by The 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 Overview:
In silico clinical trials utilize computer simulation and mathematical modeling to mimic the biological environment of humans. It incorporates techniques such as molecular modeling, computational fluid dynamics, artificial intelligence-guided data analysis, and more to predict efficacy and safety of drugs or medical devices without using humans or animals. This helps reduce costs, resource utilization and risk for drug developers. The approach is gaining prominence across industries like pharmaceuticals, medical device, chemicals, and consumer packaged goods as a complementary or exploratory tool in early stage research.
Market Dynamics:
The increasing R&D expenditure and rising drug development costs are expected to drive the growth of in silico clinical trials market over the forecast period. Pharmaceutical companies are exploring innovative approaches like modeling and simulation to optimize drug discovery efforts and contain research costs which have reached over $2.6 billion for developing a new drug. In addition, growing influence of AI and big data analytics is also anticipated to propel the market growth. Major companies are actively investing in technologies that leverage large datasets for preclinical prediction and simulation, to augment decision making in discovery and development phases. The rising usage of hybrid clinical trial models incorporating computer simulation further complements the market expansion.
Segment Analysis
The global In Silico clinical trials market is dominated by the software as a service (SaaS) sub-segment. This is because SaaS-based in silico clinical trial solutions offer benefits such as easy deployment, reduced cost of ownership, automatic updates, scalability and ease of access from anywhere. SaaS solutions also allow multiple users to use the software simultaneously.
PEST Analysis
Political: Regulations regarding clinical trials are getting stringent. In silico trials help in reducing costs and time involved in drug discovery by replacing animal and human testing, thus complying with regulations.
Economic: High costs associated with animal and human clinical trials is a key factor driving adoption of in silico trials which can reduce costs by up to 80%. It is also reducing huge financial losses due to drug failure in later stages.
Social: In silico trials help in developing effective medicines faster while avoiding risks to human and animal subjects during testing. This is aligned with societal concern over animal welfare.
Technological: Advancements in fields such as artificial intelligence, machine learning and high performance computing have enabled precision and accuracy in in silico modeling of complex human biological systems. This is promoting efficacy of in silico clinical trials.
Key Takeaways
The global In Silico Clinical Trials Market Growth is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing stringent regulations. The market size for 2023 is US$ 3,410.4 Mn.
North America is expected to dominate the market during the forecast period due to presence of major players, heavy investments in R&D and growing focus on precision medicine in the region.
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. Key players are focussing on partnerships and collaborations to expand their offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
