USD 2.81 billion
Report ID:
SQMIG35I2104 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
64
|Figures:
75
Global Biosimulation Market size was valued at USD 2.81 billion in 2022 and is poised to grow from USD 3.28 billion in 2023 to USD 11.46 billion by 2031, growing at a CAGR of 16.90% during the forecast period (2024-2031).
Biosimulation is a technique that simulates biological processes using computer programmes. Biosimulation has numerous applications in drug discovery and development. It is a tool for prediction, and biosimulation is used to predict the future outcomes of current experiments related to the discovery and development of new drugs.
The drug discovery and development process is costly, and the failure of a drug molecule in the late stages of drug development results in a massive waste of time, money, and other resources. As a result, there is a need for a predictive tool that will aid in predicting the future outcomes of drug development through simulation of the biological processes involved.
The biosimulation market grew significantly during the COVID-19 pandemic, owing to the importance of this technology in the study of drug development and how it interacts with the human body. As a result, biosimulation was extremely useful during the development of the COVID-19 vaccine. For example, when COVID-19 was declared a pandemic, Certara, a biosimulation technology company, began offering its services to companies developing a vaccine. As a result, the use of biosimulation was increased during the pandemic, which fueled market growth.
US Biosimulation Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.81 billion
Largest Segment
drug discovery
Fastest Growth
drug discovery
Growth Rate
16.90% CAGR
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The global biosimulation market is divided into three sections: offering type, application, and end user. The market is classified into two types of offerings: software and services. The software segment is divided into the following categories: PK/PD modelling and simulation, PBPK modelling and simulation, trial simulators, molecular modelling, and others. The Biosimulation Market is classified into three applications: drug discovery, drug development, and others. End users in the Biosimulation Market include contract research organisations, pharmaceutical and biotechnology companies, research institutes, regulatory institutes, and others. By region, the Biosimulation Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Biosimulation Market Analysis by Application
The biosimulation technology market can be divided into three categories based on applications: drug development, drug discovery, and others. The drug development segment includes preclinical testing and clinical trials, whereas the drug discovery segment includes target identification and validation, as well as lead identification and optimization. The drug development segment dominates the biosimulation technology market.
Biosimulation Market Analysis by End User
Pharmaceutical and biotechnology companies will account for more than 50.0% of total revenue in 2021. The high demand for biosimulation in these companies can be attributed to key companies' ongoing efforts to extend the life cycles of off-patent drugs and discover drug variants through computer modelling. Pharmaceutical and biotechnology companies, contract research organisations (CROs), regulatory authorities, and academic research institutions comprise the end-use segment. During the forecast period, the CROs segment is expected to grow at the fastest rate. The growing proclivity of businesses to cut overall spending is expected to drive segment growth. Other drivers include increased productivity and the ability to focus on core areas of development that are critical to a company's growth.
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In 2021, North America had a revenue share of more than 45.0%. This expansion is attributed to the presence of key players, increased healthcare digitization, and the rising prevalence of chronic health issues. Furthermore, the use of in-silico models during regulatory policy enforcement to ensure high patient safety and treatment standards is contributing to regional market growth. Geographically, North America will dominate the worldwide biosimulation technology market in the years to come as a result of technical improvements, market expansion for biologics and biosimilars, high healthcare spending, and the presence of numerous pharma and biotech firms. Additionally, the U.S. Food and Drug Administration (FDA) highly suggests using simulation methods in drug research and development, hence promoting the expansion of the North American biosimulation technology market. In the global market for biosimulation technology, Europe is the region with the quickest growth. High healthcare costs and an increase in R&D activities are the main causes of the fastest growth in the region.
In the upcoming years, Asia Pacific is anticipated to see the fastest market growth. The region is predicted to experience a rapid increase in investment in the growth of the pharmaceutical and healthcare sectors. The Asia Pacific region's biosimulation market is increasing significantly due to the presence of numerous top contract research firms there as well as the expanding FDIs from leading pharmaceutical MNCs. The development of the pharmaceutical and healthcare sectors in this region is being aided by the availability of inexpensive production inputs and favourable government policies, which is anticipated to boost the expansion of the Asia Pacific biosimulation market.
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Biosimulation Market Drivers
Development of Healthcare Infrastructure to Bolster Market Growth
Biosimulation Market Restraints
Complexity to Hinder Market Growth
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To gain a larger market share, key players used competitive sustainability strategies such as product development and geographical presence expansion. Market leaders are also more likely to address unmet needs and provide economic value through consistent product upgrades.
Biosimulation Market Top Player's Company Profiles
Biosimulation Market Recent Developments
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Due to technical improvements and rising R&D expenditures in the biotechnology and pharmaceutical sectors, the worldwide biosimulation industry is expanding rapidly. There are several potential for the worldwide biosimulation technology market to grow at a large rate in the anticipated time due to the low success rate of drug approval and emerging software applications of biosimulation technology. The demand for affordable biosimulation software is being driven by the companies' new product developments and cutting-edge research and development facilities. Due to rising initiatives from the public and private sectors, as well as consistent improvements in healthcare infrastructure, Asia Pacific is expected to grow at an exponential rate during the forecast period.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.81 billion |
Market size value in 2031 | USD 11.46 billion |
Growth Rate | 16.90% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Biosimulation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Biosimulation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Biosimulation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Biosimulation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35I2104