Biosimulation Market Is Expected To Reach USD $3.77 Billion By 2024: Grand View Research, Inc.
The biosimulation market is expected to reach USD 3.77
billion by 2024, according to a new study by Grand View Research, Inc. The
unprecedented global shift in the adoption of unhealthy lifestyles is resulting
in the high prevalence of chronic diseases, such as cancer and diabetes, is
expected to drive the biosimulation market during the forecast period. In
addition, the rising geriatric population base highly susceptible to acquire
the aforementioned chronic diseases result in enhanced demand for highly
efficacious pharmacological drugs.
This high requirement of efficacious drugs can be effectively met at a faster rate through the incorporation of the in silico approach, thus creating a high potential for biosimulation market growth opportunities in the future. Furthermore, increasing drug resistance, high drug failure rate, and availability of limited drugs to treat several diseasessuch as AIDS, pneumonia, tuberculosis, and others indicate the indisputable requirement for the incorporation of biosimulation in the drug discovery and development process. The widespread application of the in silico approach to developing efficacious drugs would generate drugs of greater potency in the market within a shorter span.
This high requirement of efficacious drugs can be effectively met at a faster rate through the incorporation of the in silico approach, thus creating a high potential for biosimulation market growth opportunities in the future. Furthermore, increasing drug resistance, high drug failure rate, and availability of limited drugs to treat several diseasessuch as AIDS, pneumonia, tuberculosis, and others indicate the indisputable requirement for the incorporation of biosimulation in the drug discovery and development process. The widespread application of the in silico approach to developing efficacious drugs would generate drugs of greater potency in the market within a shorter span.
The increasing demand can be attributed primarily to the
significant cost reduction in the clinical trials and drug development &
discovery process. This is due to the fact that the in silico software can
predict adverse reactions, toxicity, and efficacy of the drugsin the early
stages of the drug development, thereby reducing the probability of drug
failure at the later stages and consequentially, control the overall
expenditure. These above-mentioned factors serve as key reasons responsiblefor
the heightened market demand.
Browse full research report on Global Biosimulation Market: http://www.grandviewresearch.com/industry-analysis/biosimulation-industry
Further key findings from the study suggest:
- The
services segment is expected to exhibit growth at a significant CAGR of
over 16.0% during the forecast period. This is a consequence of rising
inclination of the big pharmaceutical companies to outsource their
biosimulation process so as to reduce the overall cost incurred in
research and development and divert its focus toward their core
capabilities.
- The
drug discovery segment is anticipated to witness an exponential CAGR of
over 15.0% in the application segment. Associated benefits of
biosimulation in drug discovery are anticipated to fuel the demand over
the forecast period. These benefits include the elimination of potential
drug failures, predict unfavorable drug interactions, and anticipate
potential risks.
- In
addition to these, certain other advantages include increased drug efficacy
through the evaluation of optimal synergistic combinations, enable study
of the mechanistic actions of drugs, and identification ofthe most
suitable dosage forms, which render the drug discovery segment a
profitable zone.
- In
2015, the pharmaceutical and biotechnology companies held a substantial
share of this vertical of over 58.0% in 2015. This can be attributed to
the consistent efforts of these companies to develop better medication
options at a faster and cheaper rate through in silico biology techniques.
- Likewise,
the academic research applications are presumed to witness constant growth
as a consequence of the presence of various academic research groups that
are involved in the study of complex biological systems using computer
models, such as by the National Institute of Diabetes and Digestive and
Kidney Diseases (NIDDK).
- In
2015, North America dominated the overall biosimulation marketat over
50.0%. The presence of regulatory authorities, consistently inclined
towards ensuring patient safety, is a crucial factor presumed to be
responsible for the dominant market share ofthis region. Moreover, the
presence of highly skilled professionals also serves as a significant
growth driver.
- The
numerous collaborations amongst the leading playersthat are being
undertaken to promote the incorporation of biosimulation systems are
expected to be responsible for bolstering the growth inthis region. For
instance, Entelos, Inc. collaborated with Bayer AG to develop novel
gene-based drug targets and also with Johnson & Johnson, Inc. to
optimize clinical trial designs through in silico models.
- Some
of the leading players in this industry include Certara USA, Inc.,
Simulation Plus, Inc., Dassault Systems SA, Rhenovia Pharma Ltd., and
Evidera, Inc. These players are actively involved in initiating
collaborative strategies and frequent product launches to capture a larger
share of the vertical.For instance, In April 2016, Simulation Plus, Inc.
launched the DDDPlus Version 5.0, invitro dissolution experiment software.
This upgraded version includes improvements in functionalities of the
software that enable scientists and researchers to study the behavior of
different pharmaceutical dosage forms.
Browse full research report on Global Biosimulation
Market: http://www.grandviewresearch.com/industry/healthcare-it
Grand View Research has segmented the biosimulation marketon
the basis of product, application,enduse and region:
Global Biosimulation Product Outlook (Revenue, USD
Million, 2013 - 2024)
- Software
- Services
- In-house
Services
- Contract
Services
Global Biosimulation Application Outlook (Revenue,
USD Million, 2013 - 2024)
- Drug
Development
- Drug
Discovery
- Others
Global Biosimulation End-use Outlook (Revenue, USD
Million, 2013 - 2024)
- Pharmaceutical
& Biotechnology Companies
- CROs
- Regulatory
Authorities
- Academic
Research Institutions
Biosimulation Regional Outlook (Revenue, USD Million,
2013 - 2024)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia
Pacific
- Japan
- China
- India
- Latin
America
- Mexico
- Brazil
- MEA
- South
Africa
Access press
release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-biosimulation-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information:
www.grandviewresearch.com
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