July 16, 2024
In Silico Clinical Trials Market

Artificial Intelligence projected to boost the growth of In Silico Clinical Trials Market

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 Overview:
In silico clinical trials are simulations of clinical trials that are conducted by using mathematical models and computational techniques to predict the outcomes of a drug or treatment before actual clinical trials in humans. This helps in reducing attrition rate and costs associated with drug development and testing. In silico clinical trials also help in understanding disease pathology, identifying new drug targets, optimizing dosing strategies and evaluating safety and efficacy of new chemical entities.

Market key trends:
Rising adoption of virtual clinical trials and simulations: Growing pressures to curb costs associated with drug development along with rising attrition rates have increased the adoption of virtual clinical trials and in silico modeling simulations. This helps pharmaceutical companies to evaluate drugs in a risk-free and cost-effective manner before actual human testing. Rising investments in AI and computational technologies by pharmaceutical companies are also aiding the growth of in silico clinical trials market.
Porter’s Analysis

Threat of new entrants: Low as this is an emerging technology and requires substantial investments in R&D.

Bargaining power of buyers: Moderate as there are few alternative solutions available and customers want value for money.

Bargaining power of suppliers: Moderate as there are many players providing components and services.

Threat of new substitutes: Low as in silico clinical trials provide a unique method of drug discovery and evaluation.

Competitive rivalry: High as the market is growing rapidly attracting many new players. Key players need to constantly innovate to sustain.

Key Takeaways

The global In Silico Clinical Trials Market Growth is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing need to reduce costs associated with drug discovery and development. In silico trials help evaluate efficacy and safety of drugs at a fraction of time and cost compared to wet-lab experiments.

Regional analysis – North America dominated the market in 2023 due to presence of leading pharmaceutical companies and research centers actively exploring in silico solutions. However, Asia Pacific is expected to witness the fastest growth over the forecast period supported by rising investments from government and private players to strengthen drug discovery infrastructure in the region.

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. Key players are focusing on developing AI-powered platforms for modeling disease pathogenesis and drug interactions to expedite clinical research process.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it