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Global In Silico Clinical Trials Industry Size, Share, Trends, Competition, Opportunity and Growth Forecast Report, 2030

The global in silico clinical trials market size is expected to reach USD 5.1 billion by 2030 and is projected to expand at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc.

In Silico Clinical Trials Market Report Highlights

·         The medical device segment dominated the market in 2021 owing to the fact that the majority of in silico trials are performed for medical devices globally

·         The phase II segment accounted for the largest market revenue share in 2021

·         The oncology therapeutic area segment accounted for the largest market revenue share in 2021

·         The cancer clinical trials have high chances of incurring adverse effects on patients, which promotes the demand for in silico trials for cancer

·         North America held the largest revenue share in 2021 due to the presence of several global players operating in the market

·         In addition, a significant number of in silico trials are performed in the U.S., which further contributes to the growth of the regional market

Gain deeper insights on the market and receive your free copy with TOC now @:In Silico Clinical Trials Market Report

The COVID-19 crisis is accelerating the adoption of new technologies and the coronavirus pandemic is likely to change the face of human clinical trials. Running in silico clinical trials with virtual patients is an opportunity for the industry to drive its R&D programs forward, unleash the power of better decision-making and help bring to market life-changing therapies for patients. It simulates the same conditions as in vivo and is more efficient, less expensive, and reduce risk for patients. Traditional clinical trials require huge expenditure to conduct research. Moreover, a high number of drugs and medical devices fail in the clinical trial owing to the lack of safety and efficacy, which creates huge losses for the clinical trial sponsors. These factors promote the demand for in silico clinical trials, to understand the behavior of drugs or medical devices in humans. In silico clinical trials use simulation techniques to understand the efficacy and safety of a drug or medical device.

This reduces the chances of adverse reactions, thus, improving the safety and efficacy of research studies. The market players are making significant investments to provide new treatments to the people. For instance, in June 2021, In silico Medicine raised USD 255 million in funding to boost its R&D for drug discovery, through in silico studies. The demand for in silico clinical trials was also improved during the pandemic as there was a temporary shutdown of clinical research sites and several studies for vaccines and therapeutic agents for COVID-19 were performed through in silico research models. Such actions are likely to have a positive impact on market growth.

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Grand View Research has segmented the global in silico clinical trials market on the basis of industry, therapeutic area, phase, and region

on August 8 at 7:36

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