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 simulate clinical trials without human participation. It helps replace, reduce and refine animal testing and reduces time and costs associated with drug development by helping pharmaceutical companies screen drug candidates virtually before exposing humans to risk. It provides data on biochemical properties like safety, efficacy and effects of drugs on virtual human body without using any human or animal subjects.
Market key trends:
One of the major trends driving the growth of in silico clinical trials market is increasing adoption of artificial intelligence technologies like machine learning and deep learning models. Pharmaceutical companies are leveraging these advanced technologies to design in silico models that can effectively predict drug behavior and outcomes. AI helps incorporate large datasets to develop more accurate computer models that can replace certain stages of drug development process virtually, speeding up clinical trials and reducing costs significantly. As AI technologies advance further, their integration into in silico modeling is expected to make the process more effective and reliable, supporting widespread adoption of virtual clinical trials over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the in silico clinical trials market requires heavy investments in R&D for development of novel algorithms and simulation models. However, virtual trials reduce the costs compared to physical clinical trials which lowers the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high as the digital clinical trial services are substitutable. Buyers can choose from various players offering in silico clinical trial solutions.
Bargaining power of suppliers: The bargaining power of suppliers is low as the key inputs for virtual clinical trials include published datasets, medical imaging data and patient data which are widely available.
Threat of new substitutes: The threat of new substitutes is moderate as new technologies such as artificial intelligence and machine learning are generating novel data-driven solutions for clinical trial processes.
Competitive rivalry: is high due to presence of numerous global and regional players offering differentiated in silico clinical trial solutions.
SWOT Analysis
Strength: Virtual trials reduce costs significantly compared to physical trials. They also help accelerate drug development timelines.
Weakness: Models require extensive validation before regulatory approval which is a lengthy process. Data quality and availability are also key challenges.
Opportunity: Growing research in areas like Alzheimer's, cancer immunotherapies offer scope to deploy in silico models. Adoption is expected to increase post-Covid due to benefits of remote monitoring.
Threats: Intellectual property violations and data privacy issues raise legal and ethical concerns. Technological obsolescence is another threat.
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 R&D investments in pharmaceutical and biotechnology sectors. Virtual trials help optimize candidate selection and dosage in the early phases of drug development at lower costs.
Regionally, North America dominated the market and accounted for more than 35% share in 2023 owing to presence of major players and technological advancements. Asia Pacific is anticipated to witness fastest growth owing to rising pharmaceutical production in countries like China and India and growing biomedical research expenditures.
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. Leading companies are focusing on new product launches and partnerships with clinical trials organizations to strengthen their market position.
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