Visiongain has published a new report entitled In Silico Clinical Trials Market Report 2023-2033: Forecasts by Application (Drug Development, Medical Device Development), by End-users (Pharmaceutical & Biotechnology Companies, Contract Research Organisations, Others), by Therapeutic Area (Oncology, Infectious Disease, Cardiology, Neurology, Other Therapeutic Areas) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The in silico clinical trials market is valued at US$3,078.0 million in 2023 and is projected to grow at a CAGR of 8.0% during the forecast period 2023-2033.
In Silico Clinical Trials are Accelerating Drug Development and Ensuring Safety
In silico approaches offer notable benefits in drug development, such as expediting drug candidate generation, aiding target prediction models, and identifying safety concerns. The increasing adoption of these methods has led to significant market growth. In silico clinical trials are not only cost-effective but also decrease the odds of trial halts, further accelerating the market's expansion.
The development of artificial intelligence and machine learning, along with improvements in computing technologies, have made it possible to advance sophisticated computational techniques that use modelling and simulation. As a result, there are now more options for developing pharmaceutical drugs, including the capacity to assess sizable, intricate databases and combine data in practical ways. The use of in silico trials in the development of innovative treatments for rare diseases is one fascinating use of these technologies.
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How COVID-19 has Impacted the In Silico Clinical Trials Market?
The onset of the COVID-19 pandemic reshaped many industries, with the healthcare sector facing significant transformation. Traditional face-to-face clinical trials encountered numerous challenges due to widespread lockdowns and mandatory social distancing measures. As a result, the medical community shifted its focus towards in silico clinical trials, which offered notable advantages in terms of efficiency, cost-effectiveness, and speed.
The pandemic further accelerated efforts in drug repurposing, with a January 2021 study emphasizing the potential of in silico clinical trials in this area, particularly through docking-based virtual screenings to identify viable drug solutions against COVID-19. Another 2022 research highlighted the accuracy of predictions made using in silico clinical trials, proving their value across various COVID-19 research domains.
How will this Report Benefit you?
Visiongain’s 231-page report provides 98 tables and 133 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the In Silico Clinical Trials Market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for in silico clinical trials. Get financial analysis of the overall market and different segments including application, end-user, therapeutic area and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing in silico clinical trials market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Better Understanding of Safety Aspects of Drugs
In silico clinical trials simulate illnesses using virtual patients, aiding the drug development process. These trials expedite drug evaluation, identify safety concerns, and enable modeling of real-world patient demographics. An October 2021 article revealed that in silico clinical trials efficiently gauge the safety and efficacy of various medical products. With technology advancing, pharmaceutical companies leverage in silico clinical trials for data essential to gain marketing authorization.
Increasing Initiatives and Acceptance by Organisations Projected to Fuel Industry Growth
Regulatory bodies, notably the FDA and EMA, increasingly support modeling and simulations in drug development. A January 2022 article highlighted that major companies presented evidence, including modeling data, to these agencies to secure marketing authorizations. Additionally, initiatives like eTRANSAFE foster collaboration between academia, pharmaceuticals, and regulators, emphasizing in silico clinical trial's role in drug safety and efficacy assessment, indicating a positive growth trajectory for the in silico clinical trials market.
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Where are the Market Opportunities?
In silico clinical trials hold the potential to encompass diverse therapeutic domains, even those rare diseases or conditions that pose challenges for conventional clinical trials. This widens the scope for innovative drug development and treatments in areas previously lacking attention. The surging global demand for therapeutics and medical apparatus stems from an aging populace and the increasing prevalence of chronic ailments like cardiovascular issues, cancer, diabetes, and respiratory diseases. According to the 2022 data from CDC’s NCCDPHP, over half of US adults battle with chronic diseases, with 4 in 10 facing multiple such conditions. These diseases are not only the prime causes of death and disability but also significantly contribute to the nation's staggering annual healthcare expenditure. This scenario underscores the escalating global inclination towards in silico clinical trials to facilitate the efficient evolution of ground-breaking therapeutics and medical equipment.
Competitive Landscape
The in silico clinical trials market is characterized by notable players like Abzena Ltd., Acellera Ltd., Aitia, Allucent, Certara, Clarivate, Dassault Systemes, Evotec SE, Immunetrics, Insilico Medicine, InSilicoTrials Technologies, and Novadiscovery among others. These companies leverage strategies such as mergers, R&D investment, strategic partnerships, and product innovations to solidify their position. The market's growth is further accelerated by advancements in computational modelling, artificial intelligence, and data analytics, reshaping drug development and clinical research. Emerging health tech start-ups and advancements in cloud computation also significantly influence this evolving landscape.
Recent Developments
- On 13th March 2023, Premier Research and InSilicoTrials partnered to create safer, faster, and more efficient pathways to regulatory approval for rare disease treatments.
- On 27th July 2023, InSilicoTrials , a provider of artificial intelligence (AI) and simulation tools for drug and medical device development, embarked on a collaborative partnership with Axoltis Pharma, a biopharmaceutical company committed to developing disease-modifying drugs for patients with high unmet medical needs in neurodegenerative and traumatic neurologic impairments. This strategic collaboration works to revolutionize understanding of Central Nervous System (CNS) diseases and to optimize the clinical development plan of Axoltis' drug candidate, NX210c, a promising 12-amino acid peptide derived from SCO-spondin.
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To find more Visiongain research reports in the Pharma sector, click on the following links:
- Clinical Trial Supplies Market Report 2023-2033
- Clinical Trial Packaging and Labelling Market Report 2023-2033
- Clinical Trial Supply and Logistics Market for Pharma 2022-2032
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