Biosimulation Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2026
Discovering and producing a lifesaving drug formula is a high-priced process. If the drug molecule fails at the last stage of development it can ruin efforts, time and money. This forged the need to develop a predictive tool that could foretell outcomes of drug development by simulating biological process to treat the desired ailment. This need serves as a significant catalyst in the growth of biosimulation market for the coming years.
What is Biosimulation?
Simulation of a biological process using computer aid and algorithms refers to Biosimulation. It supports the model-based prediction of dynamics of biological systems, for instance, the response of a single cell towards a substantial say in case of diabetic ailments.
Advancement in biosimulation technologies, increase in healthcare expenditures and computer intelligence development contribute to additional factors other than the need for a predictive tool as aforementioned. The Global biosimulation market size is forecasted to reach over $5 billion by 2026 end from $1.65 billion in 2018. Thus it is estimated to register a CAGR of15.6% during the forecast period of 2019-2026. The biosimulation market can be categorised by product type, service type, end-users, and region.
Pharmaceutical manufacturers, healthcare regulatory bodies and research organizations are actively investing in research and development of drug discovery by utilising biosimulation techniques for augmenting the efficacy of drug discovery and development process. Hence accelerated drug discovery process by these end users is one of the major drivers in biosimulation market growth. The goal to detect early sign of disease along with an overwhelming burden of genetic disorders leads to an increase in research funding in gene therapy. This implies higher chances of adoption of biosimulation products and services during the forecasted period.
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North America to Dominate the Market
North America leads the market in terms of revenue due to factors such as high usage of personalized medicine, growth in the biotechnology and pharmaceutical industry, ongoing drug development processes, increasing R&D expenditure by pharmaceutical and biotechnology organisations. Europe holds the second position amongst dominating markets followed by the Asia Pacific region.
Higher cost efficiency is one of the reasons for a surge in demand for biosimulation services. Contract services segment is expected to exhibit growth at a significant CAGR during the forecast period.
Biosimulation provides information regarding dose precision, predicting drug safety, drug interaction on a molecular level and PBPK(physiologically-based pharmacokinetic) modelling using sophisticated pharmacodynamics models of the vital organs like heart, liver, and other organisms. Advanced simulation and instrumented tools offer high-fidelity, realistic, and immersive insights by combining cloud-based approach with simulation platforms (like Simcyp) and data visualization software using virtual patient population. Besides mergers and acquisitions among major players, the market exhibits promising lucrative progression trends during the forecast period.
Global Biosimulation Market, by Product Type
- Contract Services
- In House
- Molecular Simulation
Global Biosimulation Market, by Service Type
- Subscription-based Services
Global Biosimulation Market, by End-User
- Biopharmaceutical Companies
- Contract Research Organization
- Academic Institutes
Global Biosimulation Market, by Region
- North America
- Latin America
- Rest of World
- Tier 1 players- established companies in the market with a major market share
- Tier 2 players
- Emerging players which are growing rapidly
- New Entrants
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- Growth prospects
- SWOT analysis
- Key trends
- Key data-points affecting market growth
Objectives of the Study
- To provide with an exhaustive analysis on the global biosimulation market, by service type, by end-user, and region
- To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
- To evaluate and forecast micro-markets and the overall market
- To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
- To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
- Profiling of companies to evaluate their market shares, strategies, financials and core competencies