PUBLISHER: Allied Market Research | PRODUCT CODE: 1365704
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365704
According to a new report published by Allied Market Research, titled, "Biosimulation Market," The biosimulation market was valued at $2.5 billion in 2022, and is estimated to reach $10.6 billion by 2032, growing at a CAGR of 15.8% from 2023 to 2032. The computer-assisted simulation of biological processes that are essential to human biology is known as biosimulation. The goal of biosimulation is to offer model-based predictions of the dynamics and behavior of a biological system. A simulation model translates the knowledge about the biological system into mathematical equations. In the initial stage of the drug development process, one is anticipated to use the simulation model to test any hypothesis and change the product in order to optimize its function or estimate the chances that a given agent is projected to function as a drug, even before the first molecule is produced. The simulation model is anticipated to be used as a vehicle to define an effective test protocol and to check that information obtained from tests is consistent.
Pre-clinical testing of novel medicines, lead identification and optimization, target identification and validation are some primary areas where biosimulation is being used in drug R&D. Biosimulation forms the backbone of "virtual" drug trials, whose aim is to accurately predict the way medicines and diseases behave in the body by applying principles from biology, chemistry, and pharmacology with proprietary algorithms. In addition, this work includes gathering critical insights concerning drug interactions, safe dosing, toxicity predictions, and more.
Major factors that drive the growth of the global biosimulation market include an increase in demand for drug discovery and development, rise in need for personalized medicines, and surge in technological advancement in biosimulation software and devices. For instance, in June 2022, Certara, a global leader in biosimulation, released the new versions of immunogenicity (IG), immuno-oncology (IO) and vaccine simulators to help predict how drugs work and address key questions in the development of novel biologic therapies.
Furthermore, increase in R&D investment in pharmaceutical & biotechnology industries for the development of novel drug therapies and increase in prevalence of chronic diseases such as cancer, diabetes, Alzheimer's, cardiovascular disease, kidney disorders, and various others are the major factors that increase the demand for biosimulation software and hence propel the growth of the market. In addition, rise in demand to reduce drug discovery and development costs and increase in penetration of biosimulation software in contract research organization (CROs) and academic research institutes for drug discovery and development are the major factors that boost the growth of the biosimulation market.
However, the lack of standardized formats, protocols, and interoperability between different simulation platforms and limited awareness and education about biosimulation techniques among researchers and healthcare professionals restrain the growth of the biosimulation market. On the contrary, the expanding applications and increased use of personalized medicine and biosimulation solutions for pediatric drug development are expected to provide additional opportunities for the biosimulation market to grow in the coming years.
The global biosimulation market is segmented into product, application, end user, and region. On the basis of product, the market is bifurcated into software and services. On the basis of delivery model, the market is segmented into subscription model and ownership model. On the basis of application, it is segregated into drug development, drug discovery and others. On the basis of end user, it is segmented into pharmaceutical and biotechnology companies, contract research organization (CROs) and academic and research institutes. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The major players profiled in the report are Dassault Systemes, VeriSIM Life, Certara Inc, Genedata AG, SimBioSys, Physiomics PLC, INOSIM Software GmbH, Schrodinger, Inc. Simulation Plus Inc, and Cadence Design Systems, Inc. The key players such as Simulation Plus Inc, Cadence Design Systems Inc, VeriSIM Life, Certara Inc, Schrodinger Inc, and Genedata AG have adopted product launch, acquisition, collaboration, partnership, and business expansion as major developmental strategies to improve the product portfolio of the biosimulation market.
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