Private Equity
Andrea Alms Video: Money In Motion 119 - AI In Clinical Trials
August 2024 - Private Equity
TRANSCRIPT:
Hello, my name is Andrea Alms. I'm a technology investor and financial manager. And this is your money in motion. What is it? Artificial intelligence has the potential to greatly streamline and accelerate clinical trials through automation of repetitive tasks. Advanced data analytics and predictive modeling. Clinical trials are an essential part of drug development process, allowing researchers to test the safety and efficacy of new treatments on human participants.
However, clinical trials are extremely complex, lengthy, and expensive. The average cost to develop a new drug and bring it to market is over $2.5 billion, with clinical trials accounting for the largest portion of those costs. AI algorithms can quickly and cheaply sort through enormous amount of data to find individuals who meet the criteria, cutting down on time and money.
According to U.S. market. Once the global AI in the clinical trials market size was $140.5 billion in 2022 and projected to grow to $1.13 trillion by 2032, at a compound average growth rate of 23.8%. At precedence research, the market size was 1.6 billion in 2023 and expected to grow to 18.82 billion by 2033, growing at 28%. At AI, the market was 1.3 billion in 2023 and expected to grow to 4.4 billion by 2032 at a growth rate of 14%.
Averaging the averages. As we check the data points, we see a difference with our outlier of markets. US average market size from 47.8 billion to 1.5 billion is a big margin of error. However, what isn't in dispute is a double digit growth rate. AI in clinical trials is the present and future of this hot market. Thank you. This is your money. Your money in motion.