DUBLIN, Oct. 6, 2022 /PRNewswire/ -- The "Global Biosimulation Market Size, Share & Trends Analysis Report by Product (Software, Services), by Application (Drug Development, Drug Discovery), by End Use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global biosimulation market size is expected to reach USD 9.95 billion by 2030. The market is expected to expand at a CAGR of 16.9% from 2022 to 2030. The key factors fueling the market growth include the increasing incidence of chronic diseases, increase in healthcare digitization, and usage of biosimulation solutions in clinical trials and research.
The need for drug discovery and development amidst the prevalence of acute and chronic diseases has increased the allocation of funds for R&D activities, which has propelled the adoption of biosimulation solutions. In addition, a high drug attrition rate leads to an increase in the cost of clinical trials, which is expected to drive the clinical urgency to incorporate in silico biology approach. This approach significantly reduces the probability of drug failure by predicting biological interactions, thereby reducing overall costs.
A rise in drug relapse rates, drug resistance cases, and the limited availability of drugs to treat diseases such as AIDS have led to high clinical urgency for the adoption of biosimulation in applications such as drug development and drug discovery.
Surging demand for biosimulation software and services can also be attributed to their higher cost-efficiency. Biosimulation solutions enable cost-effective prediction of toxicity, adverse reactions, and efficacy of investigational drugs during the early stages of product development, thus limiting the probability of drug relapse and adverse events at later stages.
Market players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, to maintain a competitive edge in the market. For instance, in January 2022, Simulations Plus Inc. collaborated with an animal health company for validating current animal physiologically based pharmacokinetic (PBPK) models. With this funded collaboration, the company aimed to add a critical new species to its GastroPlus platform. Moreover, in November 2021, Yokogawa Electric Corporation acquired Insilico Biotechnology AG, a Germany-based company that develops and provides bioprocess software and services.
Biosimulation Market Report Highlights
By product, software dominated the market in 2021. This can be attributed to the availability of a wide range of application-specific software that suits research requirements. Furthermore, biosimulation software is being used in clinical trials and it also eases modeling and targets drug identification.
The drug development application segment accounted for the largest revenue share of more than 55.0% in 2021.
By end-use, pharmaceutical and biotechnology companies held the largest revenue share in 2021 due to the increasing strategic initiatives.
North America grabbed the largest revenue share of over 45.0% in 2021. The presence of a favorable reimbursement framework (especially post the implementation of the Affordable Care Act) and sophisticated healthcare infrastructure are expected to drive the regional market over the forecast period.
The Asia Pacific region is expected to grow significantly during the forecast period owing to the increase in the number of CROs, growth in spending on healthcare IT, and rapidly evolving healthcare infrastructure.
Increasing Adoption of Physiologically Based Pharmacokinetic Modeling in the Regulatory Approval Process of Drugs
Growing Number of Relapse Cases Due to Increasing Drug Resistance
Rising Technological Advancements
Increasing Need to Reduce Drug Discovery and Development Costs
Accelerating Formulation Development and Saving Costly Studies
Increasing Investments in the Life Sciences Industry
Increasing Use of Personalized Medicine
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Biosimulation Market Variables, Trends & Scope
Chapter 4 Biosimulation Market: Impact of COVID-19
Chapter 5 Biosimulation Market: Segment Analysis, By Product, 2017-2030 (USD Million)
Chapter 6 Biosimulation Market: Segment Analysis, By Application, 2017-2030 (USD Million)
Chapter 7 Biosimulation Market: Segment Analysis, By End-use, 2017-2030 (USD Million)
Chapter 8 Biosimulation Market: Regional Market Analysis 2017-2030 (USD Million)
Chapter 9 Biosimulation Market-Competitive Analysis
Chapter 10 Biosimulation Market-Company Profiles
Chapter 11 KOL Commentary
Advanced Chemistry Development
Chemical Computing Group ULC
Rosa & Co. LLC
Biosimulation Consulting Inc.
Instem Group of Companies
Yokogawa Insilico Biotechnology GmbH
For more information about this report visit https://www.researchandmarkets.com/r/ch173d
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets