: Introduction of a native mobile application by the company in December 2022. The MyMedidata app utilizes single sign-on to provide a common entry for several functionalities, such as electronic diaries, patient-reported outcomes, and informed consent. This will help make patient experiences much simpler by allowing them to access trial-related activities directly on mobile devices. Medidata also uses inorganic means, such as partnerships, collaborations, and acquisitions, to solidify its market standing.

Tempus AI, Inc.

Tempus is a technology company advancing clinical trials through the practical application of AI in healthcare. It has both a clinical and molecular data library that enables physicians to make real-time and data-driven decisions to deliver personalized care and targeted patient therapies.

Tempus partners with end users to establish, design, and deliver enhanced therapeutic choices. The firm offers a variety of products and services that involve genomic profiling, data licensing, trial alignment, and companion diagnostics. Tempus does a wide spectrum of genomic and molecular tests in cancer patients. These include essential tests for the diagnosis of genetic mutation.

Related Reports:

AI in Clinical Trials Market by Function (Patient Recruitment, Site Optimization, Data Management, Quality, Regulatory), Phase (I, II, III), Indication (Cancer, CNS, CVS), Tool, End-User (Pharma/Biotech, CRO, Hospitals) & Region - Global Forecast to 2030

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