The global in silico clinical trials market size is expected to reach USD 5.1 billion by 2030 and is projected to expand at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc.
In Silico Clinical Trials Market Report Highlights
- The medical device segment dominated the market in 2021 owing to the fact that the majority of in silico trials are performed for medical devices globally
- The phase II segment accounted for the largest market revenue share in 2021
- The oncology therapeutic area segment accounted for the largest market revenue share in 2021
- The cancer clinical trials have high chances of incurring adverse effects on patients, which promotes the demand for in silico trials for cancer
- North America held the largest revenue share in 2021 due to the presence of several global players operating in the market
- In addition, a significant number of in silico trials are performed in the U.S., which further contributes to the growth of the regional market
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An in silico clinical trial, or virtual clinical trial, is a customized computer simulation used in the development or regulatory evaluation of a medicinal product, device, or intervention. It would have major benefits over current in vivo clinical trials, and research. The COVID-19 crisis is accelerating the adoption of new technologies and the pandemic is likely to change the face of human clinical trials. Traditional clinical trials require huge expenditure to conduct research. Moreover, a high number of drugs and medical devices fail in the clinical trial owing to the lack of safety and efficacy, which creates huge losses for the clinical trial sponsors. These factors promote the demand for in silico clinical trials, to understand the behavior of drugs or medical devices in humans. In silico clinical trials use simulation techniques to understand the efficacy and safety of a drug or medical device.
This reduces the chances of adverse reactions, thus, improving the safety and efficacy of research studies. The market players are making significant investments to provide new treatments to the people. For instance, in June 2021, In silico Medicine raised USD 255 million in funding to boost its R&D for drug discovery, through in silico studies. The demand for in silico clinical trials was also improved during the pandemic as there was a temporary shutdown of clinical research sites and several studies for vaccines and therapeutic agents for COVID-19 were performed through in silico research models. Such actions are likely to have a positive impact on market growth.
In Silico Clinical Trials Market Insights By Geographical Regions:
North America accounted for the largest revenue share of more than 44% and will expand further at a steady CAGR retaining the leading over the forecast period as a significant number of in silico trials are being conducted in the U.S. However, Asia Pacific is expected to be the fastest-growing regional market over the forecast period. The market in Asia Pacific is in its nascent stage. Various companies in this region are adopting the use of in silico trials to reduce the overall cost of clinical studies.
Industry Analysis By Major Competitors:
The market players are focused on developing innovative medications with the use of in silico study models. Some of the prominent players in the global in silico clinical trials market are:
- Certara, Inc.
- Novadiscovery Sas
- Insilico Medicine, Inc.
- Dassault Systemes SE
- GNS Healthcare Inc.
- The AnyLogic Company
- InSilicoTrials
- Immunetrics Inc.
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In Silico Clinical Trials Market Segmentation
Grand View Research has segmented the global in silico clinical trials market on the basis of industry, therapeutic area, phase, and region:
Industry Outlook (Revenue, USD Million, 2018 – 2030)
- Medical Devices
- Pharmaceutical
Therapeutic Area Outlook (Revenue, USD Million, 2018 – 2030)
- Oncology
- Infectious Disease
- Hematology
- Cardiology
- Dermatology
- Neurology
- Diabetes
- Others
Trials Phase Outlook (Revenue, USD Million, 2018 – 2030)
- Phase I
- Phase II
- Phase III
- Phase IV
Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- U.S., Canada
- Europe
- U.K., Germany, France, Spain, Italy
- Asia Pacific
- India, China, Japan, Australia, South Korea
- Latin America
- Brazil, Mexico, Argentina, Colombia
- Middle East & Africa
- South Africa, Saudi Arabia, UAE
List of Key Players of In Silico Clinical Trials Market
- Certara, Inc.
- Novadiscovery Sas
- Insilico Medicine, Inc.
- Dassault Systemes SE
- GNS Healthcare Inc.
- The AnyLogic Company
- InSilicoTrials
- Immunetrics Inc.
- Nuventra Pharma Sciences
- Abzena Ltd.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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