Number of pages: 120 | Report Format: PDF | Published date: 13 November, 2020
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global biosimulation market was pegged at US$ 2.11 billion in 2020 and is expected to witness a CAGR of 15.5% during the forecast period.
Biosimulation refers to the simulation of biological systems and thereby predicting the system behavior in terms of mathematical expression using modern computers. The results of biosimulation come from understanding clinical outcomes in discovery or development. Biosimulation is used by pharmaceutical companies, regulatory agencies, and academic institutions. Pharmaceutical companies use this tool throughout the drug development process as well as during drug discovery to understand the complexity of human physiology and predict human response to the treatment or therapies. Biosimulation is also used in clinical development to reduce toxicity and potential drug-drug interactions (DDIs). Biosimulation is a promising tool and has tremendous benefit such as saving both time and money and improving the predictability in early stage of drug development.
Growing drug development activities from pharmaceutical companies is one of the major factors driving the biosimulation market growth. Moreover, rising adoption of biosimulation software and growing demand for biologics and biosimilar products are other factors playing a pivotal role in propelling the global 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.
The global biosimulation market has been analyzed from four perspectives: Products & Services, Application, End User, and Region.
Biosimulation Market by Products & Services
Based on products & services, the biosimulation market has been segmented into software and services. The software segment is categorized into PK/PD modeling & simulation, PBPK modeling & simulation, molecular modeling, trial simulators, toxicity prediction, and other software. Services segments are bifurcated into in-house services and contract services. Software segment is anticipated to grow at the highest CAGR during the projected period. Factors driving the segmental growth include the increasing use of biosimulation software for drug development applications, newer software launches, and rising investments for R&D activities for drug development in pharma & biotech companies.
Biosimulation Market by Application
Based on application, the market has been segmented into drug discovery, drug development, and other applications. Drug discovery segment is further sub segmented into target identification & validation and lead identification & optimization. Drug development segment is further categorized into pre-clinical and clinical trial. Drug development segment held the largest market share of the biosimulation market in 2020. Greater adoption of the biosimulation products for drug development processes is the key factor driving the growth of this segment.
Biosimulation Market by End User
Based on end user, the market has been segmented into pharmaceutical & biotechnology companies, contract research organization, regulatory institutes, research institutes, and other end users. Pharmaceutical and biotechnology companies held the largest market share in 2020 and are also expected to grow at a higher growth rate during the forecast period. Greater usage of these software by pharmaceutical & biotechnology companies for drug discovery and drug development process and increasing investment in R&D of new drugs are the important factors boosting the growth of this end-user segment.
Biosimulation Market by Region
Regionally, the global biosimulation market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominated the market for biosimulation holding the largest market share in 2020. Factors driving the growth of the biosimulation market in North America include the presence of major pharma & biotech companies and growing demand for pharmaceutical and biologics products in the region. Moreover, increasing investments for development of new drugs and the rising adoption of advanced biosimulation products are some of the other factors fueling the market growth.
Some of the prominent players operating in the global biosimulation market includes:-