In silico clinical trials involve computer simulation and mathematical modeling to predict clinical outcomes without human participation. It helps reduce costs, saves time and facilitates faster development of new drugs by replacing animal and human trials in early phases. In silico clinical trials are increasingly being adopted by pharmaceutical companies to speed up drug discovery processes.
The global In Silico Clinical Trials Market is estimated to be valued at US$ 191.2 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:
Growing adoption of virtual clinical trials to drive the market. In silico clinical trials are gaining prominence as they help pharmaceutical companies reduce costs and time involved in drug development by replacing animal and human trials in early phases. With the ongoing Covid-19 pandemic, conducting physical clinical trials has become difficult due to social distancing norms and safety concerns, encouraging more companies to adopt virtual trials. For example, in 2020, the French government announced funding of €80 million for 12 virtual clinical trial projects to speed up research on Covid-19 therapeutics. Further, advancements in artificial intelligence, machine learning and computational methods are improving the predictive capabilities of in silico models, making them more reliable alternatives to physical clinical trials. This is expected to boost the adoption of virtual clinical trials during the forecast period.
SWOT Analysis
Strength: In silico clinical trials offer significant cost savings compared to traditional clinical trials. They help reduce time taken for drug development.
Weakness: Accuracy and reliability of in silico models need to be improved. Validation and regulatory acceptance of virtual trials is still a challenge.
Opportunity: Growing R&D investment in pharmaceutical and biotech sector is driving demand for tools that can speed up drug development. Adoption of AI and machine learning is opening new opportunities.
Threats: Ethical concerns around replacing human trials pose regulatory risks. Lack of expertise and high setup costs can limit widespread adoption.
Key Takeaways
The Global In Silico Clinical Trials Market Size is expected to witness high growth in the forecast period of 2023 to 2030. The global In Silico Clinical Trials Market is estimated to be valued at US$ 191.2 million in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
North America dominates the global market currently due to presence of major players and growing drug development activities. The region is expected to continue its lead in the coming years as well supported by growing investments. Europe holds the second largest share and Asia Pacific is poised to emerge as the fastest growing market owing to rising biotech startup culture and increasing focus on pharmaceutical R&D.
Key players operating in the In Silico Clinical Trials market are Certara, Simulation Plus, Dassault Systemes, Schrodinger, EQT (Acorn AI), Chemical Computing Group, Insilico Medicine, Entelos (Rosa & Co.), Genedata AG, and Physiomics PLC. These players are adopting various organic and inorganic growth strategies like new product launches, partnerships, and expansions to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
