Report: 10 Companies Support Use of AI in Clinical Trials
Roots Analysis identified ten companies providing AI-driven solutions to enhance clinical trials. These solutions aim to improve efficiency and accuracy in drug development processes.
Business research firm Roots Analysis released a report in September 2023 detailing ten prominent companies that are developing and offering AI-assisted solutions for clinical trials. The report aims to highlight organizations contributing to the advancement of drug development through artificial intelligence.
The healthcare sector has increasingly adopted AI, particularly for clinical diagnosis and risk assessment. The report underscores AI's potential to significantly accelerate drug development, a process that typically spans 10-15 years and costs approximately $1 billion. Notably, up to 90% of drug candidates fail in clinical trials due to issues like poor data management and unmet endpoints. AI, alongside other digital technologies such as cloud services and big data analytics, is expected to address many of these challenges.
Roots Analysis examined over 130 companies offering AI solutions for clinical trials. The ten selected companies demonstrated robust portfolios, each providing more than five distinct AI applications relevant to clinical trial support. These applications include enhancing patient recruitment, improving data management, monitoring adverse events, and predicting trial outcomes.
The report suggests that the solutions offered by these companies could lead to annual savings exceeding $350 million in healthcare operations. Pharmaceutical manufacturers and researchers are increasingly focused on streamlining the development of safe and effective drugs and biologics, with the demand for AI in this sector anticipated to grow.