[Latest report] Biosimulation Market is estimated to be US$ 8969.47 million by 2030 with a CAGR of 15.4% during the forecast period – By PMI

Covina, Sept. 07, 2023 (GLOBE NEWSWIRE) --  According to the latest research study, the demand of “Biosimulation Market accounted for US$ 2113.91 million in 2020 and is estimated to be US$ 8969.47 million by 2030 and is anticipated to register a CAGR of 15.4%.

Introduction:

Biosimulation, also known as computational biology or in silico modeling, is an innovative approach that involves using computer simulations and mathematical models to simulate and analyze biological processes, systems, and phenomena. It's a multidisciplinary field that brings together biology, physics, chemistry, mathematics, and computer science to gain insights into complex biological systems that might be challenging to study through traditional experimental methods alone.

Biosimulation market is poised for significant growth in the coming years due to advancements in technology, increasing demand for personalized medicine, drug development challenges, and the rising need for efficient and cost-effective research methods. Biosimulation is becoming an integral part of drug discovery and development processes. Pharmaceutical companies are increasingly relying on computational models to predict drug interactions, optimize dosages, and identify potential adverse effects before entering clinical trials. This approach accelerates the drug development timeline and reduces the risk of failures at later stages.

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 Recent Key Highlights

• In June 2023, Certara Launches Version 8.4 of Phoenix Biosimulation Software for Drug Development. Version 8.4 introduces new features that boost productivity, quality, and speed in response to client demand. More than 6,000 scientists from biopharmaceutical businesses, academic and non-profit institutions, and regulatory bodies utilize the Phoenix platform globally. Phoenix is used by eleven regulatory organizations, including the U.S. FDA, the PMDA in Japan, and the NMPA in China, to assess medication candidates that could save lives.
• In January 2023, Personalized therapy Biosimulation Company Cell works launched two separate business units that will take an in silico approach to testing potential new precision oncology drugs in both pre-clinical and clinical stages. The new business units will use Cellworks computational biosimulation model (CBM) and biosimulation technology to accelerate patient selection for clinical trials and reduce the time and cost associated with medication development.

Report Scope:

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Analyst View

The shift towards personalized medicine, where treatments are tailored to an individual's genetic makeup and physiological characteristics, is driving the adoption of biosimulation. Computational models help in predicting how a patient will respond to a specific treatment, leading to more effective and targeted therapies. Biosimulation Market is likely to witness growth due to the ongoing demand for innovative approaches to address complex biological challenges and to support advancements in medical science and personalized treatments.

What are the key drivers and trends influencing the Biosimulation market's growth?

The Biosimulation market is influenced by several key drivers and trends that are contributing to its growth. The drivers and trends in Biosimulation Market includes:

1. Rising Drug Development Costs: The pharmaceutical industry is facing increasing costs and risks associated with drug development. Biosimulation offers a cost-effective means of predicting drug behavior and optimizing candidate selection, reducing the need for costly experimentation.
2. Advancements in Computational Power: The availability of high-performance computing and cloud computing resources has enabled more complex and accurate simulations, allowing for the modeling of intricate biological processes.
3. Integration of Artificial Intelligence (AI) and Machine Learning: AI and machine learning algorithms are being integrated into biosimulation workflows to enhance predictive accuracy and automate data analysis, leading to more efficient drug discovery and development.
4. Personalized Medicine: The shift towards personalized medicine has increased the demand for patient-specific modeling and simulation to optimize treatment regimens and predict individual responses to drugs.
5. Regulatory Acceptance: Regulatory agencies like the FDA and EMA are increasingly recognizing the value of biosimulation in drug development. This acceptance is encouraging wider adoption in the industry.
6. Virtual Clinical Trials: Biosimulation allows the conduct of virtual clinical trials, reducing the need for traditional, time-consuming, and costly clinical trials. This trend has gained momentum, especially in the context of the COVID-19 pandemic.

How has the COVID-19 pandemic influenced the adoption and development of biosimulation technologies in the life sciences industry?

The COVID-19 pandemic has had a significant impact on the adoption and development of biosimulation technologies in the life sciences industry. Here are several ways in which the pandemic has influenced this field:

1. Accelerated Drug Development: The urgent need for treatments and vaccines for COVID-19 prompted a rapid acceleration of drug development efforts. Biosimulation played a crucial role in modeling the behavior of potential drug candidates and predicting their efficacy, helping to expedite the development timeline.
2. Virtual Clinical Trials: The pandemic disrupted traditional clinical trial processes, making it challenging to conduct in-person trials. Biosimulation enabled the design and execution of virtual clinical trials, where computer models simulated patient responses to treatments, reducing the reliance on physical trials.
3. Vaccine Development: Biosimulation was instrumental in the development of COVID-19 vaccines. Researchers used modeling to predict vaccine effectiveness, optimize vaccine formulations, and assess dosing strategies.
4. Repurposing Existing Drugs: Biosimulation help to identify existing drugs that could potentially be repurposed for COVID-19 treatment, saving time and resources in the search for effective therapies.
5. Resource Optimization: The pandemic highlighted the importance of resource optimization in drug development. Biosimulation allowed researchers to prioritize the most promising drug candidates and treatment strategies, conserving valuable resources.

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Here is a list of key players in the Biosimulation Market:

• Simulations Plus, Inc.
• Certara, LP.
• Genedata AG
• Compugen Inc.
• Dassault Systemes (Accelrys)
• LeadScope, Inc.
• Schrödinger, LLC. 

Conclusion:

The Biosimulation market is a rapidly evolving and critical component of the life sciences and pharmaceutical industries. It has witnessed substantial growth and transformation driven by various factors, including advancements in computational capabilities, the integration of artificial intelligence and machine learning, and the demand for cost-effective and efficient drug development solutions.

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