in Silico Clinical Trials Global Market Report 2024

The in silico clinical trials market size has grown strongly in recent years. It will grow from $3.31 billion in 2023 to $3.59 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth observed in the historical period can be attributed to factors such as the increased availability of medical data, the evolution of regulatory frameworks for virtual trials, advancements in computing power, the rise in healthcare digitization, and the expansion of precision medicine initiatives.

The in silico clinical trials market size is expected to see strong growth in the next few years. It will grow to $5.02 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The anticipated growth in the forecast period can be attributed to the growing demand for faster drug development processes, the adoption of virtual patient populations in clinical trials, the expansion of digital twin technologies, and an increase in regulatory acceptance of in silico trials. Major trends expected in the forecast period include the development of more realistic virtual patient models, the integration of real-world evidence in in silico trials, an emphasis on decentralized and patient-centric trial designs, a rise in the use of digital biomarkers, and an increased focus on personalized medicine in virtual trials.

The in silico clinical trials market is anticipated to experience growth due to the increasing prevalence of chronic, infectious, and neurological diseases. Chronic diseases, lasting a year or more, create a demand for ongoing medical care and impact daily activities. Infectious diseases, caused by pathogens, spread through contact with infected sources. Neurological disorders affect the spinal cord, nerves, and brain. The rise in these diseases necessitates improved medications and treatments, leading to the utilization of in silico trials for expedited drug development. For example, the National Centre for Biotechnology Information (NCBI) projected a 99.5% surge in individuals aged 50 and older with at least one chronic illness by 2050. Additionally, the World Health Organization reported an increase in malaria cases from 245 million in 2020 to 247 million in 2021, and the Parkinson's Foundation noted a rise in new Parkinson's disease diagnoses from 60,000 in 2021 to 90,000 in December 2022. Consequently, the growth of in silico clinical trials is driven by the escalating prevalence of chronic, infectious, and neurological diseases.

The expansion of the in silico clinical trials market is further fueled by the need to reduce clinical trial costs. Clinical trial costs encompass the expenses associated with planning, conducting, and managing trials to assess the safety and efficacy of medical interventions. Traditional trials are lengthy and expensive, taking 10-15 years and costing billions. In silico trials offer an alternative, using computer simulations to evaluate interventions. For instance, according to Genetic Engineering and Biotechnology News, the cost of developing a new drug among the top 20 global biopharma companies rose from $298 million in 2022 to approximately $2.3 billion in 2023, including clinical trial development costs. This shift towards in silico clinical trials is driven by the growing need to curb these escalating expenses.

A prominent trend in the in silico clinical trials market is the emergence of strategic partnerships. Major companies in the market are forming partnerships to enhance their market position. For example, Premier Research, a US-based clinical research organization (CRO), partnered with InSilicoTrials to create efficient pathways for rare disease treatment approval. Similarly, 4P-Pharma, a France-based biotech company, collaborated with QuantHealth, an Israel-based AI company, to conduct patient-centric drug simulations, accelerating and de-risking drug development. These partnerships exemplify the industry trend of forming strategic alliances to strengthen market presence and facilitate advancements in in silico clinical trials.

Prominent players in the in silico clinical trials market are directing their focus towards cutting-edge technologies, specifically clinical trial platforms, to uphold their market positions. A clinical trial platform represents a specialized form of an adaptive, disease-centric, randomized clinical trial (RCT) formulated to assess multiple interventions concurrently against a consistent control group. As an illustration, in October 2023, Advarra, a US-based provider offering regulatory review solutions and clinical research technology for sites and sponsors, introduced Longboat v2.2. This new technological functionality aims to enhance the overall clinical trial experiences of stakeholders. Longboat, an established platform utilized in over 70 countries and by nearly 20,000 sites, now incorporates an online patient portal equipped with a comprehensive array of engagement tools. This includes a straightforward document exchange feature facilitating transparent collaboration among patients, sites, sponsors, or clinical research organizations (CROs), all while avoiding an additional technology burden.

In May 2023, Recursion, a US-based clinical-stage TechBio company, disclosed the acquisition of Cyclica and Valence for an undisclosed sum. These strategic acquisitions bring cutting-edge capabilities in digital chemistry, as well as machine learning and artificial intelligence from Cyclica and Valence. These capabilities are seamlessly integrated with Recursion's extensive automated wet-laboratories and supercomputing resources. This integration positions Recursion to deploy the most comprehensive, technology-enabled drug discovery solution within the biopharma industry. Cyclica, a biotechnology company based in Canada, and Valence, a Canadian deep learning research institute, collectively contribute to enhancing Recursion's capabilities in the pursuit of advancing drug discovery through innovative technologies.

Major companies operating in the in silico clinical trials market report are Dassault Systemes SE, Clarivate PLC, Evotec AG, Evidera, Certara Inc., Abzena Limited, Selvita, Simulations Plus Inc., Insilico Medicine Inc., AnyLogic Company, Biomax Informatics, GNS Healthcare Inc., 4P-Pharma, Nuventra Pharma Sciences, Archimedes, Novadiscovery Sas, Rosa & Co., In Silico Biosciences, Leadscope, Biognos Ab, BioNova, Immunetrics Inc., InSilicoTrials, Physiomics PLC, InhibOx, Entelos.

North America was the largest region in the in silico clinical trials market in 2023. Asia-Pacific is expected to be the fastest-growing region in the in silico clinical trials market report during the forecast period. The regions covered in the in silico clinical trials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the in silico clinical trials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary phases of in silico clinical trials include Phase I, Phase II, Phase III, and Phase IV. Phase I represents the initial evaluation of a drug or treatment on a small group of people, aiming to assess the safety and tolerability of new drugs in humans. These trials are conducted across various medical domains such as oncology, infectious disease, hematology, cardiology, dermatology, neurology, diabetes, and others. In silico clinical trials find applications in both the medical devices and pharmaceutical industries.

The in silico clinical trials research report is one of a series of new reports that provides in silico clinical trials market statistics, including the in silico clinical trials industry's global market size, regional shares, competitors with in silico clinical trials market share, detailed in silico clinical trials market segments, market trends and opportunities, and any further data you may need to thrive in the in silico clinical trials industry. This in silico clinical trials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The in silico clinical trials market includes revenues earned by entities by providing services such as data management, trial design, information compilation and site support. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.