Market Research Report
Global In Silico Clinical Trials Market Size study, by Industry by Therapeutic Area by Phase and Regional Forecasts 2022-2028
|Global In Silico Clinical Trials Market Size study, by Industry by Therapeutic Area by Phase and Regional Forecasts 2022-2028|
Published: May 15, 2022
Bizwit Research & Consulting LLP
Delivery time: 2-3 business days
Global In Silico Clinical Trials Market is valued approximately USD 2.51 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.4% over the forecast period 2022-2028. The use of individualized computer simulation in the development or regulatory review of a medicinal product, medical equipment, or medical intervention is referred to as in silico clinical trials. Clinical trials involving animals and humans have a higher risk of negative effects. In silico clinical trials lower the risk of adverse reactions during trials, hence boosting the research study's safety and efficacy. Furthermore, technical improvements in in silico clinical trials are increasing its market demand. When compared to in silico trials, traditional clinical trials are substantially more expensive. A clinical trial might cost anywhere between USD 4 million and USD 20 million, according to Sofpromed, a clinical research business. As a result, one of the key factors driving the development of computer-based trials is the high cost of traditional clinical trials. Furthermore, in silico trials provide for a better knowledge of a drug's or device's safety and efficacy, as well as a reduction in the likelihood of clinical studies being terminated, lowering trial costs. There has been a huge increase in R&D expenditure for drug development in recent years. For example, according to a Congressional Budget Office report (US) on pharmaceutical R&D, the pharmaceutical industry's R&D spending have climbed from USD 38 billion in 2000 to USD 83 billion in 2019. The increase in R&D spending is expected to have a beneficial effect on market growth. Because of the COVID-19 pandemic, clinical research sites were temporarily shut down, increasing need for in silico clinical trials for research investigations. Clinical research has been disrupted as a result of the COVID-19 epidemic, which has sparked renewed interest in using computer simulations to anticipate clinical trial outcomes. The pandemic had resulted in a worldwide need for medicines and vaccinations. Traditional studies take a long time and cost a lot of money; to solve this problem, researchers used computer simulation trials to validate COVID-19 medicines and vaccines. However, throughout the projected period of 2021-2027, the market's expansion would be hampered by the high cost of methods and procedures.
The key regions considered for the global In Silico Clinical Trials Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America had the highest revenue share. In the United States, a large number of in silico trials are being done. Furthermore, the presence of significant businesses in the region such as GNS Healthcare Inc., Insilico Medicine, Inc., Immunetrics Inc., and others has contributed to regional market growth. Over the projection period, Asia Pacific is expected to be the fastest-growing regional market. The Asia Pacific market is still in its infancy. In silico trials are being used by a number of companies in this region to minimise the overall cost of clinical trials. For example, in November 2021, DSTC, a Japanese preclinical CRO, teamed with InSilicoTrials to use in silico clinical trials to revolutionise the drug development process.
Major market player included in this report are:
Insilico Medicine, Inc.
Dassault Systemes SE
GNS Healthcare Inc.
The AnyLogic Company
Nuventra Pharma Sciences
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Therapeutic Area:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2018, 2019, 2020
Base year - 2021
Forecast period - 2022 to 2028
Target Audience of the Global In Silico Clinical Trials Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
List of figures