In Silico Clinical Trials Market: Current Analysis and Forecast (2022-2028)
Emphasis on Industry (Medical Devices and Pharmaceuticals); Therapeutic Area(Oncology, Infectious Disease, Hematology, Cardiology, Dermatology, Neurology, Diabetes, and Others); Phase (Phase I, Phase II, Phase III, and Phase IV); Region (North America, Europe, Asia-Pacific, Rest of the World); and Region/Country
The global in silico clinical trials market is expected to grow at a significant rate of around 8% during the forecast period. In silico clinical trials are virtual clinical trials that assess the effectiveness and safety of medications, medical devices, and other therapies using computer simulations and models. These trials allow researchers to study the effects of treatments on virtual patients without the need for real-world testing. The market is expected to continue to grow as more companies invest in computer modeling and simulation technology and regulatory agencies become more accepting of in silico trial data. For instance, in July 2020, Health tech startup InSilicoTrials, which provides affordable simulation models for pharmaceutical and medical research, raised USD 3.31 million in a series A funding round led by United Ventures, with support from Pi Campus.
Certara, USA; Nova.; Insilico Medicine; Immunetrics; Schrödinger, Inc.; Simulations Plus; Recursion; Sensus Healthcare; Aitia.; and Abzena Ltd are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst industry, pharmaceuticals category to have Fastest CAGR during the forecast period.”
Based on the industry, the market has been categorized into medical devices and pharmaceuticals. Among them, the pharmaceuticals category is to grow at a considerable rate during the forecast period. The pharmaceuticals in silico clinical trials market refer to the use of computer simulations, modeling, and analysis techniques to support the drug development process. The factors such as the increased demand for more efficient and cost-effective drug development processes, along with the advancements in computational power and modeling techniques attributes to the growth of the segment in In silico clinical trials market.
“Amongst therapeutic area, the oncology segment held a dominating share in the market in 2021.”
Based on the therapeutic area, the market has been categorized into oncology, infectious disease, hematology, cardiology, dermatology, neurology, diabetes, and others. Among them, the oncology segment held a dominantshare of the market in 2021. The high prevalence of cancer and the need for improved treatment for the disease is the important factor driving the growth of the segment. For instance, as per the Australian Institute of Health and Welfare, cancer is a major cause of illness and death in Australia. In 2021, about 151,000 Australians were diagnosed with cancer and 49,000 people died.
In Silico Clinical Trials Market Report Coverage
“Asia Pacific to witness the fastest growth in the market”
Asia Pacific’s in silico clinical trials market is expected to witness the fastest growth during the forecast period. The market for in silico clinical trials is at the initial stage and the demand for new drugs has been increasing due to the high prevalence of diseases in the region. For instance, according to the Global Burden of Disease, nearly a quarter (24.8 percent) of all deaths in India is due to cardiovascular diseases. Further, the region is also the home of the largest global population which is expected to grow at a fast pace in the upcoming future, and demand for effective medicines. As a result, the demand for In silico clinical trials increased at a rapid pace during the forecast period.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global In Silico Clinical Trials market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the In Silico Clinical Trials Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global in silico clinical trials market were the three major steps undertaken to create and analyze the adoption of in silico clinical trials in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global in silico clinical trials market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the In Silico Clinical Trials market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the in silico clinical trials market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as industry, therapeutic area, and phase. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the in silico clinical trials market. Further, we conducted factor analysis using dependent and independent variables such as the industry, therapeutic area, and phase of in silico clinical trials. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the In Silico Clinical Trials market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global in silico clinical trials market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the in silico clinical trials market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global In Silico Clinical Trials market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global In Silico Clinical Trials market. Data was split into several segments & sub-segments post studying various parameters and trends in the application and end-user in the global In Silico Clinical Trials market.
The main objective of the Global In Silico Clinical Trials Market Study
The current & future market trends of the global in silico clinical trials market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the in silico clinical trials market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of industry, therapeutic area, and phase.
- Define and analysis of the regulatory framework for the in silico clinical trials industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the in silico clinical trials market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the in silico clinical trials market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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