(Health-NewsWire.Net, January 08, 2022 ) This report aims to provide detailed insights into the global biosimulation market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth:
The biosimulation market is expected to reach USD 2.88 Billion by 2022 from USD 1.38 Billion in 2017, at a CAGR of 15.9%.
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Key Factors Driving Market Growth:
The growth of this market is majorly driven by factors such as the increase in R&D investments in the pharmaceutical and biotechnology industries, growing adoption of biosimulation software by regulatory bodies, technologically advanced QSP systems, need to curtail drug discovery and development costs, and growth in the biologics and biosimilars markets.
Biosimulation software expected to dominate the market in 2017.
Based on product and service, the Biosimulation Market is segmented into software and services. In 2017, the biosimulation software segment is expected to account for the largest share of the biological simulation market. The high growth of this segment is attributed to the growing adoption of biosimulation software by pharmaceutical and research organizations and the increasing R&D investment for pharmaceutical research.
Emerging Applications of Biosimulation Industry:
The emerging applications of biosimulation in defense, industrial bioprocessing, nutraceuticals, and agri-food production present significant opportunities for the growth of the global biological simulation market. Various biosimulation companies are adopting inorganic and organic growth strategies to expand the applications of their biosimulation software and services. In May 2017, the Institute of Life Science at Swansea University delivered an in silico drug discovery software platform for the UK Ministry of Defense for the development of antimicrobials to meet the needs of defense and security in the country. Likewise, in April 2017, Certara formed a partnership with the Australian Department of Defense. Certara’s d3 medicine company was selected to conduct a national audit to check the research and development capabilities and capacity of Australia’s medical countermeasures (MCM) product.
North America to dominate the biosimulation market
In 2017, North America is expected to dominate the biological simulation market followed by Europe. The large share of this geographical segment is attributed to factors such as growth in the biotechnology and pharmaceutical industry, a large number of ongoing drug development processes, increased use of personalized medicine, and increasing R&D expenditure by pharmaceutical and biotechnology companies.
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Key Market Players:
The Biosimulation Market is highly competitive with the presence of several small and big players. Some of the players in the Biosimulation Market include Certara (US), Simulation Plus (US), Dassault Systèmes (France), Schrödinger (US), ACD/Labs (Canada), Chemical Computing Group (Canada), Physiomics (UK), Evidera (US), In silico biosciences (US), INOSIM Software (Germany), Insilico Biotechnology (Germany), LeadInvent Technologies (India), Rosa (US), Nuventra Pharma (US), and Genedata (Switzerland).
Growth in the global biological simulation market is mainly driven by factors such as the growing pressure to curtail healthcare expenditures, growing demand for biosimilars due to their cost-effectiveness, rising incidence of various diseases, increasing number of off-patented drugs, positive outcomes in ongoing clinical trials, and rising demand for biosimilars in different therapeutic applications such as rheumatoid arthritis and blood disorders. As there is very little success in the R&D of new chemical entities, pharmaceutical companies are trying to find new applications for their existing drugs. As toxicity and other vital parameters of drug safety are already tested, biosimulation technologies are used to confirm the hypothesis of using the drugs for a new indication or disease.
Mr. Aashish Mehra