The global Biosimulation Market size is expected to reach USD
9.95 billion by 2030, according to a new report by Grand View Research, Inc.
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.
The COVID-19 pandemic also had a significant impact on
the market growth. Simulations Plus, for instance, launched the StrategiesPlus
COVID-19 ACT Program in March 2020 for speeding consulting assistance to any
organization involved in COVID-19 research. The company declared that as of
November 2020, its business was not materially adversely affected. However, the
continuing spread of COVID-19 and the measures taken by governments of 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 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.
Related Press Release@ Biosimulation Market Report
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
About Us:
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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Grand View Research, Inc
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