In Silico Clinical Trials Market to Grow at a CAGR of 12.28% During the Forecast Period
Growing prevalence of various diseases is driving the
growth in global In Silico Clinical Trials market in the forecast period.
According to TechSci Research report, “In
Silico Clinical Trials Market - Global Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2017-2027”, the global In
Silico Clinical Trials market stood at USD2743.64 million in 2021 and is expected to grow
at a CAGR of 12.28% during the
forecast period. This can be ascribed to the fact that in silico clinical trials
help in saving time, costs and resources.
Additionally, In Silico Clinical Trials are readily approved and
authorized by the US Food and Drug Administration (FDA) thereby supporting the
market growth through 2027F. Additionally, adoption of Electronic Health
Records (EHR) provides ample opportunities to enhance patient care as it
contains a wealth of clinical data which can be used to identify the potential
clinical trials participants.
There is a vast adoption of electronic health records as they have the
enormous prospect to increase and change the potential of In Silico Clinical
Trials. However, factors such as lack of awareness among the researchers
regarding In Silico Clinical Trials assessments can restrict the market growth
during the forecast period.
The whole process and its dynamics proved to be an effective method for
clinical trials studies. People tend to shift their interest from conventional
methods to advanced technologies. In Silico Clinical Trials can reduce and
refine the number of clinical trials as they are cost-effective and less
time-consuming.
Browse over 104 market
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The global In Silico Clinical Trials market segmentation is based on industry,
therapeutic area, region, and company. Based on therapeutic area, the market
can be categorized into oncology, neurology, cardiology, infectious diseases,
orthopedic, dermatology and others.
The oncology segment dominated the market in 2021 with an overall share
of around 25.08% and is expected to continue its dominance through 2027. This
can be ascribed to the growing prevalence of different types of cancers
worldwide.
Cancer is among the leading cause of death across the world, accounting
for approximately 10 million deaths in 2020. The most common causes of cancer
death in 2020 were breast cancer, lung and bronchial cancer, colon and rectum,
prostate, skin and stomach cancer.
A partial list of leading market players, includes:
·
Dassault Systèmes SE
·
Certara Inc.
·
Insilico Medicine
·
GNS Healthcare Inc.
·
The AnyLogic Company
·
Novadiscovery SAS
·
InSilicoTrials Technologies SpA
·
Immunetrics Inc
·
CATO SMS
·
Evotec SE
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“The European region is expected to register fastest growth
during the forecast period. This can be attributed to the increasing awareness
regarding the In Silico Clinical Trials and availability of latest and advanced
technologies required for such experiments. Researchers in Europe are more
focused on providing an ideal platform which is a combination of both clinical
trials and virtual prototype industry as well. Increased use of Artificial
Intelligence and Machine Learning is also a major factor which drives the
market of In Silico Clinic Trials.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“In Silico Clinical
Trials Market - Global Industry Size, Share, Trends, Competition, Opportunity
and Forecast, 2017-2027 Segmented By Industry (Medical Devices v/s
Pharmaceuticals), By Therapeutic Area (Oncology, Neurology, Cardiology,
Infectious Diseases, Orthopedic, Dermatology, Others), By Region”, has evaluated the
future growth potential of global In Silico Clinical Trials market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global In Silico Clinical Trials market.
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