May 27, 2024

Propelled By Rise In Adoption Of Virtual Clinical Trials The Global In Silico Clinical Trials Market To Show Substantial Growth

In silico clinical trials or virtual clinical trials are computer simulations of biological processes and systems that help pharmaceutical companies in the development and testing of new drugs in silico before exposing humans in clinical trials. In silico clinical trials help reduce costs and duration associated with animal and human trials while ensuring patient safety. The rising adoption of virtual clinical trials to accelerate drug discovery and development is propelling the global in silico clinical trials market.

The global In Silico Clinical Trials Market is estimated to be valued at US$ 3,410.4 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising adoption of virtual clinical trials to accelerate drug discovery and development is one of the key trends boosting the in silico clinical trials market. Virtual clinical trials help optimize clinical trial designs and protocols which speeds up clinical development. They also enable identification of inappropriate or less effective compounds before human testing, thereby reducing costs associated with clinical trials. With increasing pressure to develop new drugs at a faster pace while keeping costs under control, pharmaceutical companies are increasingly leveraging virtual clinical trials to streamline drug development processes. This rising adoption is expected to propel the demand for in silico clinical trials solutions over the forecast period.

SWOT Analysis

Strength: In silico clinical trials helps reduce costs and time required compared to traditional clinical trials. It also reduces risks to human subjects.

Weakness: Current methods have limitations in accurately simulating human physiology and human variability, leading to uncertainty in results. Lack of standardization limits cross-study comparisons.

Opportunity: Growing requirement to accelerate drug development and increasing R&D expenditure on pharmaceutical industries present an opportunity. Emerging technologies like AI/ML are further enhancing the predictive capabilities.

Threats: Ethical concerns around over reliance on computational methods instead of actual human trials. Regulatory approvals will depend on how predictive models are validated.

Key Takeaways

The Global In Silico Clinical Trials Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. North America region currently dominates the market due to presence of key players and higher R&D investments. The Asia Pacific region is expected to show fastest growth owing to increasing outsourcing of drug discovery activities to countries like India and China.

Key players operating in the In Silico Clinical Trials Market are Abzena Ltd., Clarivate, Immunetrics Inc., GNS Healthcare, Dassault Systemes, Evotec, Novadiscovery, Insilico Medicine Inc., and InSilicoTrials Technologies, among others. These key players are focusing on enhancing their artificial intelligence and machine learning capabilities to improve predictive models for various diseases. Partnerships with clinical research organizations and pharma companies are also being formed to expand usage of computational technologies.

The global In Silico Clinical Trials Market size for 2023 is estimated to be US$ 3,410.4 Mn. Growth will be driven by increasing R&D investments on developing novel drugs through computational methods. Adoption is higher for preclinical and phase I trials currently but usage is picking up for late phase studies as well. Regulatory acceptance will further support commercialization of in silico methods over the forecast period.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it