by In silico clinical trials aim to reduce reliance on traditional drug development methods involving animal and human tests by simulating biological processes using advanced computational tools and mathematical modeling techniques. These virtual trials help researchers evaluate drug safety and efficacy without exposing humans to potential health risks during early stages of development. They provide a cost effective and time efficient alternative to real-world clinical research by facilitating evaluation of multiple drug candidates and dose ranges in a controlled computational environment before testing on living subjects.
Key advantages of in silico clinical trials include reduction in costs associated with animal and human drug testing, ability to rapidly screen large numbers of chemical compounds, minimal legal and ethical concerns compared to animal research, and identification of ineffective or unsafe drug candidates at an early development stage to avoid wasted resources. Moreover, computational modeling allows testing of drugs under various physiological conditions that may be difficult or impossible to replicate using live subjects. This helps gain deeper insights into mechanisms of action and identifies potential adverse interactions.
The global In Silico Clinical Trials Market is estimated to be valued at US$ 3410.4 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth of the in silico clinical trials market is the increasing adoption of AI and machine learning approaches. Pharmaceutical companies are leveraging advanced algorithms, neural networks, and predictive analytics to build highly sophisticated computational disease and drug response models. AI assists in simulating complex biological interactions, predicting outcomes of virtual drug tests with high accuracy, and analyzing large volumes of real world clinical data to continuously refine in silico models. This is improving efficacy of computational trials and helping bridge the gap with traditional methods. Moreover, machine learning helps reduce time consumed in setting up virtual simulations through automated model building capabilities. The integration of AI is expected to make in silico clinical trials an even more indispensable tool complementing drug R&D over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the In Silico Clinical Trials Market requires huge investments for R&D and to build expertise.
Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of many players providing in silico clinical trials services.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many solution providers for supplying software, services, etc.
Threat of new substitutes: The threat of new substitutes is low as there are no close substitutes for in silico clinical trials for drug development programs.
Competitive rivalry: The competitive rivalry is high among the key players due to increasing investments in developing advanced modeling techniques.
Key Takeaways
The Global In Silico Clinical Trials Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global In Silico Clinical Trials Market is estimated to be valued at US$ 3410.4 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
North America is expected to dominate the global In Silico Clinical Trials Market owing to presence of many key players in countries such as US and Canada. Asia Pacific is projected to grow at the fastest pace during the forecast period due to increasing investments by pharmaceutical companies in countries such as India and China.
Key players
Key players operating in the In Silico Clinical Trials Market are Abbott Laboratories, Baxter International Inc., Danone S.A., Nestlé S.A., GlaxoSmithKline plc., Sun Pharmaceutical Industries Ltd., Fresenius Kabi AG, BASF, Zeon Lifesciences Ltd., Mead Johnson & Company, LLC., B. Braun Melsungen AG., Nutrimed Healthcare Pvt. Ltd, and Zenova Bio Nutrition. These players are focusing on launching new computation modeling solutions to reduce drug development costs and timelines.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
