In Silico Clinical Trials Market to Surpass US$ 5,824.6 Million by 2030, Says Coherent Market Insights (CMI)

Revolutionizing Drug Development: The Transformative Potential of In Silico Clinical Trials in Accelerating Innovation and Improving Patient Outcomes


Burlingame, June 28, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global In Silico Clinical Trials Market is estimated to be valued at US$ 3,410.4 million in 2023 and is expected to exhibit a CAGR of 7.9% during the forecast period (2023-2030).

Analysts’ Views on Global In Silico Clinical Trials Market

A term 'in silico' is a modern term commonly used to describe experiments performed by computer and is related to the more commonly known biological terms in vivo and in vitro. In silico clinical trial, or virtual clinical trial, is a computer simulation used for the development and/or regulatory evaluation of a medicinal product, device, or intervention. In silico clinical trials can help improve and shorten conventional in-person trials, by testing hypotheses and answering the key trial design questions prior to actual patient recruitment. Moreover, in silico trials help reduce the cost of drug discovery and improve the drug development efficiency. In silico clinical trials are used to test the safety and/or efficacy of new drugs and new medical devices.

Request Sample copy of this Report @ https://www.coherentmarketinsights.com/insight/request-sample/5608

Key Trends and Analysis of the Global In Silico Clinical Trials Market:

Growing geriatric (aging) population around the world is one of the key trends expected to propel growth of the global in silico clinical trials market. For instance, geriatric (aging) population tends to have a higher prevalence of chronic diseases, and with the growing geriatric population and rise in burden of chronic disease, such as heart disease, cancer, diabetes, and respiratory disease, across the world, the demand for safe and effective drugs or medical devices is also increasing, and for rigorous development of such drugs and medical devices, the number of in silico clinical trials is also increasing worldwide. This trend is expected continue over the forecast period.

Global In Silico Clinical Trials Market – Drivers

Rise in burden of chronic disease to augment market growth

With the increasing prevalence of chronic disease, such as cardiovascular disease, cancer, diabetes, and infectious disease, the demand for safe/effective drugs and medical devices is also increasing rapidly. According to the World Health Organization (WHO), noncommunicable diseases (NCDs) kill 41 million people each year, equivalent to 74% of all deaths globally. Cardiovascular diseases account for most NCD deaths, or 17.9 million people each year, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2 million including kidney disease deaths caused by diabetes). This in turn is driving the market growth.

Increasing number of in silico trials to boost market growth

In silico trials reduce the need for animal models and human cohorts, and decrease both the time and cost of studies, as well as time it takes to complete a trial. In silico trials also improve clinical trial design in several ways, and thus, the number of in silico trials is increasing with a rapid pace. In February 2022, IonsGate Preclinical Services and InSilicoTrials teamed up to revolutionize drug development by leveraging innovative technology like Modelling and Simulation. InSilicoTrials will provide a complex technology to digitalize IonsGate’s drug discovery processes, significantly cut the cost and timeframe of preclinical tests while increasing the safety of new molecules.

Global In Silico Clinical Trials Market – Restrain

Unavailability of complex testing centers to hinder market growth

Most of the trials require solutions that are developed to use hybrid laboratories and 5G technology with other advanced technologies, which require substantial cost and robust infrastructure. Several developing and underdeveloped countries are not economically stable for such developments and high investments to fulfill the surge in demand for the advancement in the complex testing centers and are facing challenges due to poor infrastructure and limited availability of technical resources. This in turn is expected to restrain the growth of the market.

In Silico Clinical Trials Market Report Coverage

Report CoverageDetails
Base Year:2022 Market Size in 2023:US$ 3,410.4 Mn
Historical Data for:2017 to 2021Forecast Period:2023 to 2030
Forecast Period 2023 to 2030 CAGR:7.9% 2030 Value Projection:US$ 5,824.6 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Middle East & Africa: GCC Countries, Israel, and Rest of Middle East & Africa (South Africa, North Africa, and Central Africa)
Segments covered:
  • By Therapeutic Area: Oncology, Infectious Disease, Cardiology, Neurology, Diabetes, and Other Therapeutic Areas
  • By Industry: Medical Devices and Pharmaceutical
  • By Phase: Phase I, Phase II, Phase III, and Phase IV
Companies covered:Abzena Ltd., Clarivate, Immunetrics Inc., GNS Healthcare, Dassault Systemes, Evotec, Novadiscovery, Insilico Medicine Inc., and InSilicoTrials Technologies, among others.
Growth Drivers:
  • Rise in prevalence of chronic, infectious, and neurological diseases
  • The outbreak of COVID-19 across the globe
Restraints & Challenges:
  • Unavailability of complex testing centers
  • Lack of awareness about in silico trials

Buy-Now this Research Report @ https://www.coherentmarketinsights.com/insight/buy-now/5608

Global In Silico Clinical Trials Market – Opportunities

Increasing use of in silico models to test medical devices is expected to offer lucrative growth opportunities for players in the global in silico clinical trials market.

