June 22, 2024
In Silico Clinical Trials Market

The Rapid Advancement Of In Silico Clinical Trials Market Is Driven By Growing Need To Reduce Cost And Time In Drug Development

In silico clinical trials are computer simulations that use mathematical models to predict clinical outcomes without involving human participation. They are used to virtually test new drugs and therapies before conducting live human trials. In silico clinical trials allow researchers to evaluate numerous what-if scenarios and optimize various parameters like dosage and treatment schedules in silico to design the most efficacious and safe human clinical trial protocols in the shortest time. This significantly reduces costs and timelines associated with drug development by minimizing expensivePhase I-III clinical trials. The global In Silico Clinical Trials Market is estimated to be valued at US$ 141.4 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:

The growing adoption of artificial intelligence and machine learning technologies to drive precision medicine is a major trend shaping the in silico clinical trials market. AI and machine learning algorithms are being leveraged to build sophisticated computational models using large clinical datasets to simulate human biology and diseases. These digital twin models of human physiology help gain deeper understanding of individual patient responses and uniquely optimize their treatment. Moreover, integration of multi-omics data sets like genomics, proteomics and metabolomics with clinical data further improves the predictive abilities of these in silico models. The advancement of AI driven digital twin technology is expected to accelerate the transition from traditional clinical trials to decentralized and in silico clinical trials over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderately high in the In Silico Clinical Trials Market due to high capital requirements. However, new entrants can benefit from open source platforms.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many vendors providing In Silico Clinical Trials solutions. Buyers can negotiate on price and demand customized solutions.

Bargaining power of suppliers: The bargaining power of suppliers is moderately high given the differentiated services and technologies offered by various solution providers in the market.

Threat of new substitutes: The threat of substitutes is low as there are limited alternatives to In Silico Clinical Trials for drugs development and analysis.

Competitive rivalry: The competitive rivalry is high due to the presence of many global and regional players providing similar product portfolios and competing on various factors.

Key Takeaways

The global In Silico Clinical Trials Market Growth is expected to witness high growth.

Regional analysis The North America region is expected to dominate the In Silico Clinical Trials Market owing to the presence of major players and higher adoption of advanced technologies. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period.

Key players operating in the In Silico Clinical Trials Market are Certara, L.P, Charles River Laboratory, Dassault Systèmes, CMIC Global, Collaborative Drug Discovery, Schrödinger, SIMulations PLUS, OpenEye Scientific Software, Chematrix Corporation, and Genedata AG.

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