Biosimulation Market Is Poised To Reach Around $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.
North America Biosimulation Market Share, by Application, 2014 - 2024 (USD Million) |
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.
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research report on Biosimulation Market: https://www.grandviewresearch.com/industry-analysis/biosimulation-industry
Further key
findings from the report 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.
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reports of this category by Grand View Research: https://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 By Grand View Research: https://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.
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