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 Overview: In silico clinical trials employ computer simulation and mathematical modeling techniques to mimic human conditions and predict how specific pharmaceutical drugs or medical devices would interact with the human body. These virtual clinical trials help reduce costs and risks associated with testing on humans.
Market key trends: Use of artificial intelligence in in silico clinical trials is a major trend. AI helps process huge volumes of data from pre-clinical and clinical studies to build models that predict drug response in patients. AI-driven models can simulate thousands of clinical trials simultaneously, decreasing drug development time from over a decade to a few years. By accurately identifying responders and non-responders early on, AI enables pharmaceutical companies to focus resources on drug candidates with highest chance of success.
Segment Analysis
In Silico Clinical Trials market is segmented into software and services. The services segment is expected to dominate the market during the forecast period. This is owing to growing adoption of various services like consulting, validation, clinical trial simulation and modeling among others by pharmaceutical companies to accelerate drug discovery programs and reduce costs. Advanced modeling and simulation techniques are used by service providers to design safer and effective drugs in shorter timeframes without exposing real humans to potential risks of failure.
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 investment and technological advancements in the field of computational technologies and AI.
Regional analysis
North America is expected to dominate the global market over the forecast period owing to presence of major players, large pharmaceutical industry and growing awareness about in silico technologies among stakeholders in the region. Asia Pacific region is anticipated to grow at the fastest pace due to increasing government funding for life science research and improving healthcare infrastructure.
Key players
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. The market players are focusing on new product launches, collaborations and expansions to increase their market share in the emerging in silico clinical trials market.
Read More,
https://www.insightprobing.com/in-silico-clinical-trials-market-trends-size-and-share-analysis/
Comments
0 comment