Product ID: SQMIG35I2104
Global Biosimulation Market Size, Share, Growth Analysis, By Application(drug development, drug discovery), By End user(pharmaceutical and biotechnology companies, academic institutes and research laboratories) - Industry Forecast 2024-2031
Report ID:
SQMIG35I2104 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
64 |
Figures:
75
Global Biosimulation Market Insights
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 Biosimulation Market Report Snapshots
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