Delaware, US, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Biosimulation Market by Product (Software and Services), by Application (Drug Development, Drug Discovery and Others), by Delivery model (Subscription Model and Ownership Model), by End User (Pharmaceutical and Biotechnology Companies, Contract Research Organizations, and Academic and Research Institutes): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global biosimulation market was valued at $2.5 billion in 2022 and is estimated to reach $10.6 billion by 2032, exhibiting a CAGR of 15.8% from 2023 to 2032.
The biosimulation market is experiencing rapid growth and transformation. As pharmaceutical, biotechnology, and healthcare industries increasingly seek efficient and cost-effective ways to develop and test new drugs and therapies, the demand for biosimulation solutions has surged. These solutions, which involve computer-based modeling and simulation of biological processes, offer companies the ability to predict drug interactions, evaluate safety profiles, and optimize dosing regimens, all while minimizing the need for costly and time-consuming physical experiments. With advancements in technology, such as machine learning and high-performance computing, businesses operating in the biosimulation sector are poised to capitalize on this trend by providing innovative tools that accelerate research and development, reduce risks, and ultimately improve patient outcomes. As regulatory agencies continue to recognize the value of biosimulation in drug development, the market's potential for expansion remains promising, attracting investments and fostering collaborations between life science companies and technology providers.
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Prime determinants of growth
The rise in the adoption of biosimulation software, the increase in demand to curtail drug discovery and development cost, and the surge in the number of R&D activities by pharmaceutical and biotechnology companies act as a key driving factor for the growth of the global biosimulation market. However, the lack of standardization and interoperability and regulatory challenges in getting simulations accepted as valid substitutes for traditional experimental data are expected to hamper the biosimulation market growth. On the contrary, advancement in computational technologies and virtual clinical trials in developing countries and integration of biosimulation software with high-throughput omics data (genomics, proteomics, metabolomics, etc.) to create more accurate and personalized models are projected to create immense opportunities for the expansion of the global market in the future.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $2.5 billion |
| Market Size in 2032 | $10.6 billion |
| CAGR | 15.8% |
| No. of Pages in Report | 435 |
| Segments covered | Product, application, delivery model, end user, and Region. |
| Drivers | Growth in the adoption of biosimulation software Technological advancements in biosimulation software Increase in demand to curtail drug discovery and development costs |
| Opportunities | Expansion of biosimulation applications and surge in the demand for personalized medicine |
| Restraints | Lack of standardization and interoperability |
Recession 2023 impact analysis
- The biosimulation software market has been notably affected by the worldwide recession during the first quarter, stemming from the economic difficulties and uncertainties that businesses across multiple sectors encountered.
- However, the market is now recovering fast.
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The software segment to maintain its leadership status throughout the forecast period
Based on product, the software segment held the highest market share in 2022, accounting for around two-thirds of the global biosimulation market revenue and is estimated to maintain its leadership status throughout the forecast period. This is owing to a rise in R&D cost and time constraints, integration of multi-omics data with biosimulation tools, and acceptance of biosimulation software by regulatory authorities such as the U.S. Food and Drug Administration (FDA), for incorporating modeling and simulation data into the drug approval process. The same segment is also projected to manifest the fastest CAGR of 15.2% from 2023 to 2032.
The drug discovery segment to maintain its leadership status throughout the forecast period
Based on application, the drug discovery segment held the highest market share in 2022, accounting for more than half of the global biosimulation market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the convergence of advanced technology, computational capabilities, regulatory support, and a growing need for more efficient drug development processes. The same segment is also expected to portray the fastest CAGR of 15.4% from 2023 to 2032.
The ownership model segment to maintain its leadership status throughout the forecast period
Based on delivery model, the ownership model segment held the highest market share in 2022, accounting for more than three-fifths of the global biosimulation market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that ownership model reduces the risk of lack of dependency on external providers and can provide strict data security and confidentiality. The same segment is also projected to manifest the fastest CAGR of 16.1% from 2023 to 2032.
The pharmaceutical and biotechnology companies segment to maintain its leadership status throughout the forecast period
Based on end user, the pharmaceutical and biotechnology companies segment held the highest market share in 2022, accounting for nearly three-fifths of the global biosimulation market revenue. This is due to the increase in the prevalence of chronic diseases such as cancer, diabetes, Alzheimer's, cardiovascular disease, kidney disorders, the increase in the number of R&D activities, and the surge in demand for personalized medicines. The same segment would also exhibit the fastest CAGR of 16.1% from 2023 to 2032.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than half of the global biosimulation market revenue. This is attributed to the increase in the availability of contract research organizations involved in the activities of drug discovery and development and the rise in the demand for the reduction of drug development costs. However, the Asia-Pacific region is expected to witness the fastest CAGR of 17.0% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to technological advancements in medical technologies and the surge in the adoption of biosimulation software for drug development and drug discovery in developing countries.
Leading Market Players:
- Dassault Systemes
- VeriSIM Life
- Certara Inc
- Genedata AG
- SimBioSys
- Physiomics PLC
- INOSIM Software GmbH
- Schrodinger Inc.
- Simulation Plus Inc
- Cadence Design Systems, Inc (OpenEye Scientific)
The report provides a detailed analysis of these key players in the global biosimulation market. These players have adopted different strategies such as product launch, collaboration, acquisition, and business expansion to increase their market share and maintain dominant shares in different provinces.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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