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(Health-NewsWire.Net, December 12, 2019 ) The growth of Biosimulation 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.
What the Market Looks Like?
Predicted to grow at a CAGR of 15.9% during the forecast period, the global Biosimulation market is estimated to reach USD 2.88 Billion by the end of 2022. In 2017, North America to dominate the biosimulation market.
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 biosimulation 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.
Based on end user, the biosimulation market is segmented into research institutes, pharmaceutical and biotechnology companies, contract research organizations (CROs), regulatory authorities, and other end users (consulting firms, defense research and development organizations, nutraceutical companies, and food and agricultural companies).
Based on application, the market is segmented into drug discovery, drug development, and other applications (nutraceuticals, and agri-food production). The drug development segment is estimated to account for the largest market share in 2017. Biosimulation solutions help to reduce the time and cost of the drug development process by screening out flawed NCEs that have a higher probability of failure due to toxicity and poor PK/PD properties. These factors are expected to increase the adoption of biosimulation software in the drug development process and are supporting the growth of this application segment.
Based on delivery model, the market is segmented into ownership models and subscription models. The subscription models segment is estimated to account for the largest market share in 2017. The large share of the subscription models segment is attributed to the advantages associated with these models such as cost-effectiveness, interoperability, and flexibility.
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What Drives the Market?
The growth of the global market for Biosimulation is primarily influenced by the following factors:
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
Growth in the Biologics and Biosimilars Markets
Geographical growth scenario of Biosimulation Market
Geographically, the Biosimulation market has been studied for North America, followed by Europe, Asia, and the Rest of the World (RoW). North America is expected to dominate the 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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Leading market players and strategies adopted:
The prominent 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).
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