Fort Collins, Colorado, Dec. 06, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Biosimulation Market size was valued at USD 2.8 Billion in 2022 and is anticipated to reach USD 12.7 Billion by 2032 with a CAGR of 16.6%.
The biosimulation market is growing due to increasing research and development in the pharmaceutical and biotechnology industries. The market growth is driven by the biologics and biosimilar market growth, reduction in the cost of clinical trials and prediction of drug development or failure.
Pharmaceutical companies and research firms use biosimulation software to reduce trial duration and drug development costs. The biosimulation market is also driven by the clinical emergency for medicinal drug development due to rising incidences of diseases such as cancer, tuberculosis, and infectious diseases.
The demand for biosimulation tools and software has been catalyzed by the utmost urgency to develop a vaccine for COVID-19. Ongoing clinical trials in pharmacology and biotechnology, technological advancements, customization, and personalization in drug development techniques create a huge opportunity for the biosimulation market.
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Segmentation Overview:
The global biosimulation market has been segmented into product, application, end-use, and region. The drug development segment is expected to hold a major market share due to the efficacy of drugs developed and approved by the FDA. The software segment is also anticipated to dominate the market due to pharmaceutical and research organizations' growing adoption of biosimulation software. Several application-specific software are being developed to cater to market growth.
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Biosimulation Market Report Highlights:
- The global biosimulation market growth is anticipated to have a CAGR of 16.6% by 2032.
- Biosimulation is a computer-based mathematical simulation used in pharmaceutical drug development to mimic diseases and conduct virtual clinical trials.
- North America is expected to dominate the biosimulation market due to the rising incidence of chronic diseases, growing health concerns, and the presence of many pharmaceutical and biotechnology companies.
- Some prominent players in the biosimulation market report include Certara, Dassault Systems, Advanced Chemistry Development, Simulation Plus, Schrodinger, Inc. Chemical Computing Group ULC, Physiomics Plc Rosa & Co. LLC, BioSimulation Consulting Inc., Genedata, AG Instem Group of Companies, PPD, Inc., Yokogawa Insilico Biotechnology GmbH, and among others.
Industry Trends and Insights:
- Certara, Inc. introduced Simcyp Biopharmaceutics software for biopharmaceutics, formulation, and CMC scientists.
- Medidata extended its 15-year relationship with the National Cancer Institute for another five years to advance cancer research.
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Biosimulation Market Segmentation:
By Product: Software, services.
By Product: Drug development, drug discovery, others.
By End-use: Research institutes, pharmaceutical and biotechnology companies, contract research organizations (CRO), regulatory authorities, others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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