In silico clinical trials or computer simulation-based clinical trials utilizes computational modeling and simulation methods to evaluate potential risk and benefits for drugs, devices and medical technologies under investigation. It helps in predicting clinical outcomes with greater accuracy by taking into account thousands of virtual patients with different attributes. This significantly reduces costs and timelines as compared to conventional clinical trials.
The global In Silico Clinical Trials Market is estimated to be valued at US$ 210 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:
With in silico simulations, researchers can evaluate thousands of virtual patients with varying attributes like age, gender and pre-existing conditions in a fraction of time compared to physical clinical trials. This helps pharmaceutical and biotech companies to identify potential risks early-on and optimize drug candidate formulations with higher success rates well before entering human trials. The simulation models also take into account variability in human biology, disease progression patterns and response to therapies, thereby improving predictive accuracy of clinical outcomes. These advantages coupled with technology advancements are expected to drive increased investments and adoption of in silico clinical trials approach over the forecast period.
Segment Analysis
The Global In Silico Clinical Trials Market Size witnesses high demand for software as a medical service (SaaS). This is because SaaS deployment of in silico clinical trial software allows conducting simulations through an interface without the need to install software. This reduces implementation and maintenance costs for end-users. Software solutions also enable integrating data from various sources and running simulations faster. On the contrary, consulting services see moderate growth. This is attributed to their higher costs and need for professional expertise to integrate solutions as per specific industry needs.
Key Takeaways
The global In Silico Clinical Trials market is expected to witness high growth owing to rising R&D expenditure of pharmaceutical companies and growth in demand for cost-effective alternatives to animal trials and clinical trials. The global In Silico Clinical Trials Market is estimated to be valued at US$ 210 million in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the market owing to presence of major players and rising adoption of advanced technologies by research institutes and pharma companies in the region. Asia Pacific exhibits the fastest growth on back of growing biopharmaceutical industry, favorable government policies, and improving healthcare infrastructure in countries like China and India.
Key players: Certara, Chemical Computing Group ULC, Dassault Systèmes, EQT AB, Immuneering Corporation, Insilico Medicine, Leadinvent Technologies, NUMERICAL ALCHEMIST, Schrödinger, LLC, Simulations Plus. These players are focusing on new product launches and partnerships with pharma giants to strengthen their market position.
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