How CTAi fits an evolving Clinical Trials market
The global AI in clinical trials market is estimated to be worth $ 2.04 billion in 2024 and expected to grow at compounded annual growth rate (CAGR) of 16% during the forecast period.
The process of successfully developing a novel medicine is both time and cost intensive. In fact, it is estimated that a drug requires around 10 years and over $ 2.5 billion capital investment, before reaching the market. In this process, clinical trials play a crucial role for assessing the drug’s efficacy and safety in humans. These trials account for nearly 50% of the time and capital expenditure during drug development. However, sponsors face financial burdens and significant delays in marketing drugs due to unsuccessful clinical trials.
Over the past few decades, the success rate of a drug candidate advancing the clinical trials to obtaining marketing approval has remained relatively constant at approximately 10% — 20%. This can be attributed to the factors contributing to clinical stage intervention failure, including inadequate study design, incomplete patient recruitment, improper subject stratification and high rate of clinical trial participant attrition.
In order to overcome these challenges and streamline the clinical trial processes, stakeholders in the pharmaceutical industry are exploring innovative solutions and strategies such as Clintex CTi. One such innovative strategy involves integrating AI in drug development. The CTAi app is targeted at this areas, and has the potential to revolutionize traditional methods, particularly in clinical trials. It is worth noting that artificial intelligence in clinical trials can help integrate and analyze large volumes of data, enabling trial sponsors to optimize future research initiatives. Additionally, by addressing issues related to trial design, patient recruitment and retention, site selection, data interpretation, and treatment evaluation, AI has the potential to enhance and refine the entire process of clinical drug development.
Moreover, in the first nine months of 2021, more than $20 billion was invested into artificial intelligence companies focused on healthcare, exceeding the prior investment, which was around $15 billion in 2020. Therefore, with the rising interest of investors in this field, we anticipate the AI in clinical trials market to witness healthy growth over the next decade, placing CTi and the innovative CTAi app in a highly lucrative market.
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