In silico clinical trials utilize computational and mathematical models to simulate human biology and disease processes as well as therapeutic interventions. They provide a cost-effective alternative to traditional clinical trials involving human subjects. In silico clinical trials help reduce costs and time involved in new drug development as well as minimize safety risks for human participants. They are increasingly being used in drug discovery and development for preclinical safety assessment, identifying safe and effective doses, reducing late-stage clinical trial failures, and optimizing clinical trial design. The growing demand to make drug development more affordable and efficient is expected to drive increased adoption of in silico clinical trials.
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 Dynamics
Growing emphasis on cost-effective drug development and reduction of late stage clinical trial failures: The growing demand to make drug development more affordable and efficient is one of the key drivers boosting adoption of in silico clinical trials. They help optimize clinical trial design and reduce failures in late stages which is a major cause of high development costs. This is expected to drive increased utilization of these virtual trials.
Segment Analysis
Among these, the ligand-based drug design segment currently dominates the market. This is because ligand-based drug design relies on the knowledge of a active ligand to discover new hits from chemical databases. It is a more robust technique than structure-based methods as it does not require any information about the 3D structures of the target proteins.
PEST Analysis
Political: Government agencies are promoting the adoption of In Silico clinical trials to reduce costs associated with drug development. They have launched various initiatives to support research in computational technologies.
Economic: Rising R&D expenditure and cost of drug development are prompting pharmaceutical companies to adopt In Silico trials. It helps lower costs significantly compared to physical clinical trials.
Social: In Silico technologies are gaining acceptance as they reduce health risks to human participants in early stages of drug development. They facilitate studies on rare diseases with limited patient populations.
Technological: Advancements in computational power, algorithms and cloud infrastructure are enhancing the capabilities of In Silico platforms. AI and machine learning are helping derive meaningful insights from large and complex drug discovery data.
Key Takeaways
The Global In Silico Clinical Trials Market Demand is expected to witness high growth over the forecast period. North America currently dominates the market due to presence of major pharmaceutical companies and advanced research infrastructure in the region. Government funding and initiatives by organizations like FDA are fueling adoption of computational approaches for drug development.
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 partnerships and collaborations with pharmaceutical companies to increase use of their platforms in early drug discovery phases. They are also investing in R&D to expand capabilities of their In Silico solutions through innovations in AI, ML and cloud technologies.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it