In silico models allow players in the market to shorten product development cycle for new medical devices and pharmaceuticals without compromising quality or safety. Thus, players in the market are increasingly using in silico models to test pharmaceuticals and medical devices. In April 2021, an Italian startup, InSilicoTrials Technologies, received funding for its 3 Horizon 2020 project by the EU (European Union) to support the development of novel/advanced medical devices through in silico trials. InSilicoTrials will work with around 140 esteemed European scientists until 2024. This in turn is driving the growth of the global in silico clinical trials market.

Global In Silico Clinical Trials Market - Key Developments

In March 2022, QuantHealth partnered with 4P-Pharma to conduct AI-based in-silico clinical trial simulations of their lead therapeutic candidates. In-silico simulation of the phase II clinical trial of 4P004, a first-in-class disease-modifying osteoarthritis medication (DMOAD) developed by 4P-Pharma's spin-off, would kick off this comprehensive alliance.

In November 2021, a Japanese preclinical CRO, DSTC, partnered with InSilicoTrials, to innovate the drug development process with the adoption of in silico clinical trials.

In July 2021, Kiromic Biopharma, Inc. acquired InSilico Solutions. Kiromic will integrate a team of bioinformatics and AI professionals in-house as part of this deal, extending its lead in the race for AI technology that can identify the best biomarkers for cutting-edge immunotherapeutics like CAR-T cell treatment.

Key Market Takeaways:

Global in silico clinical trials market is expected to exhibit a CAGR of 7.9% over the forecast period. The in silico clinical trials market is an increase in understanding of the benefits of in silico trials and reduced side effects that have been raised from human trials.

On the basis of Therapeutic Area, Oncology Segment is expected to dominate the market during the forecast period and this is attributed to the rise in burden of cancer. As per the World Health Organization (WHO), cancer is the second leading cause of death globally.

On the basis of Industry, Medical Devices Segment is expected to dominate the market during the forecast period and this is attributed to the increase in demand for technologically advanced medical devices across the globe.

On the basis Phase, Phase II Segment is expected to dominate the market during the forecast period and this is attributed to the increase in research and development (R&D) activities for advanced therapeutics and medical devices.

On the basis of Geography, North America is expected to hold a dominant position over the forecast period due to increasing prevalence of chronic, infectious, and neurological diseases, rise in number of clinical trials, and rise in drug discovery and development in the region.

Competitive Landscape:

Key players operating in the global in silico clinical trials market are Abzena Ltd., Clarivate, Immunetrics Inc., GNS Healthcare, Evotec, Novadiscovery, Insilico Medicine Inc., Dassault Systemes, and InSilicoTrials Technologies, among others.   

Request Customization of this Report @ https://www.coherentmarketinsights.com/insight/request-customization/5608

Market Segmentation:

  • Global In Silico Clinical Trials Market, By Therapeutic Area:
    • Oncology
    • Infectious Disease
    • Cardiology
    • Neurology
    • Diabetes
    • Other Therapeutic Areas
  • Global In Silico Clinical Trials Market, By Industry:
    • Medical Devices
    • Pharmaceutical
  • Global In Silico Clinical Trials Market, By Phase:
    • Phase I
    • Phase II
    • Phase III
    • Phase IV
  • Global In Silico Clinical Trials Market, By Geography:
    • North America
      • By Country:
        • U.S.
        • Canada
    • Latin America
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country:
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Country/Region:
        • South Africa
        • Central Africa
        • North Africa

Related Market Intelligence Reports:

Clinical Trials Support Services Market, By Phase (Phase I, Phase II, Phase III, and Phase IV), By Service (Clinical Trial Site Management, Patient Recruitment Management, Data Management, Administrative Staff, IRB, and Others), By Sponsor (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Others), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030

Virtual Clinical Trials Market, By Study Type (Interventional and Others), By Phases (Late Stage and Early Stage), By Company Size (Small- & Mid-sized and Large-sized), By Therapeutic Area (Oncology, Rare & Genetic Diseases, CNS, Immunology, and Others), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

Follow Us: LinkedInTwitter

 

Contact Data