Number of pages: 100 | Report Format: PDF | Published date: 23 August, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global biosimulation technology market was pegged at ~US$ 3.15 billion in 2021 and is expected to witness a CAGR of ~13% during the forecast period.
The term "biosimulation" refers to a technique used, particularly by pharmaceutical corporations, to simulate biological systems and processes with the assistance of computer programmes. It can be used in a variety of ways to improve drug development and discovery. The data software and mathematical techniques used in biosimulation software primarily aid in forecasting how a certain medicine would affect a biological component.
One of the main factors driving the market growth is the increasing number of bounce backs brought on by drug resistance in diseases including cancer, tuberculosis, and other bacterial infections. According to estimates, this will increase the clinical urgency to include biosimulation in the early stages of developing a new generation of medications.
It is projected that software updates and technological advancements would increase academics' interest in biosimulation. This will probably give the market a strong boost. Predictive models and the deployment of microarrays are examples of these technological developments. Semantic technologies that support a limited number of biosimulation components are another development that helps to speed up, lower the cost, and simplify the process as a whole.
The global biosimulation technology market has analysed in four perspectives by product type, application, end user, and region.
Biosimulation Technology Market by Product Type
Based on product type, the global biosimulation technology market has been segmented into software and services. The software segment dominated the market. This is because there is a wide variety of application-specific software available on the market to meet certain needs in research and development. For instance, software for simulating the action of CNS-specific medications is offered by Rhenovia Pharma. However, the services category is anticipated to have the highest CAGR. The category is expected to rise as a result of increasingly intricate and multi-layered drug development processes, which may make biosimulation services essential.
Biosimulation Technology Market by Application
Based on application, the global biosimulation technology market has been segmented into drug discovery, drug development and others. The drug development segment dominated the overall market during forecast period. The segment is expanding as a result of an increase in government programs that support the use of innovative software. For instance, the study from the US FDA's critical route effort emphasizes the important role of this strategy for drug development and makes the case that it can be used as an effective forecasting tool. Drug development, drug discovery, and other applications are included in this area. Furthermore, throughout the projected period, drug discovery is expected to experience the highest CAGR. The segment's growth is being aided by the increasing use of biosimulation in fields like pharmacogenomics and pharmacogenetics.
Biosimulation Technology Market by End User
Based on end user, the global biosimulation technology market has been segmented into pharmaceuticals & biotechnology companies, contract research organizations, regulatory authorities, and academic & research institutes. The pharmaceuticals and biotechnology segment accounted the highest CAGR. The persistent attempts of significant corporations to extend the lifecycles of off-patent pharmaceuticals and develop therapeutic variations by using a computer modelling technique can be responsible for the high demand for biosimulation in these companies. However, the CROs segment is anticipated to grow the fastest. The segment's growth is anticipated to accelerate due to businesses' growing desire to save overall costs. Further drivers include improved efficiency and the freedom to concentrate on key development areas, which are essential to a company's expansion.
Biosimulation Technology Market by Region
North America had a significantly higher revenue share in the global biosimulation technology market. The existence of important players, the expansion of digitalization in healthcare, and the rise in chronic health problems are all credited with this expansion. In addition, the use of in-silico models in the implementation of regulatory laws to guarantee high standards for patient safety and care is boosting the regional market growth.
Due to expanding government and private sector activities and ongoing infrastructure upgrades in the healthcare sector, Asia Pacific is predicted to experience exponential growth during the projected period. Additionally, the region is expected to benefit greatly from the expanding R&D activity in emerging economies. Certara established a new office in Shanghai, China, in November 2020. As a result, the company was better able to maintain relationships with clients in the quickly expanding Chinese biopharmaceutical market.
Some of the key players operating the market global biosimulation technology market includes