The global Biosimulation Market size is anticipated to reach USD 6.83 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.9% from 2021 to 2028. 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 resulted in an increase in 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 the overall costs.
Arise in drug relapse rates, drug resistance cases,
and 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.
The COVID-19 pandemic also had a significant impact on
the market. Simulations Plus, for instance, launched the StrategiesPlus
COVID-19 ACT Program in March 2020 for speeding consulting assistance to any
organization involved in the COVID-19 research. As of November 2020, the
company declared that its business was not materially adversely affected.
However, the continuing spread of COVID-19 and the measures taken by the
governments of the affected countries are likely to disrupt the supply chain
and adversely impact its business and financial performance.
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 early stages of product development, thus limiting
the probability of drug relapse and adverse events at later stages.
Related Press Release@ Biosimulation Market Report
Biosimulation Market Report
Highlights
- In terms of product, software dominated the market in 2020. 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 target drug identification
- By application, the drug development segment accounted for the
largest share in 2020
- Based on end use, pharmaceutical and biotechnology companies
dominated the market in 2020 due to increasing strategic initiatives
- North America grabbed the largest share in 2020. The presence of a
favorable reimbursement framework (especially post the implementation of
the Affordable Care Act) and sophisticated healthcare infrastructure is
expected to drive the North American market over the forecast period
- Asia Pacific 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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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