Biosimulation Market Is Expected To Reach $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 diseases such 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 drugs in 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 responsible for the heightened market demand.

To view a summary of this report, click the link below: 
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, enabling study of the mechanistic actions of drugs, and identification of the 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 market 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 the ofthis region. Moreover, the presence of highly skilled professionals also serves as a significant growth driver.
• The numerous collaborations amongst the leading players that are being undertaken to promote the incorporation of biosimulation systems are expected to be responsible for bolstering the growth in this 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, in-vitro 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.

View more reports of this category by Grand View Research at:

www.grandviewresearch.com/industry/healthcare-it

Grand View Research has segmented the biosimulation market on the basis of product, application, end use, 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

View press release of this research report by Grand View Research:

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.

For more information: www.grandviewresearch.com