Newark, June 22, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global in silico clinical trials market is expected to grow from USD 3.1 billion in 2021 to USD 5.6 billion by 2030, at a CAGR of 6.9% during the forecast period 2022-2030.
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Human and animal testing in clinical trials reduces the chances of side effects on patients caused due to new medicines and devices. However, traditional clinical trials are too costly and cannot be afforded. In Silico clinical trials help reduce the adverse effects of medicines and equipment on patients during the trials, thus increasing the efficacy of the research and development activities. Moreover, the recent technological advancements in silico clinical trials help improve the market's demand. According to Sofpromed, a clinical research organization, the average cost of a clinical trial ranges between USD 5 million to USD 22 million. The increasing expenses on drug development research and development activities are expected to boost the market's growth. For instance, the Congressional Budget Office report in the U.S. on pharmaceutical R&D states that the expenses for research and development in the pharmaceutical industry have increased from USD 41 billion in 2000 to USD 89 billion in 2030.
Competitive Strategy
To enhance their market position in the global in silico clinical trials market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In December 2020, A research report was published by BioMed Central, in which the Covid-19 vaccine was tested using computer simulation trials.
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Market Growth & Trends
The in silico clinical trials market is anticipated to grow on account of rising demand for in silico clinical trials, as they are time-efficient, cost-effective, and cruelty-free. Moreover, the rising incidences of chronic diseases such as cancer, cardiovascular diseases, SARS-CoV-2, diabetes, and neurological disorders, among others, further drive the growth of the market. The increasing growth in the pharmaceutical industries and rising innovation for the development of pharmaceutical products to treat chronic diseases also support the growth of the in silico clinical trials market. However, the limited time is often too short for analyzing things. Usually, the period ranges from milliseconds to seconds, leading to insufficient sampling, and hampers the market's growth. Technological advancements in the pharmaceutical industry enhance the success rate of clinical trials by using software, computational tools, and platforms to support the discovery of the latest drugs and medical equipment is an opportunity for the market's growth.
Key Findings
● In 2021, the oncology segment dominated the market with the largest market share of 22% and market revenue of 0.6 billion.
The therapeutic area segment comprises oncology, hematology, cardiology, dermatology, neurology, diabetes, and others. In 2021, the oncology segment dominated the market with the largest market share of 22% and market revenue of 0.6 billion. Rising cancer incidences increase the need for in silico clinical trials for drug development to cure deadly diseases, driving the segment's growth.
● In 2021, the phase II segment accounted for the largest share of the market, with 42% and a market revenue of 1.3 billion.
The Phase segment is divided into phase I, phase II, and phase III. In 2021, the phase II segment accounted for the largest share of the market, with 42% and a market revenue of 1.3 billion. Most of the in silico clinical trials for drug discovery and discovery of medical equipment drive the segment's growth.
● In 2021, the medical devices segment accounted for the largest share of the market, with 58% and a market revenue of 1.7 billion.
The industry segment is divided into medical devices and pharmaceuticals. In 2021, the medical devices segment accounted for the largest share of the market, with 58% and a market revenue of 1.7 billion. In silico clinical trials are considered more accurate in discovering medical devices, which drives the segment's growth.
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Regional Segment Analysis of the In Silico Clinical Trials Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global in silico clinical trials market, with a market share of around 44% and 1.36 billion of the market revenue in 2021. The North American region's in silico clinical trials market has been rapidly growing owing to prominent market players, namely Insilico Medicine, Inc., GNS Healthcare Inc., Immunetrics Inc., and others. In addition to this, the advanced healthcare infrastructure in the region also propels the market's growth.
Key players operating 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
● InSilico Trials
● Immunetrics Inc.
● Nuventra pharma Sciences.
● Abzena Ltd.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global in silico clinical trials market based on the below-mentioned segments:
Global In Silico Clinical Trials Market by Therapeutic Area:
● Oncology
● Hematology
● Cardiology
● Dermatology
● Neurology
● Diabetes
● Others
Global In Silico Clinical Trials Market by Phase:
● Phase I
● Phase II
● Phase III
Global In Silico Clinical Trials Market by Industry:
● Medical Devices
● Pharmaceutical
About the report:
The global in silico clinical trials market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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