Venture Capital
Andrea Alms Video: Money In Motion Episode 7 - The Clinical Trial Software Market
May 2022 - Venture Capital
TRANSCRIPT:
Hello. My name is Andrea Alms and I'm a health care investor. And this is Money in Motion. I was asked about software clinical trials, so let's take a recap. Testing new drugs is slow. An expensive process in artificial intelligence has the potential to disrupt it. And from patient recruitment all the way through to data monitoring, COVID has accelerated this. Patients often enroll in drug trials when existing form of treatments have failed, and also not all diagnosed patients are eligible for drug trials. Determining eligibility can be impossible. Super expensive. Every time a ten years average cost $1,000,000,000 is a $52 billion clinical trial. Market needs a make over. Startups and big tech are actively developing clinical trials. Solution from remote monitoring to machine learning to electronic health. According to the WHO, 65,409 clinical trials were conducted in 2020. Across the globe, the number has greatly increased from 60,543 in 2019. This has boosted the demand for statements. This is what is everything from protocol development through study closeout. Let's take a look at that slice of the market. The clinical trial management system market 1.5 billion in 2021, estimated to reach a compound average growth rate of 13.9 in 2020 to 2023. The rapid growth is due to a preference for decentralized clinical trials initiatives by key companies. An increasing number of clinical trials as you can see, it's fairly fragmented market and lots of players, but this is what we like. Do they fragment meaning opportunities to be had for the right player multibillion dollar market and double digit growth. Thank you. This is your money. Your money in motion.