In Silico Clinical Trials Market Is Estimated To Witness High Growth Owing To Potential To Reduce Co
Author : Raj Dhote | Published On : 19 Jan 2024
In silico clinical trials uses computer simulations and models to predict how a drug candidate might behave in actual human clinical trials. It provides evaluations of drug candidates and their effects in a simulated population without exposing real human subjects to risks. This reduces the time and costs involved in early phase clinical trials as drug candidates that do not meet the predefined criteria can be eliminated at a very early stage.
The global In Silico Clinical Trials Market is estimated to be valued at US$ 1,210 million in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Simulation and Modeling to Reduce Drug Development Costs
The potential of in silico clinical trials to reduce costs involved in drug development presents a key market opportunity. Pharmaceutical companies spend billions of dollars each year on clinical trials but many drug candidates fail in later stages due to safety or efficacy issues. In silico trials can help identify such issues at a very early stage thus avoiding wastage of resources. This allows companies to focus their funding on drug candidates that have the highest likelihood of success. As clinical trials account for nearly half of the total cost of drug development, in silico trials provide an opportunity to significantly bring down development costs and get new drugs to market faster.
Porter's Analysis
Threat of new entrants: The in silico clinical trials industry has moderate barriers to entry due to the substantial investments required to set up the necessary infrastructure and acquire advanced analytics capabilities. However, new entrants can leverage cloud-based solutions and collaborate with established players to develop innovative technologies.
Bargaining power of buyers: Individual buyers have moderate bargaining power as there are many solution providers in the market. However, large pharmaceutical companies negotiating in bulk have high bargaining power to demand customized solutions and competitive pricing.
Bargaining power of suppliers: Software vendors and technology providers have moderate bargaining power due to their specialized expertise and differentiated solutions. However, established players in the in silico clinical trials market can leverage their relationships with multiple suppliers.
Threat of new substitutes: There is a low threat of substitutes as in silico modeling complements traditional clinical trials by reducing time and costs without compromising on safety and efficacy. Emerging technologies like artificial intelligence and cloud computing further enhance the scope of virtual clinical trials.
Competitive rivalry: The in silico clinical trials market features strong competition between global players and local vendors. Players compete based on technology innovations, service portfolio expansion, and strategic partnerships with end-users.
SWOT Analysis
Strengths: In silico clinical trials offer significant cost and time savings compared to physical trials. They also help reduce risks to human subjects and manage regulatory requirements efficiently.
Weaknesses: Successful implementation of virtual clinical trials requires substantial investments in advanced infrastructure and interoperable databases. There are also challenges associated with designing accurate disease and drug models.
Opportunities: Growing adoption of artificial intelligence and cloud computing is expanding the scope of preclinical applications. Partnerships with CROs and SaaS-based business models present new commercialization opportunities.
Threats: Reliability concerns and inability to replace live human involvement entirely restricts complete adoption of in silico approaches. Strict regulatory guidelines and data privacy issues also act as restraining factors.
Key Takeaways
The global In Silico Clinical Trials Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 fueled by increasing R&D investments in the pharmaceutical sector.
North America currently dominates the market due to presence of major players and advanced research infrastructure. However, Asia Pacific is emerging as the fastest growing regional market driven by improving healthcare facilities, supportive government policies, and lower operation costs in countries like China and India.
Key players operating in the in silico clinical trials market are Certara, Simulation Plus, Dassault Systemes, Schrodinger, Elicit, Chemical Computing Group, Compugen, NIH, Rosa & Co., and Genedata. These players are focusing on expanding their virtual testing platforms through innovative cloud-based solutions. Certara has recently launched Virtual Trials Sciences to assist customers in designing protocol and simulations for regulatory submissions. Whereas Dassault Systemes provides end-to-end biosimulation solution from discovery to clinical development on its 3DEXPERIENCE platform.
For more insights, read- https://www.newsstatix.com/in-silico-clinical-trials-market-trends-size-and-share-analysis-2/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/plant-based-meat-market-is-estimated-to-witness-high-growth-owing-to-opportunity
