by In silico clinical trials refers to testing of clinical trials through computer simulations instead of lab based experiments. In silico clinical trials provide numerous advantages over animal testing as they reduce costs, minimize risks and are more ethical. In silico clinical trials can be used to test new drug candidates, medical devices and biomarkers in silico before testing them in vivo. They incorporate computational modeling and simulations to predict whether a drug is safe and effective for humans.
The global In Silico Clinical Trials Market is estimated to be valued at US$ 93.2 million in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the In Silico clinical trials market is the increasing adoption of artificial intelligence and machine learning. Pharmaceutical companies are increasingly leveraging AI and machine learning techniques to gain meaningful insights from complex pre-clinical and clinical trial data. Machine learning algorithms can be trained on past clinical trial data to find patterns and predict drug response in virtual patients. This helps reduce costs and times for drug development. Companies are also utilizing AI for trial participant recruitment and retention. AI based chatbots and personalized engagement helps improve recruitment and track participant health outside of clinical visits. The integration of AI and machine learning is expected to transform virtual clinical trials and boost the In Silico clinical trials market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Global In Silico Clinical Trials Market Size is low. The research and development required to compete in complex computational modeling and simulation is substantial and requires considerable investment.
Bargaining power of buyers: The bargaining power of buyers in the in silico clinical trials market is moderate. Buyers have the bargaining power as they can negotiate on price and contract terms.
Bargaining power of suppliers: The bargaining power of suppliers in the in silico clinical trials market is low due to the availability of multiple suppliers.
Threat of new substitutes: There is a low threat of new substitutes, as bioinformatics and computational tools are still evolving to adequately replace physical clinical trials.
Competitive rivalry: The competitive rivalry in the in silico clinical trials market is high due to many players offering similar computational approaches and technologies.
Key Takeaways
The global in silico clinical trials market is expected to witness high growth in coming years. The global In Silico Clinical Trials Market is estimated to be valued at US$ 93.2 million in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regionally, North America is projected to dominate the market during the forecast period due to increasing research activities and growing funding for in silico modeling. This is attributed to favorable regulatory environment, rising number of clinical trials, growing adoption of advanced technologies, and presence of major pharmaceutical companies in the region.
Key players: Key players operating in the in silico clinical trials market are Certara, LLP, Dassault Systèmes, PerkinElmer Inc., In Silico Biosciences, CFD Research Corporation, Immuniq Inc., Insilico Medicine, Numerate Inc and GNS Healthcare.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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