In silico clinical trials utilize computer simulation and mathematical modeling to emulate human biology and disease processes. It helps pharmaceutical and biotech companies to evaluate new drug candidates without using live volunteers in clinical trials. In silico modeling takes into account patient-specific data such as medical history, biological makeup and genetic variations. It is utilized during drug discovery and development phases to understand how a drug will behave in the human body and its effectiveness against the disease.
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 Dynamics: The growing demand for reducing time and cost involved in drug development is expected to drive the growth of the in silico clinical trials market. In silico modelling and simulation helps pharmaceutical companies to understand drug properties such as absorption, distribution, metabolism, and excretion without conducting expensive pre-clinical and clinical trials. This facilitates faster development of safe and effective drugs. Moreover, advancement in technologies such as artificial intelligence, machine learning is further enhancing the capabilities of in silico modeling. This is enabling more human-like simulations of complex disease mechanisms. Such innovations are augmenting the adoption of in silico approach during various pharmaceutical R&D stages which in turn is fueling the market growth over the forecast period.
The global In Silico Clinical Trials market is segmented based on product type, service type, therapeutic area and end use. Based on product type, the market is segmented into software and services. The software segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. This is due to the increasing adoption of simulation software by pharmaceutical and biotechnology companies for drug discovery and development.
Based on service type, the market is segmented into consulting services, contracted services and other services. The consulting services segment holds the largest share as companies often rely on consulting firms to optimize simulation models and provide regulatory and technical support.
By therapeutic area, the market is segmented into immunology, oncology, cardiovascular, neurology and others. Oncology dominated the market in 2023 due to increased focus on computer-based modeling and simulation tools for cancer research. The neurological segment is expected to grow at the fastest pace during the forecast period owing to rising R&D investment for central nervous system disorders.
The end use segment of the market includes pharmaceutical & biotechnology companies, research centres, regulatory authorities and other end users. Pharmaceutical & biotechnology companies are the largest end users of In Silico clinical trials due to their extensive use of these tools for drug development.
Political: Regulatory bodies like FDA, EMA have laid down strict guidelines for drug approval process using virtual trials. This has encouraged pharmaceutical companies to adopt In Silico clinical trials.
Economic: The average cost of drug development has been rising steeply pushing companies towards alternative approaches like In Silico trials for reducing costs and timelines. The rising R&D expenditure across nations has also fueled market growth.
Social: Growing patient acceptance of virtual trials due to advantages like reduced participation risks and convenient involvement from home. Support from patient advocacy groups has promoted In Silico model adoption.
Technological: Advancements in artificial intelligence, machine learning, cloud computing, etc. have boosted simulation science capabilities. Integration of omics data and real-world evidence into models has enhanced prediction accuracy of In Silico trials.
The Global In Silico Clinical Trials Market Size is expected to witness high growth at a CAGR of 8.6% during the forecast period of 2023 to 2030.
North America currently dominates the market and is anticipated to maintain itsleading position throughout the forecast period. This is primarily attributed to presence of major players and continuous modernization of regulations encouraging innovative techniques like In Silico trials in the region. This is majorly driven by favorable government bodies like FDA supporting virtual approaches and presence of key companies. Europe is expected to witness fastest growth during the forecast period due to ongoing research for advanced computational modeling across countries like Germany, U.K. and France.
Key players operating in the In Silico Clinical Trials market are Abbott Laboratories, Baxter International Inc., Danone S.A., NestlÃ© 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 new product launches and partnerships to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it