Categories: Market Research

In Silico Clinical Trials Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The In Silico Clinical Trials Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s 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 in the historic period can be attributed to increased availability of medical data, evolving regulatory frameworks for virtual trials, growth in computing power, rise in healthcare digitization, 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 growth in the forecast period can be attributed to growing demand for faster drug development processes, adoption of virtual patient populations in clinical trials, expansion of digital twin technologies, increase in regulatory acceptance of in silico trials. Major trends in the forecast period include development of more realistic virtual patient models, integration of real-world evidence in in silico trials, emphasis on decentralized and patient-centric trial designs, rise in the use of digital biomarkers, increased focus on personalized medicine in virtual trials.

The rise in chronic, infectious, and neurological disease prevalence is expected to propel the growth of the in silico clinical trials market going forward. Chronic diseases are problems that last a year or longer, necessitating continuing medical care, restricting everyday activities, or both. Infectious disease is caused by a pathogen or its toxic byproduct that spreads to a susceptible host through contact with an infected human, animal, or inanimate object. Neurological disorders refer to illnesses that impact the spinal cord, the body’s nerves, and the brain. The rise in chronic, infectious, and neurological disease prevalence increases the need for better medication and treatments. In silico trials are used for faster drug development to treat these diseases. For instance, in January 2023, according to the National Centre for Biotechnology Information (NCBI), a US-based National Library of Medicine, it was projected that by the year 2050, the number of individuals aged 50 years and older who have at least one chronic illness will surge by 99.5%, rising from 71.522 million in 2020 to 142.66 million. Furthermore, in May 2022, according to the World Health Organization, a Switzerland-based specialized health agency, compared to 245 million cases in 2020, there were 247 million cases of malaria in 2021. Compared to 625 000 in 2020, the expected number of malaria deaths was 619 000 in 2021. Furthermore, in December 2022, according to the Parkinson’s Foundation report published by a US-based non-profit organization working for Parkinson’s disease patients, the new diagnosis of Parkinson’s disease reached 90,000 per year, increasing from 60,000 per year in 2021. Therefore, the rise in chronic, infectious, and neurological disease prevalence is propelling the growth of the in silico clinical trials market.

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The in silico clinical trials market covered in this report is segmented –

1) By Phase: Phase I, Phase II, Phase III, Phase IV

2) By Therapeutic Area: Oncology, Infectious Disease, Hematology, Cardiology, Dermatology, Neurology, Diabetes, Other Therapeutic Areas

3) By Industry: Medical Devices, Pharmaceutical

Strategic partnerships are a key trend gaining popularity in the in silico clinical trials market. Major companies operating in the in silico clinical trials market are undergoing partnerships to strengthen their position in the market. For instance, in March 2023, Premier Research, a US-based clinical research organization (CRO), partnered with InSilicoTrials, a US-based company providing modeling and simulation in drug development. This partnership enables Premier Research to create safer, faster, and more efficient pathways to get approval for rare disease treatments. Furthermore, in March 2022, 4P-Pharma, a France-based clinical-stage biotech company, partnered with QuantHealth, an Israel-based AI company, to conduct patient-centric drug simulations to accelerate and de-risk drug development. This partnership helps 4P-Pharma to perform in silico clinical trials of lead drug candidates and speed up clinical trial simulations based on deep molecular drug data and real-world data (RWD).

The in silico clinical trials market report table of contents includes: