PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515545
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515545
Biosimulation Market size was valued at USD 3,125.2 Million in 2023, expanding at a CAGR of 17.2% from 2024 to 2032.
Biosimulation is a mathematical simulation of a biological procedure that uses computer programs to model biological processes and systems. Model-based drug development refers to the ability to make data-driven decisions utilizing a quantitative framework throughout the drug development process. Biosimulation is a promising technology used in pharmaceutical research to improve the drug discovery and development process.
Biosimulation Market- Market Dynamics
Reduced Drug Development Costs
The reduction in drug development costs achieved through the use of biosimulation is a major factor driving the global biosimulation market. Biosimulation allows pharmaceutical companies to reduce financial risks in drug development by testing potential drug candidates using computer simulation before going on to costly and time-consuming animal and clinical studies. This in silico, or computer-based, modeling and simulation enables researchers to test millions of what-if scenarios to optimize drug molecules for desired reactions in the human body without utilizing real individuals. The cost and time savings from using biosimulation are significant. According to the United States Food and medication Administration (FDA), just one in every 10,000 medication candidates that begin preclinical research progresses to human testing, indicating a significant attrition rate during development. Similarly, the Tuft Center for the Study of Medicine Development estimates that the average cost of bringing a new medicine to market is $2.6 billion. Even a modest fraction of cost and time savings achieved through biosimulation equates to huge savings.
Biosimulation Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 17.2% over the forecast period (2024-2032)
Based on Product segmentation, The software sector dominated the market in 2023.
Based on application segmentation, Drug discovery is predicted to have the greatest CAGR during the projection period.
Based on Delivery Model segmentation, Pharmaceutical, and biotechnology companies were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Biosimulation Market is segmented based on Product, Application, Delivery Model, End-use, and Region.
The market is divided into two categories based on Product: Software and Services. The software category dominated the market in 2023. This is due to the abundance of application-specific software available in the market to meet unique research and development needs.
The market is divided into three categories based on application: Drug Development, Drug Discovery, and Others. Drug discovery is expected to have the highest CAGR over the projection period. The expanding use of biosimulation in fields such as pharmacogenomics and pharmacogenetics is helping to drive the segment's growth. Certara purchased Silico Biosciences, Inc.'s modeling and simulation technology platform designed for the research of neurodegenerative disorders in February 2020. This benefited the company's quantitative systems pharmacology (QSP) business model in its research into neurodegenerative illnesses.
Biosimulation Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America had the highest revenue share in 2023. The existence of important actors, increased healthcare digitization, and the rising prevalence of chronic health concerns all contribute to this expansion. Furthermore, the use of in-silico models in the implementation of regulatory policies to ensure high patient safety and treatment standards is helping to drive regional market growth.
The Asia Pacific region is expected to grow at an exponential rate throughout the projection period as a result of increased public and private sector activities and consistent upgrades to healthcare infrastructure. Furthermore, emerging economies' expanding R&D efforts are expected to provide major economic possibilities for the region.
In the competitive landscape of the Biosimulation Market, several significant competitors compete for market domination. Certara, USA, Dassault Systemes, Advanced Chemistry Development, Simulation Plus, and Schrodinger, Inc. are some of the market segment's leading companies. These firms are well-known for their advanced biosimulation software, modeling capabilities, and experience with pharmacokinetics and pharmacodynamics simulation. Factors driving competition in the Biosimulation Market include software performance, prediction accuracy, regulatory compliance, and the ability to meet the growing need for customized medicine and drug development. The Biosimulation Market's competitive landscape is shaped by ongoing R&D, strategic collaborations, and an emphasis on technological innovation.
In January 2022, Simulation Plus collaborated with a pharmaceutical business to improve the GastroPlus Advanced Compartmental Absorption and Transit (ACAT) model in support of ongoing research programs for gastrointestinal illnesses.
GLOBAL BIOSIMULATION MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Certara, USA
Dassault Systemes
Advanced Chemistry Development
Simulation Plus
Schrodinger, Inc.
Chemical Computing Group ULC
Physiomics Plc
Rosa & Co. LLC
BioSimulation Consulting Inc.
Genedata AG
Instem Group of Companies
PPD, Inc.
Yokogawa Insilico Biotechnology GmbH
Immunetrics
Others