by In silico clinical trials uses computer-based methods to identify potential drug candidates in virtual patients through computational models and simulations without the use of real participants. In silico trials are conducted to assess potential risks and estimate effectiveness of new medications at a fraction of time and cost compared to physical trials. It allows modeling of various disease conditions and testing of thousands of potential therapies to find out safest and most efficacious treatment options before human clinical testing.
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 key trends:
Processing and analyzing this huge amount of real world data using machine learning and artificial intelligence is helping researchers develop highly accurate disease and patient simulations. Models built using real world evidence are providing more reliable predictions about drug effects and safety in virtual clinical trials compared to theoretical models of past. Integration of real world data in computational models is one of the key factor expected to drive the demand for in silico clinical trials over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of entry for in silico clinical trials is low as it requires heavy R&D investment and significant skills and expertise in clinical research, computer science, and bioinformatics. Companies require advanced predictive models and algorithms which act as entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many companies providing in silico services for clinical trials. Buyers can compare price and solutions.
Bargaining power of suppliers: Bioinformatics and computational biology companies that provide software, models, and algorithms have moderate bargaining power over pharma companies as they hold specialized skills and technologies.
Threat of new substitutes: There is low threat of substitution as in silico clinical trials provide faster and cheaper results compared to traditional clinical trials and have no alternatives currently.
Competitive rivalry: The competitive rivalry is high among different in silico clinical trial providers given intensive competition and presence of many global players offering differentiated solutions.
Key Takeaways
The Global In Silico Clinical Trials Market Demand is expected to witness high growth over the forecast period supported by advantages over traditional clinical trials.
Regional analysis: North America dominated the global market in 2022 due to presence of major players and high adoption of advanced technologies for clinical trials in pharmaceutical companies. Asia Pacific is expected to grow at fastest pace due to improving healthcare infrastructure and increasing R&D expenditure on drug discovery.
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. Companies are focusing on new product launches and collaborations to gain market share. For instance, in 2022 Immunetrics partnered with Novadiscovery to integrate latter’s artificial intelligence platform with former’s clinical trial simulation software to accelerate drug development.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
