Biosimulation Market by Products & Services (Software and Services), Application (Drug Discovery and Drug Development), End User (Pharmaceutical & Biotechnology Companies, Contract Research Organization, Regulatory Institutes, and Research Institutes)–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global biosimulation market was pegged at ~US$ 2.11 billion in 2020. The market is expected to witness a CAGR of ~15.5% from 2021 to 2031.
Factor contributing to the growth of biosimulation market include the increasing use of biosimulation in drug discovery and drug development. Moreover, growing incidence of chronic diseases, increasing need for new drugs, and rising investments for development of new drugs are some of the other factors playing a pivotal role in driving the biosimulation market growth. However, lack of standardization and dearth of skilled experts that can handle such models are some of the factors hindering the biosimulation market growth to a certain extent.
Broad applications of biosimulation software are driving their usage by pharmaceutical & biotechnology companies. Biosimulation software helps predict drug-drug interactions, drug designing, conducting clinical studies, and improving the success rate of the trials. It is also used to analyze, verify, review, and sponsor IND, NDA, BLA, ANDA, and other regulatory submissions. Regulatory bodies are supporting the use of these software in drug development process. For instance, in October 2020, the U.S. FDA renewed and expanded licenses of Certara’s biosimulation software to more than 400 user licenses for Simcyp and Phoenix platforms. Such approvals have led to increasing adoption of these software.
As the incidence of infectious and chronic diseases is rising, the need for drugs that can help in treating or managing these diseases is increasing. Pharmaceutical companies are constantly conducting research for developing new drugs. Biosimulation software is used for testing the toxicity, efficacy as well as safety of the drugs during development process. Moreover, increasing number of off-patent drugs has led to the rising demand for biosimilars and this is also driving the demand for biosimulation software which are used in simulation studies for biosimilars.
The prominent players in the biosimulation market are focused on developing and launching new software in the market. For instance, in June 2020, Certara launched the version 8.3 of its Phoenix platform- it is the pharmacokinetic/ pharmacodynamic (PK/PD), and toxicokinetic modeling and simulation software. This version delivers new features that help in driving efficiencies and quality and save valuable time. New features/benefits offered by the novel products helps generate the demand for these products, which in turn drives the market growth.
Although, biosimulation is used by many companies for drug development, there is a lack of standardization by governing bodies. Moreover, skilled professionals are required to handle these systems as they are complex models. Thus, lack of standardization and the dearth of skilled professionals are the factors restraining the growth of biosimulation market.
Regionally, the global biosimulation market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). However, Asia Pacific region is expected to grow at a higher CAGR during the forecast period. Several factors are contributing to the growth of the market in this region include the rising demand for pharmaceuticals, rising number of emerging pharmaceutical, biotech companies & CROs, and increasing number of R&D activities.
Some of the prominent players operating in the global biosimulation market include Certara, Dassault Systèmes, Chemical Computing Group ULC, Simulations Plus, Rosa & Co. LLC, Genedata AG, Schrödinger, Inc., Physiomics Plc, Inosim Software GmbH, and LeadInvent Pharma Inc., among others.